Call Us Today! • 888-501-0530
While most people know that planning financially for the future is important, many may not know where to begin. In most cases, however, if you have loved ones who may be responsible for your debts upon your passing, life insurance should typically be considered.
With that in mind, when you are planning for your financial future, including burial insurance protection can be a major move. That is because this type of coverage can help loved ones with paying off the high cost of a funeral and other related expenses.
Today, the average cost of a funeral in the United States can be more than $8,500. This is especially the case when including the price of a memorial services, flowers, and transportation, as well as a burial plot and headstone. Many funeral homes will want their payment at the time of service – which could put loved ones in a financial bind (at an already difficult period in their lives).
Also, many people may also incur a substantial amount of final medical expenses, such as hospitalization and hospice care, that are not covered by their health insurance plan. Because of this, loved ones could be saddled with this debt, too, making their financial situation even more difficult. But with the proceeds from a burial insurance plan, you can keep those you care about from enduring this type of financial hardship.
Burial insurance coverage is designed for paying off such costs – which is why it is often referred to as funeral insurance or final expense insurance coverage. Such policies are not usually difficult to qualify for, and the coverage can typically be issued within just a short period after applying for it.
When searching for the best burial insurance plan, you will want to be sure that you are getting the proper type and amount of coverage, and that you are purchasing the plan from a financially secure and stable insurance carrier. One insurance company that has been providing burial insurance for many years, and paying out its policy holders’ claims promptly, is Americo.
The History of Americo
Americo’s roots date back roughly a century and include numerous milestones. The beginning of the Americo family of companies includes several insurance entities – all of which have very successful histories. This has, in turn, helped Americo to grow, and to maintain its stable financial status.
Such entities include Americo Financial Life and Annuity Company (formerly known as The College Life Insurance Company of America), as well as The Ohio State Life Insurance Company (which was founded back in 1906), and Great Southern Life Insurance Company (which was established in 1909).
In 1922, Great Southern Life became the first company in the United States to insure the lives of children. Later, Ohio State Life was the first to advance death benefit payments to sustain the life of the policy holder (which is referred to as living benefits).
In 1981, Great Southern Life led the way as one of the first American insurers to offer universal life insurance, and more recently, they were also one of the very first insurance carriers to introduce index universal life and index annuity products.
Americo Company Review
Americo Financial Life and Annuity Insurance Company is today the lead company in one of the largest independent, privately held insurance groups in the United States. As of year end 2016, Americo had more than $6.3 billion in assets – which represents an increase in total assets of more than 1000 percent since 1988.
The company maintains a high quality liquid investment portfolio, of which 96 percent are fixed income investments. Americo’s products are marketed and sold by more than 350 associates and independent agents. The company serves its policy holders through its operation that is located in Kansas City, Missouri.
Begin a solutions oriented insurer, Americo offers an extensive list of products and services that help its clients to attain and protect wealth. The company has a long history of success, and it remains focused on the strategies that have helped it to achieve its goals.
Insurer Ratings and Better Business Bureau Grade
Due to its strong financial status, Americo has received high ratings from the insurer rating agencies. This represents an A (Excellent) from A.M. Best Company. This is third out of a total of 15 rating categories from this agency.
Also, even though Americo is not an accredited company through the Better Business Bureau (BBB), the BBB has given the company a grade of A+. This is on an overall grade scale of A+ to F. Within the past three years, Americo has closed out a total of 21 customer complaints – of which two were closed out during the previous 12 months.
Of the total 23 customer complaints that Americo closed, 12 were about problems with the company’s products and services, and the other nine complaints had to do with billing and collection issues.
Burial Insurance Plans Offered by Americo
Americo offers several different options when it comes to burial insurance plans. These plans are typically offered as whole life insurance – which means that there is both death benefit protection and a cash value/savings component in the plan. These plans are designed specifically for paying the costs that are associated with funeral and burial costs, as well as unpaid medical bills and other financial obligations that an individual’s family may face when they are going.
There are both simplified issue and fully underwritten burial insurance options through Americo, and the face amount of such burial insurance coverage can be as low as $2,000 and as high as $30,000.
Once an individual has been approved for a burial insurance plan with Americo, the premium will remain level throughout the life of the policy – and, provided that the premium continues to be paid, the coverage cannot be canceled due to the insured’s age or health status.
The burial insurance plans offered by Americo can be purchased by those who are non-smokers, as well as those who smoke cigarettes – and, depending on one’s health and other factors, it may be possible for applicants who use smokeless tobacco, pipes, or cigars to qualify for non-smoker premium rates.
Once an individual has qualified for a policy through Americo, it is easy to keep track of the coverage – as well as to obtain answers to questions or concerns – directly through the company’s website, or by contacting the company’s customer service area. This can include making name and address changes, as well as policy beneficiary and/or ownership changes.
Other Products and Services Offered
In addition to just burial insurance coverage, Americo offers many other products and services to its customers. These include the following:
- Medicare Supplement Insurance – Medicare Supplement insurance can help to fill in the “gaps” in Medicare Part A and Part B coverage, such as deductibles, copayments, and coinsurance.
- Retirement Planning Solutions – Americo offers several retirement planning solutions, including annuities and wealth transfer life insurance.
- Mortgage Protection – The mortgage protection coverage provided via Americo can range from $25,000 to $400,000 – and there is no proof of mortgage required when applying for this type of coverage.
The company provides several different life insurance coverage options, too. These include term, whole life, and both traditional and indexed universal life. With term life insurance, there is death benefit protection only, without any cash value or savings build up in the policy. Because of that, a term life insurance policy can often be quite affordable – even for a large death benefit amount. With term life insurance, coverage is purchased for a certain number of years – or term. These may include ten years, twenty years, or even thirty years. Often, a term life insurance policy can be converted over into a permanent plan.
Whole life is a form of permanent life insurance coverage. With whole life, there is both a death benefit and a cash value portion. Typically, the premium that is charged for whole life insurance will be locked in, and the insurance company cannot increase it – even if the insured contracts an adverse health condition. The cash that is in a whole life insurance policy’s cash value will grow at a rate that is set by the underlying insurance company. This cash may be borrowed or withdrawn for any reason by the policy holder.
Universal life insurance is also a form of permanent life insurance. Here also a policy holder will have both death benefit coverage and a cash value component. However, universal life is thought of as being more flexible than whole life because the policy holder has more control over when the premium due date is, as well as how much of the premium goes towards the death benefit, and how much goes towards the policy’s cash value (within certain guidelines).
With an indexed universal life insurance policy, the cash value will grow based on the performance of an underlying market index, such as the S&P 500. Here, there is the opportunity to increase cash value more than that of a whole life, or even a regular universal life insurance option. And, if the underlying market index performs poorly during a given period, the policy’s cash will not lose value, but rather just return a 0 percent for that period. As with other forms of permanent life insurance protection, the policy holder of an indexed universal life insurance policy may withdraw or borrow the funds for any reason – including the payoff of debts, the supplementing of retirement income, or even to buy a new car.
Americo’s life insurance coverage includes options for either fully underwritten or simplified issue. This means that in some cases, an applicant for life insurance may not require a medical examination to qualify for a plan. The face amount of most of Americo’s life insurance policies ranges from $25,000 up to $400,000.
How to Get the Best Premium Rate on Burial Insurance with Americo
If you have been seeking the best premium rates on burial insurance coverage through Americo – or through any life insurance carrier – it is recommended that you work in conjunction with an independent insurance agency or brokerage. In doing so, you will be much better able to directly compare, side by side, multiple policy options, and premium quotes. From there you can determine which of these will be the best alternative for you.
When you are ready to begin the process of purchasing burial insurance to protect your loved ones from financial hardship, we can help. We are an independent insurance brokerage, and we work with many of the top burial insurance companies in the market place today. We can provide you with all of the key details that you need to make a well-informed decision about burial coverage.
We can do this for you quickly and easily – all directly from your computer – and without the need for you to meet in person with an insurance agent. So, if you are ready to proceed, then all you have to do is just simply click and fill out our short form.
Should you find that you still have any questions or concerns about how much burial insurance you need or the type of policy that would be right for you, please feel free to reach out to us directly via phone, toll-free, by calling 888-389-8676.
The purchase of a good, solid burial insurance policy can be an important step in your overall financial plan. Therefore, purchasing the protection that best fits your anticipated needs is key. While this may seem a bit overwhelming, it can be accomplished successfully by working with an ally on your side. So, contact us today – we’re here to help.