Americo Burial Insurance Review

Written by Jeff Root

Americo Life, Inc has operated for over 100 years and provided life insurance products and annuity products during that time.

They use innovation coupled with their solid financial background to provide insurance to over 676,000 policies worth over $34 billion.

In the life insurance industry, you want to choose a provider that is highly regarded in customer service, claims payout, and financial ratings, to ensure that you are covered if anything goes wrong.

Americo has been awarded the following financial ratings:

Company Financial Rating Strength
A.M. Best A- Strong
Moody’s A- Strong
Fitch N/A N/A
S&P A- Strong

Before we get into the types of burial insurance offered by Americo, let’s first take a second to answer some of the frequently asked burial insurance questions we get.

Why You Need Burial Insurance

Families face costly final expenses when a loved one passes away. Traditional funerals, including the cost of the casket and vault, tend to average $8,700 according to the National Funeral Directors Association.

Then, you have to add the transportation costs, obituary notices, flowers, and that figure quickly moves upwards of $10,000.

No one wants to leave their families with a financial burden when they pass away which is why burial insurance is an ideal solution.

To find out if burial insurance is right for you, ask yourself these questions:

  • How will your funeral expenses be covered when you pass away?
  • Who is going to be responsible for your medical bills or any outstanding hospital bills?
  • Can other members of your family afford to cover expenses you leave behind without dipping into their savings or retirement?

That said, if you are unsure about these, and you need a solution, the Eagle Premier Series burial insurance from Americo might be a solution. If you need to give your loved ones peace of mind, if you want a simple application process and approval, and if you want protection from a highly rated company, Americo is a contender.

What Burial Insurance Options Does Americo Offer?

Americo’s burial insurance plan is part of their Eagle line of life insurance products. There are two options within the Eagle Premier Series:

Eagle Premier Burial Insurance

This burial insurance plan gives you full death benefits from the moment your policy starts.  There is no medical exam, but a few health-related questions are asked.

Eagle Guaranteed Issue Burial Insurance

This burial insurance plan gives you a graded death benefit from the moment your policy starts. This means that your death benefit will be higher if you die within the first 3 years of your policy.

There is no medical exam, and a few health-related questions are asked. This policy is guaranteed for almost anyone. These policies are more expensive than Eagle Premier policies.

What Both Burial Insurance Policies Offer:

  • With either option, you get a full death benefit for any accidental deaths.
  • There is a “quit smoking advantage” offered whereby smokers can qualify for non-smoker rates.
  • Every client qualifies for coverage.
  • Your coverage cannot be cancelled due to declining health or age.
  • The amounts range between $2,000 and $30,000.
  • There are no medical exams.
  • The application process online is simple.

The Final Expense Insurance is Americo’s name for burial insurance. You get to decide how much protection you want, and how much you can truly afford.

They have death benefits that range in coverage amounts from $2,000 to $30,000. Customers get to choose which type of protection they want.

Permanent protection plans that is guaranteed for life so long as your premiums remain paid.

The rate at which your policy begins is what you get for the rest of your life. Your rates do not increase as you age or as your health changes.

The permanent whole life protection means the amount of your death benefit will not decrease with age either.

So long as you are paying premiums on time, your protection stays the same and will never be canceled because of age or changes to your health.

Most appealing to many is that Americo does not require a physical exam for the coverage. Your acceptance is contingent upon the information you provide with your application.You might only have to answer a handful of medical questions. The company may be unable to issue a policy based on where you live or the answers to your medical questions, but more often than note you receive coverage just at a higher rate.

With their Eagle Premier Guaranteed policy, you get protection the first day your policy is enabled. Your death benefits become available immediately.

These plans also build cash value. After you have paid into your policy for a certain length of time, they build cash value annually—cash value you can allow to grow or borrow when the time is right.

Customers get to pick their beneficiary and the date they want their premium payments to go through.

What Policies Does Americo Specialize In?

Affordable Burial Insurance for Seniors

Americo specializes in affordable guaranteed burial insurance. If you qualify for the Eagle Premier Level then you get the Accidental Death Benefit Rider with no additional cost.

This rider gives your family two times your death benefit amount in the event that you die from accidental bodily harm within the first 90 days of an injury.

If you die in an airline crash, in what is called a Common Carrier, and you bought your ticket, the insurer will give your beneficiaries three times your death benefit.

Guaranteed Issue Burial Insurance for Seniors

Americo is highly regarded for their burial insurance because they are guaranteed policies. That means if you apply at age 50 and at 55 are diagnosed with diabetes, your coverage does not change.

The company will not take away your coverage, cancel your policy, or raise your premiums. Naturally, having no issues pertaining to your health will result in lower premiums, but the company does not require a medical exam for these policies.

Guaranteed Issue Burial Insurance for Smokers & Diabetics

Anyone with special health considerations like diabetes or smoking has to consider whether policies will charge outlandishly higher costs comparatively, or even approve their policy at all.

That means smokers or diabetics, in particular, will not have to submit to an expensive and invasive medical examination to determine whether or not they qualify.

For smokers especially, there is a “quit smoking advantage” offered whereby smokers can qualify for non-smoker rates if attempts are made to try and quit.

Many insurers still categorize applicants under “smoker” if they are using nicotine products to aid the quitting process. Additionally, the company categorizes cigar use, smokeless e-cigarette use, and pipe tobacco products as “smoke-free” so your coverage rates are lower if you do not smoke cigarettes.

Every client qualifies for coverage. So even if you are a diabetic or a smoker, you will not be denied coverage through the Eagle Premier program.

How Much Does Burial Insurance Cost With Americo?

Below is a sample table for rates on the Eagle Premier Burial Insurance plan. This sample is for a non-smoking female and shows the costs on a monthly basis based on different coverage amounts and age.

Age $5,000 $7,000 $8,000 $9,000 $10,000 $11,000 $15,000 $20,000
50 15.74 22.90 25.29 27.67 30.06 32.45 45.08 51.55
55 17.56 23.07 25.82 28.57 31.32 34.07 55.78 73.11
60 21.13 28.06 31.52 34.99 38.46 41.92 71.07 93.50
65 26.22 35.19 39.68 44.16 48.65 53.13 89.41 117.95
70 32.34 43.75 49.46 55.17 60.88 66.58 123.06 162.81
75 43.55 59.45 67.40 75.35 83.31 91.26 191.79 254.45

When compared to many of the burial insurance companies that have similar coverage offerings on the market, Americo is one of the best burial insurance providers.

Their burial insurance rates for seniors consistently rank as some of the most affordable options, and their coverage is comprehensive.

Not to mention, they offer very competitive rates for smokers and diabetics.  Also, Americo’s rich financial history and customer satisfaction history speak volumes about why they are ranked among one of the best life insurance companies for burial insurance.

Which Burial Insurance Plan is Right For Me?

The type of plan you need is based on your personal situation and financial situation. If you only need enough money to cover your funeral and pay off a few remaining bills, you do not need a $500,000 policy that costs you hundreds each month in premiums.

Anyone with special health considerations like diabetes or smoking has to consider whether policies will charge outlandishly higher costs comparatively, or even approve their policy at all.

These larger policies are reserved for those who have dependents and need to provide monthly income after their passing. Using the “costs to consider” section below you can add up what your anticipated costs will be based on your state.

This should give you a rough estimate of how much money you will need to cover your expenses when you pass away. Compare that to any savings, retirement plans, or investment portfolios that you have to see if there is a gap.

Then select a policy that best covers that gap. Naturally, another consideration is your current income level and budget. You might get a quote based on your age that costs $50 per month for a $20,000 plan, but you cannot afford more than that.

If you are on a fixed income, perhaps retired, then you have to budget wisely and get the coverage you can afford. After all, if premiums are not paid in full, the death benefits might not be paid out.

Compare your costs based on your current age and go up in five-year increments. You might be able to get a slightly smaller premium if you take a few years to improve your health.

Quitting smoking, exercising more, or being re-evaluated for existing conditions could help you reduce your costs and allow you to afford a higher coverage amount for less.However, weigh this against the increase in costs you will face should you wait a few years.

If you stand to save more by waiting a few years and improving your health, then take that route. If the amount you could save is overshadowed by the age-based increase in premiums, do not wait.

Costs to Consider:

If you are trying to figure out how much coverage you need, there is a worksheet you can use to estimate the financial obligations you might leave behind:

  • What do you owe for credit card balances?
  • What other outstanding debts do you have?
  • Are there any college costs you want to cover?
  • Do you have any medical expenses?
  • What is the probate cost?
  • For funeral expenses, how much is the funeral home?
  • How much is the cemetery plot?
  • How much is transportation?
  • How much will the service cost, including a church and flowers?
  • How much will the casket and vault cost?
  • Are there any other expenses?

Figure out your total from this. The burial insurance amount you take out should cover this total. It should be noted, however, that your coverage is not tied directly to any expenses. This means your beneficiaries can use it however they see fit. So, if there is money left after the funeral, it can be put toward anything else.

How to Compare Companies

When you are ready to evaluate your options, the fastest way to get quotes for burial insurance is to use our online quoting engine.

No medical questions asked, just age, gender, tobacco usage, and state of residence.

Compare quotes from dozens of the best burial insurance providers instantly!

You can also call today to speak with one of our independent life insurance agents, who can help you find the best burial insurance policy for your situation.

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About Burial Insurance Coverage
About Burial Insurance Coverage

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