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Americo began with the founding of the Ohio State Life Insurance Company in 1906 and of Great Southern Life Insurance in 1909. These companies, along with others acquired over the years, formed Americo. Americo Life, Inc. is the holding company that owns Americo Financial Life and Annuity Insurance Company, considered their lead company, along with others.
Americo products are sold across the country through independent agents, but the company headquarters is located in Kansas City, MO. Products include life insurance, annuities, and Medicare Supplement plans, with the main market being those who are looking to plan for retirement and final expenses. This makes the retirement age and senior markets their focus.
Americo’s products include final expense insurance, mortgage protection plans, and a selection of retirement planning products such as annuities. The website offers only a general overview of the products available.
Americo writes term, whole, universal and index universal life products. Their offerings include the option for simplified issues plans as well that do not require a medical exam. Death benefit amounts start at $25,000 and go up to $400,000.
Final Expense life insurance plans are available with simplified issue starting at $2,000 and going up to $30,000. These are aimed at older people who want to provide some assistance with final expenses and do not need a large amount of insurance.
Mortgage Protection plans are term life insurance products offered with face values ranging from $25,000 to $400,000. There are a variety of riders available to customize the coverage on these plans.
Americo offers a variety of annuity products for retirement income planning, including traditional fixed annuities. They also offer wealth transfer products designed to ensure your legacy goes where it should. The website has little in the way of detail about these products.
Americo writes Medicare Supplement insurance policies, however, the website does not list which products are offered. All companies writing these policies are required to have a base policy, known as Plan A in most states. Beyond this, Americo may offer a variety of other options.
Americo does not offer the option of obtaining a quote online, nor is there further rate information offered. Rate quotes can and must be obtained by contacting a local agent.
This procedure is not uncommon for an insurance company of this type, as the majority of their business likely comes through agents selling the products and through word of mouth. The website is not geared towards direct sales.
Americo claims are directed towards the administrative offices. The website offers a phone number, fax number, and an email address through which claims forms can be requested.
The company’s option to file a claim online is not available and the website lacks information regarding the claims process.
Ratings and Consumer Reviews
Americo Life, Inc. has an A+ rating with the Better Business Bureau (BBB), and there have been 20 complaints filed in the past three years. Six of those were closed in the past 12 months. This file is for the holding company, and there are a number of different subsidiary companies. When considering an Americo policy, it’s important to look at the subsidiary’s reputation directly. There may not be separate BBB pages for each subsidiary – we were unable to locate one for the main company, Americo Financial Life & Annuity Company.
There are not many consumer reviews available for the company – again this may be due to the many different subsidiaries. We did find a few reviews on Yelp, mainly negative with one very positive review.
The Bottom Line
Americo is the type of company that receives much of its business through agent sales, so most customers are likely to come to them when an agent recommends a product directly. The information on this company and its offerings is minimal, which makes it hard to form an opinion. For those who prefer to select insurance with the help of an agent, Americo may make the list.
For a list of companies that we recommend, visit our Best Insurance Companies page.