Americo Financial Life and Annuity Insurance Company Review

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Americo Financial Life and Annuity Insurance Company is headquartered in Kansas City, Missouri. The Kansas City operation services independent agents and policyholders through approximately 350 associates. The company was formerly called known as The College Life Insurance Company. Its foundation goes back over 100 years. Through a network of independent insurance agents across the U.S., customers can purchase a variety of life insurance products, annuities, mortgage protection, final expense insurance and Medicare supplemental insurance.

The Americo family of companies includes the holding company of Americo Life, Inc. and the following subsidiary companies: Americo Financial Life and Annuity Insurance Company, The Ohio State Life Insurance Company, Great Southern Life Insurance Company, United Fidelity Life Insurance Company, Financial Assurance Life Insurance Company, National Farmers Union Life Insurance Company and Investors Life Insurance Company of North America.

As one of the largest privately held independent insurance companies in the Unites States, Americo Financial Life and Annuity Insurance Company has more than $6 billion in assets and almost 659,000 policies written with more than $32 billion of in force life insurance premium. It was one of the first companies to introduce indexed universal life and annuity products.

Financial Stability Ratings and Customer Service Ratings

Americo Financial Life and Annuity Insurance Company is a financially stable company as indicated by its “A” Excellent rating with insurance rating organization A.M. Best. Americo Financial Life and Annuity Insurance Company is not BBB accredited but it does have a “A-“ rating with the Better Business Bureau. Americo's BBB file was opened in 1994. There are 5 negative reviews with a total of 31 customer complaints.

Life Insurance 

Americo offers a comprehensive line of life insurance products with values ranging from $25,000 to $400,000. Life insurance products are fully underwritten by Americo and include the following:

Term life insurance: Offered in terms of 15,20, 25 and 30 years. A guaranteed option is offered for five years or for the full term of the policy. Policy amounts of $25,000 to $400,000 are available. A cash value option is available offering return of premium.

Whole life insurance: Americo offers whole life or permanent life insurance policies. This is lifetime coverage, guaranteed renewable as long as the premium is paid.

Indexed Universal Life Insurance: The indexed universal life insurance policy offers flexible benefits and premium options. You have the option to invest your fund either to fixed accounts or indexed accounts.

Final Expense Insurance

A final expense policy or “burial insurance” as it is sometimes known, will help cover end-of-life costs including the funeral service, unpaid medical bills or other financial obligations. Americo’s final expense policy values range from $2,000 to $30,000 and can be adjusted depending on your financial needs. The premium amount remains level through the life of the policy and cannot be cancelled because of health issues or your age. If you are a non-smoker, you may qualify for cheaper rates.

Medicare Supplemental Insurance

Medicare Supplemental Insurance or Medigap, picks up where your Medicare policy leaves off helping to pay for healthcare expenses such as co-pays and deductibles as well as other expenses. If you have Medicare Part A and Part B, you are eligible to purchase a Medicare Supplemental policy.

Mortgage Protection

Americo offers various products, riders and benefits for private mortgage protection which can be adjusted to suit your individual needs. The mortgage protection policy offers coverage amounts from $25,000 to $400,000. No proof of mortgage is required to purchase a mortgage protection policy.

Retirement Products

The retirement products offered by Americo provide protection for retirement savings and income planning solutions designed to keep your earnings safe while also offering ways to grow your investment. In the event of permanent confinement to a nursing home or hospital, you can gain penalty-free access to funds. You can pass on your retirement savings to loved ones tax-free. The website does not list the specific retirement products available but has an online form to request information or by calling 888.220.7074.

The Bottom Line

Americo Financial Life and Annuity Insurance Company has been in business for over 100 years. It is a financially stable company with an “A” (Excellent) rating with A.M. Best. The BBB rating is “A-“, which is not a bad rating. There were a total of 31 complaints over a three-year period which is a relatively small number for such a large company. There is limited information on the company website about the types of life insurance policies offered. However, you can fill out a form or call 888.220.7074 to request additional information.

Americo offers life insurance and investment products across the U.S. The company offers a comprehensive line of life insurance products including traditional, whole life, term life and indexed universal life insurance. For those who need a life insurance policy but want a policy value of $500,000 or less, Americo is a good option to consider. For seniors, the Medicare Supplemental Insurance and Final Expense Insurance as well as mortgage protection make Americo a good option to consider when planning for retirement.

Contact Information

To get an insurance quote or learn about the other products and services available, you can visit the Americo Financial Life and Annuity Insurance Company website or call 888.220.7074. You can also email Americo,