Americo Life, Inc. is one of the largest, independent, privately-held insurance companies in the United States. Americo Life, Inc. is a corporate entity comprised of several life insurance companies, including Americo Financial Life and Annuity Insurance Company (formerly known as The College of Life Insurance Company, founded in 1946). Being in business for nearly half a century, Americo Life Insurance continues to offer a reputable portfolio of low-coverage life insurance products for customers across the United States.
Americo Company History and Highlights
Americo Financial Life and Annuity Insurance Company resides among a family of other subsidiary companies, including:
- Great Southern Life Insurance Company
- United Fidelity Life Insurance Company
- National Farmers Union Life Insurance Company
- Investors Life Insurance Company of North America
In managing and operating all four life insurance companies under one corporate entity, Americo Life, Inc. leverages successful histories to build a robust and innovative future for its customers.
Americo Plans and Riders
Americo Life Insurance Company offers term life, whole life, universal life, and final expense life insurance plans.
Term Life Insurance
Americo’s term life policies deliver life insurance coverage over a specified period.
Features of these plans include:
- Life insurance terms for 10,15, 20, or 30 years
- Automatic conversion to a permanent policy at the end of the term
- Options to return your premiums if you outlive the policy (also known as return of premium riders)
- Coverage between $25,000 to $400,000
- Offers level premiums
- Provides a no medical exam option
Whole Life Insurance
Americo offers whole life insurance policies. With whole life insurance, policyholders are insured for a lifetime as long as the premiums are paid. Over time, the policy builds cash value from which the policyholder can borrow.
Features of this plan include:
- Coverage between $5,000 to $40,000 with no medical exam
Universal Life Insurance
Americo offers an indexed universal life insurance option for people who want a policy that builds cash value in indexed markets (i.e., S&P 500).
Final Expense Life Insurance
Americo offers three final expense insurance options. While none of the options require a medical exam, policyholders must complete a medical questionnaire, which determines the policy they are most fit for.
Ultraprotector I
Ultraprotector I is one of Americo’s final expense options. Features include:
- No medical exam
- Coverage ranges from $2,000 to $30,000
- Applications for people between the ages of 50 and 85
- Can claim 50% of the benefit if diagnosed with a qualifying illness
Ultraprotector II
Ultraprotector II is very similar to Ultraprotector I, but policyholders with better health may not qualify for Ultraprotector I. This plan is likely the better option if you have moderate health. Features include:
- No medical exam
- Coverage ranges from $2,000 to $30,000
- Applications for people between the ages of 50 and 80
Ultraprotector III
Unlike Ultraprotector I and II, Ultraprotector III is a guaranteed issue policy, meaning applicants won’t be denied coverage based on previous health conditions. Other features of this plan include:
- No medical exam
- Coverage ranges from $2,000 to $10,000
- Applications for people between the ages of 50 and 75
- Graded premiums
Americo’s Insurance Riders and Benefits
- Child benefit rider
- Disability income rider
- Waiver of premium rider
- Terminal illness rider
- Critical illness rider
- Chronic illness rider
- Accidental death benefit
- Unemployment rider
- Mortgage insurance rider
Ratings, Reviews, and Complaints
Americo Life Insurance received 2.7 stars out of five on Investopedia. The low rating is because Americo Life Insurance doesn’t offer much information to its consumers, and customer satisfaction is low. Additionally, Americo’s NAIC complaint index rating is 1.27, above the industry average. This rating means Americo receives more complaints than expected for its size and industry.
Third-Party Financial Strength Ratings
| AM Best | A (Excellent) |
| Standard & Poor’s | BBB- (Good) |
| Moody’s | Baa3 (Good) |
| Better Business Bureau | A- (Excellent) |
Why Principled Life Trusts Americo
Principled Life primarily trusts Americo for its reputation of success, broad reach, and strong financial stability. Americo seems to struggle with customer service issues; however, it remains one of the best life insurance companies for low-coverage life insurance products that are easy to qualify for.
