Americo Funeral Insurance Review: All 5 Plans Revealed

Americo Funeral Insurance Review
Americo Funeral Insurance Review: All 5 Plans Revealed

Americo Logo

Have you ever thought about how your end of life expenses will be paid for? Or maybe you are looking for a parent or loved one and see the financial burden that is about to be laid at your feet?

This is where Funeral Insurance becomes a necessity.

We will take apart each policy piece by piece in this review to educate you and your family on this carrier and what they have to offer.

Americo Funeral Insurance Review

Americo was established in the year of 1946. Formally known as “ The College Life Insurance Company”. Americo is the holding company for multiple subsidiaries that the carrier owns and controls.

The other carriers in the Americo family are:

  • Great Southern Life Insurance Company
  • United Fidelity Life Insurance Company
  • National Farmers Union Life Insurance Company
  • Investors Life Insurance Company of North America

Americo Life is currently one of the largest independent and privately-held insurance companies in the United States.

As of 2019, this powerhouse carrier has 608,000 active policies and over $28.3 billion of coverage in force.

Company Details

  • Established in 1946
  • A.M. Best Company Financial Rating: A
  • Headquarters: Kansas City, MO

Man in grey shirt looking at papers and smiling

Plan Types

With a total of five plans, Americo has a wide variety of options for seniors to fit every level of health.

Plan 1: Eagle Premier Series

  • Eagle Premier
  • Eagle Guaranteed

Plan 2: Ultra Protector Series

  • Ultra Protector 1
  • Ultra Protector 2
  • Ultra Protector 3

Eagle Premier Series

Eagle Premier Series

There are two different types of products in this series. The first is a day-1 coverage option and the 2nd is a guaranteed issue plan.

These are both whole life products. Which means you have the peace of mind knowing that a financial payout will be there when your loved ones need it the most.

When looking into end-of-life coverage it is very important to understand how this coverage protects us and for how long.

There are products on the market today that pose like a plan that will cover expenses left behind but actually increase in price every 5 years and terminate when you reach a specific age.

This type of product is called a “Term” policy. Term policies are right for certain situations but should never be used as your game plan for end-of-life expenses.

Always make sure your policy is tied to the terminology “Whole Life” and not “Term.” Fortunately, Americo’s products will be there when needed.

Eagle Premier

Eagle Premier

Quick facts about this plan

  • Available in 48 States: (NY & VT not included)
  • Age eligibility: 50-85 (Depending on smoker or non-smoker)
  • Coverage amount: $2,000-$30,000 (depending on state)
  • Premiums never increase
  • Coverage is locked and never changes
  • No waiting period
  • Builds cash value
  • Quit smoking advantage program
  • Accidental Death Benefit

Two Things to know

1. Day One Coverage

We never know what is going to happen in life. No one plans when they die so we always do our absolute best to find a plan that matches the health conditions of the proposed insured. This will help raise the probability of being placed in a first-day coverage plan.

Given specific health conditions, this plan may be right for you.

2. Quit Smoking Advantage Plan

This benefit allows smokers to qualify for non-smoking rates.

It incentives policyholders to stop smoking while also saving them money each month.

It is accomplished by giving tobacco users a non-smoking rate for the first three years of the policy.

If the client is able to provide evidence that they have quit smoking for 12 consecutive months during the first three years of the policy, they will continue to receive the nonsmoking rate for the remainder of the policy.

No smoking sign

You will need to be able to stop using a specific list of nicotine products for 12 consecutive months.

This list includes but is not limited to the following:

  • Cigarettes
  • Cigars
  • Chewing tobacco
  • E-cigarettes
  • Lozenges
  • Nicotine chewing gum
  • Nicotine patches
  • Pipes
  • Snuff
  • Vaporization of liquid nicotine

Quotes & Comparisons

We have set this product and Mutual Of Omaha’s Living Promise product side by side. The Living Promise plan is one of the best on the market, so it is impressive to see that The Eagle Premier plan is competitive when it comes to monthly pricing.

Male

*Monthly Premiums

$10,000 of coverage

AgeAmericoMutual Of Omaha
45NA$27
50$36$31
55$40$36
60$50$44
65$63$56
70$83$75
75$114$100
80$167$140
85$230$193

Female

*Monthly Premiums

$10,000 of coverage

AgeAmericoMutual Of Omaha
45NA$23
50$28$24
55$31$28
60$38$33
65$49$41
70$61$53
75$83$72
80$129$98
85$191$136

*Premiums are non-smoking rates

Should I apply for the Eagle Premier Plan?

It depends on your health! This product offers respectable prices and day one coverage which is key, but you are also able to find lower prices elsewhere. This product is great for very specific health conditions.

  • Early Age Diabetes
  • Parkinson’s Disease
  • Strokes (Recent)
  • Heart Attacks (Recent)
  • Systemic Lupus
  • Tumors

We recommend Mutual Of Omaha’s “Living Promise Level Product” as a go-to option for your coverage needs. With any day one coverage products, you will need to be in good health to qualify for this plan type.

With all that said you would still be making a sound financial purchase with this product.

Eagle Guaranteed

Eagle Guaranteed

Quick facts about this plan

  • Available in 48 States: (NY & VT not included)
  • Age eligibility: 50-85 (Depending on smoker or non-smoker)
  • Coverage amount: $2,000-$30,000 (depending on state)
  • Premiums never increase
  • Coverage is locked and never changes
  • 3 year waiting period
  • Builds cash value
  • Accidental Death Provision

Two Things to Know

1. No Medical Questions

This can be very appealing to someone who has had poor health in the past. It needs to be known that there are many Guaranteed Issue products on the market and a full and thorough review should be done before choosing this product.

2. Three-Year Waiting Period

This product has a three-year waiting period before your beneficiary will receive the full benefit upon death. This means if you were to pass away anytime before the third policy anniversary date then you would be subject to a modified payout.

3 year waiting period hourglass

The breakdown of payout:

  • Year 1: all premiums paid plus 5%
  • Year 2: all premiums paid plus 10%
  • Year 3: 75% of the coverage amount
  • Year 4+: 100% of the coverage amount

This might look like a fine deal but the industry average is a two-year waiting period. In an industry-standard plan if death did occur in the first two years all premiums would be returned plus 10%.

This product lags behind the competition when it comes to price and length of the waiting period.

Quotes & Comparisons

AIG is one of the leaders in Guaranteed Issue coverage. This is the product we recommend and you can see why when you see the price point differential.

Male

*Monthly Premiums

$10,000 of coverage

AgeAmericoAIG
45NANA
50$95$52
55$113$57
60$132$63
65$158$84
70$221$98
75$303$139
80$312$264
85NANA

Female

*Monthly Premiums

$10,000 of coverage

AgeAmericoAIG
45NANA
50$74$36
55$88$43
60$102$50
65$122$62
70$157$75
75$215$107
80$225$175
85NANA

*Premiums are non-smoking rates

Should I apply for the Eagle Guaranteed product?

No! This product has one of the worst waiting period options when compared to the competition. Also, it has a much higher price point than other Guaranteed Issue products on the market.

Thumbs down with circle

If you need a plan that asks no medical questions then we will refer you to AIG who offers competitive pricing and has living benefits, which is extremely rare with this product type. Another solid company option for this type of coverage is Gerber.

Ultra Protector Series

Ultra Protector Series

Some may say this is the most popular series out of the two. It offers a wide range of options and has three different plan types within the Ultra Protector Series.

Like the other product series, you can count on paying the same price and having coverage your entire life. This is because the price of a whole life product on day one will be the same price 10 or 20 years later.

Let us dive into each of the three plans.

Ultra Protector 1

Ultra Protector 1

This product is meant for someone who is healthy and has no major health conditions or concerns and is looking for immediate coverage. It is also extremely friendly to tobacco users (which we will cover later).

Quick facts about this plan

  • Available in 47 States: (MS, NY & VT not included)
  • Age eligibility: 50-85 (Depending on smoker or non-smoker)
  • Coverage amount: $2,000-$30,000 (depending on state)
  • Premiums never increase
  • Coverage is locked and never changes
  • No waiting period
  • Builds cash value
  • Accelerated Benefit Payment Rider

Two things to know

1. Day one coverage

We believe every client should have an opportunity to apply for immediate coverage. Life throws us curve balls and we never know what may happen with our health and safety.

This is priority number one when searching for coverage.

2. Accelerated Benefit Payment Rider

This additional benefit is included in your policy.

If the insured is diagnosed with a qualified terminal illness that results in a life expectancy of 12 months or less (24 months or less in IL, MA, and TX), Americo will advance up to 50% of the death benefit.

Quotes & Comparisons

Comparing this product with Mutual Of Omahas “Living Promise Level Product” it is more expensive per month. The Living Promise plan is known around the industry as a top option.

Male

*Monthly Premiums

$10,000 of coverage

AgeAmericoMutual Of Omaha
45NA$27
50$35$31
55$40$36
60$47$44
65$60$56
70$78$75
75$108$100
80$156$140
85$214$193

Female

*Monthly Premiums

$10,000 of coverage

AgeAmericoMutual Of Omaha
45NA$23
50$30$24
55$34$28
60$38$33
65$47$41
70$58$53
75$81$72
80$120$98
85$182$136

*Premiums are non-smoking rates

Should I apply for the Ultra Protector 1 plan?

You can find a better value elsewhere. This product is relatively competitive when it comes to other products on the market.

You can save a few dollars a month going with another carrier but by no means would you be getting an unfair deal buy obtaining coverage with this plan.

The big benefit to this product and the Ultra Protector 2 is the leniency they have on tobacco users.

If this plan is presented and you do not want to spend time shopping around to save a few dollars per month, then this product is a fine option.

Ultra Protector 2

Ultra Protector 2

Quick facts about this plan

  • Available in 47 States: (MS, NY & VT not included)
  • Age eligibility: 50-80 (Depending on smoker or non-smoker)
  • Coverage amount: $2,000-$30,000 (depending on state)
  • Premiums never increase
  • Coverage is locked and never changes
  • Day 1 coverage
  • Builds cash value
  • Accelerated Benefit Payment Rider

Two things to know

1. Immediate coverage

Just like the first product in this series, immediate coverage is secured with this policy type. Like we stated earlier, always attempt to find day one coverage.

Our Americo Funeral Insurance Review shows this will be better on your wallet.

2. Accelerated Benefit Payment Rider included at no additional cost

Just like the Ultra Protector 1 the Accelerated Benefit Payment Rider is included at no additional cost.

Talk with an agent to make sure these additional riders are right for you!

Quotes & Comparisons

We see Foresters Finacial “Standard Plan” as a similar product to do a price comparison with. When we break it down these two carriers are on par with each other when it comes to price point.

Male

*Monthly Premiums

$10,000 of coverage

AgeAmericoForesters Finacial
45NANA
50$49$45
55$59$59
60$76$74
65$97$93
70$126$116
75$167$167
80$233$225
85NA$320

Female

*Monthly Premiums

$10,000 of coverage

AgeAmericoForesters Finacial
45NANA
50$38$37
55$45$43
60$54$50
65$66$65
70$83$83
75$116$124
80$168$174
85NA$263

*Premiums are non-smoking rates

Should I apply for the Ultra Protector 2 plan?

It depends on your health. Ultra Protector 2 offers some very creative and positive underwriting for specific health concerns.

  • Cirrhosis of the liver
  • COPD
  • Diabetic complications
  • Emphysema
  • Hepatitis
  • Parkinson’s disease

You may be asking yourself what is the difference between this plan and the Ultra Protector 1 plan? The biggest difference that you will notice is the price point.

It comes with close to identical benefits and features but is a much steeper price. With a higher price point comes more lenient underwriting.

Ultra Protector 3

Ultra Protector 3

This is a Guaranteed Issue policy that accepts everyone, no matter their health.

Quick facts about this plan

  • Available in 46 States: (MS, NY, VT & WA not included)
  • Age eligibility: 50-75 (Depending on smoker or non-smoker)
  • Coverage amount: $2,000-$10,000 (depending on state)
  • Premiums never increase
  • Coverage is locked and never changes
  • 3 year waiting period
  • Builds cash value
  • Accidental Death Provision

Two things to know

1. Three -Year Waiting Period

When looking at industry standard plans it shows that a Guaranteed Issue product typically has a two year waiting period.

Typically during those two years if you were to pass away then the carrier would give all the premiums you paid back plus 10% interest.

So when looking at the Ultra Protector 3 policy payout it is not quite as competitive.

  • Year 1: Death Benefit pays a return of premium plus 5%
  • Year 2: Death Benefit pays a return of premium plus 10%
  • Year 3: Death Benefit pays 75% of the face amount
  • Year 4+: Death Benefit pays 100% of the face amount

If you are needing to use a Guaranteed Issue plan, you have much better options on the market.

2. Accidental Death Provision

Included with this policy is an accidental death benefit at no additional cost.

During the three-year waiting period, if death occurs as the result of an accident, the full death benefit is paid out to the beneficiary.

Car crash

Quotes & Comparisons

This chart illustrates the major gap in price between two carriers that have similar coverage features. AIG takes the prize and its not close.

Male

*Monthly Premiums

$10,000 of coverage

AgeAmericoAIG
45NANA
50$95$52
55$113$57
60$132$63
65$158$84
70$221$98
75$303$139
80NA$246
85NANA

Female

*Monthly Premiums

$10,000 of coverage

AgeAmericoAIG
45NANA
50$74$36
55$88$43
60$102$50
65$122$62
70$157$75
75$215$107
80NA$175
85NANA

Should I apply for the Ultra Protector 3 plan?

No! If anyone tries to tell you that this product is your best option, simply put, do not listen to them. A three-year waiting period is far from your best option.

No

We would recommend AIG for a no medical question policy. AIG offers living benefits as well as a much lower price point than almost all of its competitors.

Do not apply for this plan!

Eagle Premier Series VS Ultra Protector Series

You may be curious about what the biggest difference is between the two plan series?

The Ultra Protector Series is extremely unique when it comes to tobacco users. If you happen to use tobacco, you can qualify for non-smoking rates if you do not use cigarettes.

Here is the contrast in Americo’s non-smoking definitions for each plan series:

Ultra Protector Series non-smoker definition: A person who has not smoked cigarettes for at least 12 months prior to the completion date of the application. Smokeless tobacco, cigar, and pipe smoking qualify as a non-smoker.

Eagle Premier Series non-smoker definition: A person who has not used nicotine products (including, but not limited to, cigarettes, cigars, pipes, chewing tobacco, snuff, alternative nicotine delivery devices such as nicotine chewing gum or lozenges, nicotine patches or e-cigarettes, or any device used for the vaporization of liquid nicotine) for at least 12 months prior to the completion date of the application.

It is hard for any other company to compete with the Ultra Protector Series when it comes to tobacco rates.

Also, the Eagle Premier product has a very favorable “quit smoking advantage plan” that incentivizes the policyholder to stop smoking by offering nonsmoking rates.

Also, you will notice between the two series of products are the additional benefits built-in at no additional cost.

Eagle Premier Series additional benefits include:

  • Accidental Death Rider

Ultra Protector Series 1 & 2 additional benefits include:

  • Accelerated Benefit Payment

Another major difference is how the policy is actually sold.

Typically you’ll be able to have your policy decision after a conference call between your agent, the carrier, and yourself. At the end of the call, you will be deemed eligible or ineligible for the plan.

With the Ultra Protector Series, the process is more slow-paced and could take a few days to receive the decision on coverage.

Additional Add-On Riders

A rider is an additional benefit that can be added to the policy.

Adding the following riders to your plan depends on the specific plan you are applying for. There are 3 rider options offered.

Please talk with an agent to understand if the additional riders available for your specific plan.

  • Accelerated Benefit Payment Rider  (included with Ultra Protector 1 & 2)

With this benefit, if the insured is diagnosed with a qualified, terminal illness that is expected to result in death within 12 months or less (depending on the state), this carrier will then advance up to 50% of the death benefit payable under the policy.

  • Accidental Death Benefit Rider (included with Eagle Premier)

This product gives an additional benefit if the insured passes away within 90 days of an accidental bodily injury.

Also, if the insured’s death was the result of accidental injury while riding as a fare-paying passenger in a common carrier there would be an additional payout distributed to the beneficiary.

  • Children’s Term Rider

This benefit provides Term coverage on any child, stepchild, or dependent grandchild of the insured named in the application,

The child does need to be under the age of 16 before being insured. No child can be insured before he or she is 15 days old.

Person with three thoughts

Final Thoughts

a) During our Americo Funeral Insurance Review, we discovered that this carrier offers an option for almost every health class. This does not mean all 5 plans are created equal.

A few of the plans are respectably priced and have interesting and useful riders attached to them. It truly always comes down to your health and what conditions you have.

b) If you are a tobacco user you will be hard-pressed to find a more lenient company.

c) You can feel confident that Americo is a respected company in the market and has certain products that may be right for you.

d) The only way to know what plan is best for you is to contact an independent agency that specializes in this coverage niche.

Here at Willamette Life, we place all of our resources into securing end-of-life coverage for our clients.

Call us at 844-576-0019

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