Americo Life Insurance Review

Term, whole, and universal mortgage life insurance policies

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overall rating

Our Take 

Americo Life Insurance is a long-standing life insurance company with strong financial backing. Its term, whole, and universal life products offer up to $400,000 in coverage and several riders are available for additional coverage options. However, Americo Life Insurance policy quotes and product details are limited online for consumers, and with lower coverage amounts, you may want to look elsewhere to compare life insurance options.

  • Pros & Cons
  • Key Takeaways
  • Specifications
Pros & Cons
  • Multiple types of policies available

  • Can borrow against cash value of some policies

  • Most policies offer a level premium

  • Low coverage amounts (maximum $400,000)

  • Policies sold through independent agents that are paid a commission to recommend Americo products

  • Final expense policies available to seniors only (age 50+)

Key Takeaways
  • Americo Life Insurance was founded in 1946 as College Life Insurance.
  • Americo Life Insurance offers term, whole, universal, and final expense life policies available along with several rider options.
  • Americo Life Insurance has fewer complaints than other life insurance companies its size, according to NAIC.
  • Americo Life Insurance is a subsidiary of Americo Life, Inc.
  • Year Founded 1946
  • Kinds of Plans Term, whole, universal, final expense
  • Number of Plans Four
  • Payment Options Monthly, annual
  • Official Website


Americo Life Insurance offers a variety of life insurance aimed to protect the value of your home. We researched Americo’s financial stability, policy plan options, riders, website tools, and customer service reviews to help you compare the life insurance policy options of Americo Life Insurance with the competition. 

Company Overview

Americo Life Insurance was founded in 1946 as College Life Insurance and is now a subsidiary of its parent company, Americo Life, Inc. Americo focuses on protecting your mortgage with its life insurance policies, designed to pay off your mortgage if you die.

Americo Life Insurance is one of multiple insurance companies owned by Americo Life, Inc., but it's the only one of them that still issues and underwrites new policies. Americo Life Insurance is licensed in the District of Columbia and all states, except for New York. Actual availability varies by product and state.

Americo Life Insurance also offers annuities, Medicare supplemental insurance, and other insurance products.

Available Plans 

Americo Life Insurance offers term, whole, and universal life insurance policies. There are several policy riders available as well to help add additional coverage options and flexibility to your policy. Policy quotes are not available online, and policies are sold through independent agents.

Term Life Insurance

Term life insurance is a type of temporary life insurance coverage that offers basic protection in the event of an untimely death. Americo offers up to $400,000 in term coverage with level premiums. Coverage ranges from 15–30 years.

Americo Life Insurance’s term policies are designed to help homeowners have enough coverage to pay off their mortgage should they pass away before it is paid off. 

Clients do not need a mortgage to qualify for the term policies.

Whole Life Insurance

Whole life policies are a type of permanent life insurance that covers you for your entire life and issues a payout upon death. Americo Life Insurance whole life policies are also designed as mortgage protection, and come in 10- to 30-year level benefit policies, with the benefit decreasing after the level benefit period ends.

Whole life policies are typically more expensive than term policies, so check with your local agent for pricing and coverage details.

Universal Life Insurance

Americo Life Insurance offers universal life insurance, which is a type of permanent life insurance that accrues cash value that can grow in value. The premiums cover the death benefit as well as build value in an account that can earn a return over time.

Americo Life Insurance’s universal life offerings are designed to cover mortgage expenses (similar to the term policies), and offer level benefits of 15- to 30-year periods. These policies also offer a cash-back option (CBO), which returns all premiums paid at the end of the level benefit term.

Final Expense Life Insurance

Final expense life insurance is a type of whole life insurance that is designed to help cover end-of-life costs, such as burial and funeral expenses. Americo Life Insurance final expense policies offer up to a $30,000 death benefit and are simplified-issue, meaning no medical exam is required for approval. 

Americo Life Insurance final expense policies are only available to individuals age 50 or older.

Available Riders

A rider is an optional policy enhancement that allows individuals to customize their coverage on life insurance policies. Americo Life Insurance offers access to three riders that are built into its policies, depending on the product selected. 

Rider fees are built into the policy premium for Americo Life Insurance products, and fees vary by policy, product, and options selected.

Return of Premium Rider

This benefit is offered to certain term life insurance policyholders who outlive their policy. Americo Life Insurance will return eligible premiums paid for the life of the policy, excluding rider premiums. Be sure to speak with an agent directly about the terms of this offer.

Accidental Death Benefit Rider

This rider pays an additional benefit if the policyholder’s death is due to an accident. This is available on certain term and universal life policies.

Monthly Income Death Benefit Rider

With this rider, you’ll have the option to have the death benefit of a policy paid out in monthly installments to beneficiaries. 

Customer Service: Many Ways to Connect

Americo Life Insurance offers support over the phone or via email. Most sales and service issues should be handled with your local agent first, but you can also contact Americo Life Insurance directly. Americo Life Insurance customer service can be reached by calling 800-231-0801 or sending an email to 

Americo Life Insurance’s customer service business hours are Monday–Friday from 8:00 a.m. to 5:00 p.m CT.

Americo Life Insurance does not offer live chat support online.

Customer Satisfaction: Lower Than Average Scores  

The National Association of Insurance Commissioners (NAIC) rates insurance companies on a complaint index, which compares a company’s performance against its competitors. The average score is one, and the lower the score, the better.

Americo Life Insurance receives fewer complaints than other life insurance companies its size, according to the NAIC. Americo Life Insurance received a 0.72 score, and it has improved its 2019 score of 1.03.

J.D. Power also ranks companies based on customer satisfaction in the U.S. in its 2020 Life Insurance Study. Neither Americo Life Insurance nor its parent company (Americo Life, Inc.) was ranked in this study.

Financial Strength: A (Excellent)

Americo Life Insurance is a strong financial company with an A (Excellent) rating from AM Best. This rating is based on its strong balance sheet, operating performance, and risk management. If you are looking to sign up for a life insurance policy, finding a company with a high rating from AM Best assures that it can pay out claims as needed.

Cancellation Policy: Minimum Free-Look

Americo Life Insurance follows the minimum free-look period for insurance policies. This period varies by state, but it usually gives 10–30 days to cancel any new insurance policy for a full refund.

After the free-look period, cancellation terms vary between life insurance policies. Term life policies can typically be canceled at any time, but provide no refund. Whole and universal life policy cancellations may have a surrender amount, but also may charge additional fees to cancel.

Americo Life Insurance’s cancellation fees are not publicly listed, and may vary per policy.

Price of Americo Life Insurance: Not Available  

Americo Life Insurance does not publicly post any prices for its life insurance products. There is no online quoting tool, and prospective customers must get in touch with a local agent to discuss policy options and pricing.

Americo Life Insurance offers a commission on policies sold through independent agents. This incentive may cause an agent to recommend a product that may not be the right fit for your circumstances.

How Americo Life Insurance Compares to Other Life Insurance

Americo Life Insurance is a smaller insurance company that focuses on mortgage protection life insurance to help your loved ones keep the house if you pass away. With a variety of policies and riders, there are several options available for coverage.

But Americo Life Insurance policies are capped at $400,000 in coverage, and policy riders are limited. Here’s how Americo Life Insurance compares to another life insurance company.

Americo Life Insurance vs. Transamerica Life Insurance

Both Americo Life Insurance and Transamerica Life Insurance offer term, whole, and universal life policies. Both companies also offer no-exam final expense insurance to help cover end-of-life costs. But while Transamerica Life Insurance offers online quotes and applications on its website, Americo Life Insurance only offers quotes and the ability to purchase policies through independent insurance agents.

Here are a few key differences between Americo Life Insurance and Transamerica Life Insurance:

  • Americo Life Insurance offers premium savings to smokers with their Quit Smoking Advantage incentive.
  • Transamerica Life Insurance offers term policy coverage up to $10,000,000.
  • Americo Life Insurance policies are geared toward covering mortgage costs.
  • Transamerica Life Insurance indexed universal life policies offer the ability to invest the cash value of the policy.

While Americo Life Insurance offers limited coverage for individuals concerned with covering high housing costs if they pass away, Transamerica Life Insurance is a full-service life insurance company offering high coverage amounts, online quotes, and a variety of riders for fully customized policies.

Read our full Transamerica Life Insurance review.

  Americo Life Insurance Transamerica Life Insurance 
Market Share N/A Eight-largest in the U.S., 2.80%
Number of Plans  4 6
Online Quotes Available?  No  Yes (term life only) 
Service Method Email, phone, in person Email, phone, in person 
AM Best Rating  A (Excellent)  A (Excellent) 
Complaints Index  0.72 (good)  1.31 (below average) 
Final Verdict

Americo Life Insurance policies are fairly limited in their coverage, with low benefit limits and reduced benefits for some of the permanent life policies. Policy quotes are not available online, and details about policies are not made readily available for those looking to compare life insurance companies. Americo Life Insurance only sells through independent agents that are paid a commission on its policies. All of these factors make it difficult to recommend the company for life insurance.

Americo Life Insurance does have the strong financial backing of Americo Life, Inc., and fewer complaints than average life insurance companies its size. But if you are looking for more flexible coverage options, higher death benefit amounts, or more options for permanent life insurance, you are better off comparing the top life insurance companies to find a policy that fits your needs.


All of our reviews of life insurance companies are based on extensive research and analysis of each company’s offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.

Article Sources

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  1. NAIC. "Americo Fin Life & Ann Ins Co - National Complaint Index Report." Accessed Sept. 2, 2021.

  2. J.D. Power. "Life Insurance Customer Satisfaction Flatlines Despite Pandemic Fears, J.D. Power Finds." Accessed Sept. 2, 2021.