Americo Burial Insurance Review

Jake Irving

Jake Irving is the Founder of Policy and has contributed to articles for Synchrony Financial, GoBankingRates, Yahoo News, UpCity, Zapier, LegalZoom, and more.

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When researching different life insurance companies, it is hard to know which plans are better than others. There are some excellent burial insurance companies, while others should be avoided.

This review will examine how Americo final expense insurance works and whether it is a viable coverage option.

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How Does Americo Burial Insurance Work?

Americo has two funeral insurance plans, and both have three permanent whole life benefits. The coverage will never terminate, the price will not change, and a cash value will build over time. The two Americo burial insurance plans are Eagle Premier and Eagle Guaranteed.

Eagle Premier Series Plan Comparison

Premier Guaranteed
Coverage Amount
$5,000 - $30,000
$5,000 - $10,000
Age Ranges
50 - 85
50 - 80
Waiting Period
No
Yes
Permanent Policy
Yes
Yes
Medical Questions
Yes
No
Health Exam
No
No
Builds Cash Value
Yes
Yes
Additional Riders
Yes
No

Eagle Premier Americo

The Eagle Premier plan offers day one coverage and competitive whole life insurance rates. This product benefits smokers who are planning on quitting as it will award non-smoking rates to smokers who can prove they quit smoking for 12 consecutive months in the first 3 years. This is unique when it comes to life insurance underwriting.

Eagle Premier Plan Facts

  • Age Eligibility: 50 – 85 (Depending on smoker or non-smoker)
  • Coverage Amount: $5,000 – $30,000
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: No
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: Yes

Day One Coverage & Whole Life Benefits

The Americo Eagle Premier product offers immediate coverage and whole life benefits. This means the policyholder is guaranteed three permanent plan benefits. The premiums will never increase, coverage will never decrease, and a cash value will build over time.

Quit Smoking Advantage Plan

This benefit allows smokers to qualify for non-smoking rates. It incentivizes policyholders to stop smoking while also saving them money each month. This is accomplished by giving tobacco users a non-smoking rate for the first three years of the policy.

If the customer can 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. If they continue to smoke, their death benefit will be decreased, but the monthly premium will stay the same.

How Does it Work?
Policy Year Quit Smoking Never Quits
1 - 3
$65.40 Per Month
$65.40 Per Month
4+
$65.40 Per Month ($10,00 of Coverage)
$65.40 Per Month ($5,438.70 of Coverage)

If you continue smoking but want to keep the same coverage amount, your premium will increase. You will need to stop using this specific list of nicotine products for 12 consecutive months to receive non-smoking rates.

Does Americo Eagle Premier have Living Benefits?

Eagle Premier has an accelerated death benefit, allowing the policyholder to withdraw up to 50% of the face amount if the insured is expected to die in the next 12 months. An accidental death benefit rider is also included, which means an additional benefit is paid out if the insured passes away within 90 days of an accidental bodily injury.

Both of these features are included with the policy at no additional cost.

The final benefit offered by this policy is the child and grandchild rider. This feature issues level term insurance for children or grandchildren until they are 25 years old. This benefit requires an additional monthly cost.

Americo Eagle Premier Guaranteed

The Eagle Guaranteed plan asks no medical questions and requires a three-year waiting period before full coverage is issued. This Americo final expense insurance plan is very overpriced, and seniors can easily find a better option.

Eagle Guaranteed Plan Facts

  • Age Eligibility: 50 – 80
  • Coverage Amount: $5,000 – $10,000
  • Medical Exam: No
  • Health Questions: No
  • Waiting Period: Yes
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: No

Whole Life Benefits & No Medical Questions 

This Americo funeral insurance plan comes with whole life permanent benefits, and no health questions are asked. A guaranteed issue plan is meant for seniors with severe health concerns, but most applicants can qualify for immediate coverage.

Three-Year Waiting Period

This product has a three-year waiting period before your beneficiary can receive the full benefit upon death. If the policyholder were to pass away anytime before the third policy anniversary date, the beneficiary would only receive a partial payout.

The Breakdown of Payout

  • Year 1: All paid premiums returned plus 5%
  • Year 2: All paid premiums returned plus 10%
  • Year 3: 75% of the coverage amount
  • All other years: Full coverage amount

Never apply for a plan that has a three-year waiting period. Finding a guaranteed issue policy with a two-year waiting period through several carriers, including Gerber, is simple.

Americo Final Expense Quote

Females 50 – 85 can expect to pay between $33 – $225 per month for $10,000 of coverage. Men should plan on a monthly premium of $38 – $312 per month. 

These prices are competitive for healthy individuals. However, avoid Americo guaranteed final expense insurance if you are not in great health.

Americo Burial Insurance

$10,000 of Coverage

Female Male Female Male
Eagle Premier
Eagle Premier
Guaranteed
Guaranteed
50
$33
$38
$74
$95
55
$36
$45
$88
$113
60
$38
$50
$102
$132
65
$49
$63
$122
$158
70
$61
$83
$157
$221
75
$83
$114
$215
$303
80
$129
$167
$225
$312
85
$191
$230
NA
NA

Americo Final Expense Medical Questions

Any YES answer to questions will disqualify the senior from the Eagle Premier plan. 

Have You ever been diagnosed, treated, tested positive, or been given medical advice, or prescribed medication by a licensed member of the medical profession for:
  • Alzheimer’s disease, dementia, memory loss, muscular dystrophy, or ALS (Lou Gehrig’s disease)?
  • Congestive heart failure, defibrillator placement, cardiomyopathy, chronic kidney disease or kidney failure, or received kidney dialysis?
  • Cirrhosis of the liver, Hepatitis (all forms, excluding recovered Hepatitis A), or liver failure?
  • Emphysema, chronic obstructive pulmonary disease (COPD), or any other chronic respiratory or lung problem, excluding allergies or asthma?
  • Metastatic cancer (cancer that has spread to other parts of the body)?
  • Two or more occurrences of cancer of any kind or a reoccurrence of previous cancer?
  • AIDS, ARC, or HIV?
In the past 24 months, have You been diagnosed, treated, tested positive, or been given medical advice by a licensed member of the medical profession for:
  • Internal cancer, brain tumor, or malignant melanoma (excluding basal cell skin cancer)?
  • Complications of diabetes, including amputation, retinopathy (eye disease), nephropathy (kidney disease), neuropathy, insulin shock, or diabetic coma?
In the past 24 months, have You been diagnosed, treated, tested positive, received medical advice, counseling, or been prescribed medication by a licensed member of the medical profession for drug or alcohol abuse/dependency or addiction?
Within the last 12 months, have You been advised, by a licensed member of the medical profession, to have tests, surgery, or hospitalization (except for those related to HIV or AIDS), which have not been completed, or are You waiting for a medical diagnosis or results of medical tests or procedures which have not been received?
In the past 12 months, have You been diagnosed, treated, tested positive, been given medical advice, or prescribed medication by a licensed member of the medical profession for:
  • Angioplasty (balloon procedure), stent placement, or heart bypass surgery?
  • Stroke; heart attack, heart valve disease, coronary disease, angina (chest pain), or heart disorder (excluding hypertension)?
Have You received advice from a licensed member of the medical profession to have, are You waiting for, or have You ever received, an organ or tissue transplant?
Are You now or within the past 6 months have you been:
  • Hospitalized for 48 hours or more, bedridden or confined to or living in a nursing facility or correctional facility?
  • Receiving or been advised by a member of the medical profession to receive hospice care?
  • Receiving home health care for a chronic or debilitating condition?
  • Receiving assistance with activities of daily living, including eating, bathing, toileting, or dressing due to a chronic or debilitating condition?
  • Confined to a wheelchair or using a walker for assistance (except in the case of a temporary condition immediately following injury

Is Americo a Legit Company?

Americo is currently one of the largest independent and privately-held life insurance companies in the United States. As of 2019, this carrier has 608,000 active policies and over $28.3 billion of coverage in force. Established in 1946, Americo is a legitimate company and currently holds an excellent A.M. Best financial rating.

Formally known as “The College Life Insurance Company,” Americo is the holding company for multiple subsidiaries that the carrier owns and controls.

There are four carriers in the family of Americo insurance products.

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

Final Thoughts On The Americo Burial Insurance Review

a. This Americo funeral insurance review has shown the company has competitive premiums for healthy applicants.

b. This is also a top option for tobacco users planning on quitting. The quit smoking advantage plan allows smokers to receive non-smoking rates for three years.

c. The Eagle Guaranteed plan is more expensive than other guaranteed issue plans on the market and should not be considered for coverage.