It is a fact of life the baby boomers are reaching the final stages of life. Many are in their early 70’s or late 60’s, and it is a time when people reflect on what will happen after they are gone. The final estate is built up over the years, and senior citizens want to protect their assets for the loved ones they will leave behind.
Funeral insurance can bite into that financial legacy, however. It is why final expense, or burial, insurance is an insurance product many older people will seriously look at. In this article, we will offer the Americo insurance reviews for you.
Many companies offer a final expense insurance policy. Some of their products are whole life insurance, and other policies are standard term policies, which will expire after a certain amount of time. Consumers have a lot many options to choose from, and some of the companies are highly reputable. Americo is a major player in the final expense insurance market.
Americo is rated A by A. M. Best. They are a privately held insurance company with hundreds of thousands of policyholders. This insurance company offers insurance in every state except New York and Vermont.
Americo provides all kinds of products, and we are going to concentrate on their burial insurance. Their flagship final expense product is the Ultra Protector Series. There are three available policies, and two of them come with immediate protection. There is also the Eagle Series Plan, and we will be looking at that too.
Americo’s “Ultra Protector Series”
Americo’s Ultra Protector Series represents burial insurance with three different whole life plans. Depending on your health, you can qualify for one of these and ask for Americo quotes. The main features of these plans are:
- Coverage will not expire and never decrease
- Payments don’t increase over time
- Immediate protection
What Makes Americo Final Expense Different?
A medical conditions questionnaire is part of the application process with many burial insurance products. It is unfortunate but saying “Yes” to one of the listed medical conditions can result in either higher premiums or outright disqualification (N.B. We strongly recommend that you be honest in filling out those medical questionnaires. Things get nasty when the insurance company finds out that you deliberately deceived them.).
Americo, surprisingly, stands out among burial insurance providers. It is possible to apply in the affirmative to some of the health questions on their questionnaire, and Americo quotes will allow for first-day coverage. This is a company that does not automatically disqualify someone because of health problems.
How Does It Work for Tobacco Users?
What can make any person sit up and take notice is the way America deals with tobacco products. Some companies will deny coverage even for smokeless tobacco. Americo is different; it is essential whether what you are using is not a cigarette tobacco product.
Using smokeless tobacco allows you to qualify for America’s non-tobacco rates, which are substantially lower than those charged to cigarette smokers. This is a fantastic concession to any interested buyer.
Americo’s Application Process
Well, all you got to do for an Americo policy is to fill the application and send it back. The decision comes back in a week or so. It’s that straightforward. Unlike other burial insurance policies, there is no sales interview or knockout health questions.
How Can You Qualify
For Americo quotes, the company does consider the answers you give to their health questions when it comes to insurance. As you mentioned before, there are no knockout questions, and Americo uses additional information.
They want to know about the height to weight ratio, and they want to look at your prescription history and your MIB file. Americo can find out a lot more from your prescription history and MIB file, and the data is more reliable than answers to the questionnaire.
Essentially, what Americo does is determine which of their insurance plans you will qualify for based on all the information. It is fantastic to know that you’ll not be automatically disqualified for Americo coverage based on the health questionnaire.
However, you may discover that you are only eligible for a given Americo product. That insurance coverage may or may not be what you want.
The Americo Insurance Plans: Ultra Protector III
What’s Interesting About This Plan?
Ultra Protector III (UP3) is a guaranteed issue plan. Guaranteed issue policies will not ask questions about health or medical history. There is no underwriting, but a guaranteed issue burial insurance plan has a mandatory waiting period. It is longer than usual.
Waiting Period Breakdown
Since UP3 has a longer than average waiting period, here is a breakdown to explain it.
- Premium returns with 10% interest in Year 1
- Premium refund with 10% in Year 2
- 75% of the face value in Year 3
- 100% of the face value in Year 4+
That is the most prolonged waiting period of a guaranteed issue policy, with many insurance companies only asking for a two-year waiting period.
The extended waiting period is sufficient reason not to bother with the Ultra Protector III insurance policy. Other companies can provide guaranteed issue coverage with a smaller waiting period and at a much lower price.
Health Questions with Ultra Protection III
Health questions that Americo asks are divided into two parts. The first part is the Ultra Protector III questions. Here are the health-related questions they ask:
- Has the insured been hospitalized, confined to hospice/home healthcare, bedridden, has to use a wheelchair for a chronic illness, or diagnosed with a terminal disease in the last six months?
- Has the insured ever been treated or diagnosed for dementia, Alzheimer’s, ALS, memory, loss, muscular dystrophy, AIDS, ARC, or HIV?
- If the insured has been diagnosed for or had surgery for malignant melanoma or cancer in the previous three years?
- Has the proposed insured been diagnosed for, treated, or advised for angioplasty, heart valve disorder, cardiac arrhythmia, angina, or heart attack in the last year? They may also ask if the proposed insured has received treatment, advice, or diagnosis for blood clotting problems, stroke, congestive heart failure, systemic lupus, kidney failure, alcoholism, drug abuse, or cardiomyopathy the previous two years.
- Has the insured received any treatment, medication, or diagnosis for diabetes with TIA, heart diseases, eye problems, or kidney diseases?
Should You Buy This Plan?
Here is where our Americo insurance reviews can get interesting. You do not have to answer any health questions if you don’t want to do that. But, if you don’t answer any of the health questions or answer “Yes” to any of the questions in Part One, you are automatically placed in the Ultra Protector III category. This is the worst coverage Americo offers.
The Americo Insurance Plans: Ultra Protector II
What’s Interesting About This Plan?
This is the best Americo burial insurance policy. It is available everywhere except New York, Mississippi, and Vermont. You don’t get a no waiting period, and coverage begins on the first day the premium is paid. The coverage will not expire, and the payments will not increase, nor will the coverage decrease if you stay current with premium payments.
What Are the Health Questions Asked for This Plan?
In this plan, you must answer NO to the health questions to qualify for the immediate coverage. The questions they ask include:
- Has the insured received treatment, medications, or diagnosis for chronic hepatitis, liver cirrhosis, Parkinson’s, other liver diseases, angioplasty, heart bypass, heart attack, angina, coronary disease, chronic bronchitis, asthma, or other chronic respiratory diseases in the last 2 years
- Has the proposed insured suffered from diabetes complications, like diabetic coma, amputation, or insulin shock in the previous three years?
Who Can Apply for This Plan?
With protection ranging from $2000 to $30,000, the UP2 plan offers multiple plans to the buyers between 50 and 80 years.
The Ultra Protector II policy has insurance writer options that are close to being irresistible. There is an Accidental Death Benefit Rider and a Children’s Term Rider. These additional extras to an insurance policy are relatively common, but there is one burial insurance rider that Americo offers that is, frankly, quite unique.
It is the Accelerated Benefit Payment Rider. This is intended for somebody who has been diagnosed with a terminal illness, and death is anticipated within 12 months (the period is extended to 24 months for Massachusetts, Illinois, and Texas residents.).
Americo will advance the insured up to 50% of the death benefit, with a maximum of $15,000 and a minimum of $1000. This rider, incidentally, is billed in the policy and will not cost a buyer extra.
When Does It Make Sense to Buy This Plan?
Though Ultra Protector II comes with immediate coverage, it has a waiting period. You can choose this plan, depending on your health conditions. What makes it a better fit? Let’s dig into our Americo reviews for UP2.
1. Immediate Coverage Despite Some Health Issues
2. Impressive Pricing for Tobacco Users
Even if you chew tobacco or smoke cigarettes and have one of the above diseases, you can still get qualified for Ultra Protector II. Let’s be honest and say that other companies will simply deny you for similar conditions.
3. Protection for Diabetes-Related Complications
Diabetes is a touchy issue in the burial insurance market. It is not a problem for Americo, and a person with a diabetic condition can qualify for first-day coverage. Those who have an amputation due to diabetes, suffer from kidney or eye problems resulting from diabetes, or have endured a diabetic coma will not be denied coverage.
There is no waiting period at all for a person suffering any diabetic complications. This is the policy that will attract people with diabetes.
The Americo Plans: Ultra Protector I
What’s Interesting About This Plan?
The best description of this option is “More of the same.” You can qualify for the riders offered under Ultra Protector II, and your health condition must be acceptable. This policy does provide insurance protection, and payments will not rise, nor will the coverage decrease. Coverage also does not expire if you are current with your premium payments.
What’s the Availability of This Plan?
This product is available everywhere except New York, Mississippi, and Vermont. You’re able to purchase as much as $30,000, and you must be between 50 and 85 years old.
Should You Take This Plan?
We want to point out that it is a good policy, but it is nowhere near the high quality of the Ultra Protector II policy. We believe that other products in the market provide comparable coverage and at a lower price. You, as the consumer, of course, decide.
The Americo Insurance Plans: Eagle Series
What’s Interesting About This Plan?
This Americo final expense policy is available in the same states that offer the Ultra Protector I and II products. There is accidental death coverage that is provided at no additional cost to the buyer. What is interesting about this particular Americo product is a type of health conditions it covers.
What Health Questions Do They Ask?
There are certain health situations that senior citizens experience, which may make getting burial insurance difficult. The Eagle Series will offer immediate protection at an affordable price for several of these medical issues.
- Has the insured ever been treated, diagnosed, or advised for dementia, Alzheimer’s, memory loss, ALS, chronic kidney diseases, muscular dystrophy, liver diseases, COPD, chronic respiratory diseases, metastatic cancer, AIDS, HIV, or ARC?
- Has the insured been given treatment or diagnosis for malignant melanoma, chronic hepatitis, alcoholism, drug abuse, or diabetic complications in the past 24 months?
- Has the insured been diagnosed, hospitalized, or treated for heart surgery, angioplasty, stroke, heart attack, coronary disease, angina, or heart disease in the last year?
- Has the insured been hospitalized, bedridden, or confined to supervised nursing care in the previous six months?
- Has the insured been wheelchair-confined, needed assistance for daily activities, required oxygen for breathing, or diagnosed with a terminal illness in the past six years?
Should You Choose This Plan?
Eagle Series is an excellent option for a few health conditions. Despite these diseases or conditions, you will receive the first-day coverage without massive premiums.
Here, they are:
- A heart attack that happened at least one year ago but less than two years
- Systemic Lupus
- A major stroke that happened at least one year ago but less than two years
- You will get the first-day coverage and excellent prices even with Noncancerous Tumors
- Diabetes that was diagnosed before a person turned 50
- Parkinson’s Disease– Even if you have this disease, Americo doesn’t apply a penalty or deny the first-day coverage. It is the only burial insurance carrier that doesn’t ask about Parkinson’s.
- Systemic Lupus- While most carriers bundle Parkinson’s and systemic lupus, Americo’s Eagle plan has no issues. There are no penalties, high premiums, or waiting periods.
Americo in a Nutshell
The winner, hands down, is AMERICO, even though they are far from perfect.
There is no question that Americo burial insurance offers some good products, even though one is a borderline disaster. This company does not have to rely on a slick advertising campaign because the quality of the coverage speaks for them. It tempts a buyer to stop looking for burial insurance, and we do not recommend anyone to do that.
You must remember that even though the insurance policy looks excellent, there may be another out there even better. It is because the insurance industry in the United States is such a large market. Some competitors will provide coverage at a lower rate. People who have serious health problems (fresh cancer diagnosis) will be looking for policies that cover their condition and will pay a higher price if necessary.
How Should You Choose the Best Burial Insurance?
Keep in mind; insurance companies know folks over the age of 50 or 55 are not going to be physically perfect. A semi-healthy person ought to look at several insurance policies to get the best available deal. That is a time-consuming affair. Moreover, the financial condition of the company is as critical as the coverage that institutions provide. You would have to know a little bit about insurance finances to know which company is more stable than the other.
A person can do all the necessary research if that individual has unlimited time to spare. Unfortunately, even older people have constraints on the minutes and hours of their day. Moreover, they do not know where to look for information, and the search can become a tedious walk through financial papers. This is where an insurance agent can provide valuable assistance and unbiased Americo reviews.
An insurance agent has search software necessary to identify the best possible deals. Also, the specialized education of an insurance professional will allow them to point out important parts of the insurance policy.
Many insurance agents represent several insurance companies, including companies that can provide a better deal than Americo. Insurance agents who represent several companies will offer alternatives to a person. However, that agent will not push one product over another. It is the client who matters the most.
It is the way that we do business: the person looking for insurance is the priority concern. We want to make sure you get an affordable type of policy, which, at the same time, covers all their needs. We represent very stable insurance companies that have a reputation for being fair and paying legitimate claims. These are not the kind of organizations that try to deny a person what they legitimately deserve.
We invite you to contact us at your earliest convenience if you are interested. We can sit down with you and explain the ins and outs of burial insurance and how we can help you find what you want to have. We can recommend options that are cost-effective and provide excellent coverage. We encourage you to contact us and find out more about our services.
Gary P. Cubeta
(Serving Americans In All 50 States)