Final Expense Benefits Complete Americo Senior Life Insurance 2023 Review

Last Updated June 12, 2024

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     For many seniors that don’t have life insurance, it can feel nearly impossible to obtain. As we age, life insurance gets more expensive than when we were younger and healthier.
     The good news is now that you are older, you may not have as much debt or expenses as you once did. Americo, boasting a respectable rate among seniors in need of insurance, will be reviewed in this article. Read on to find out if Americo is the right fit for you or your family. 

Americo Life Insurance Origins

     Americo Financial Life and Annuity Insurance Companies’ influence can be seen throughout the last 100 years, due to the culmination of multiple insurance companies coming together to form what is now Americo Life Insurance. Some notable acquisitions include the likes of Annuity Insurance Company, Ohio State Life Insurance Company, and Great Southern Life Insurance Company, to name a few. 

Notable Achievements:

  • Great Southern Life was regarded as the first public company in America to provide insurance options to children in 1922
  • Ohio State Life becomes the first insurance agency to accelerate their death benefit, meaning policyholders may be entitled to a portion of their death benefit early. This happened in 1971. 
  • Great Southern Life unveils the first instance of universal life insurance in 1981

Americo Coverage Options


     Term Life Insurance is a form of insurance involving a term or length of time in which the policy is active, usually existing in 5-year increments. Although at the end of the term your policy technically “expires”, you may renew it at any time with more incremental increases. This policy generally contains very low rates but may not be the best for those afraid of untimely circumstances outside of the term date.

Universal Life Insurance

     Universal Life Insurance, otherwise known as Adjustable Life Insurance, a form of permanent life insurance, boasts flexibility as the main selling point of this policy. One may increase or reduce their death benefit at any time, as well as allowing users to pay premiums at any time with varying amounts, depending on the policy. This policy also upholds a cash value, and may be withdrawn at any time.

Whole Life Insurance

     Another form of permanent life insurance, Whole Life Insurance boasts a very high acceptance rate, usually accepting anyone who applies, although at an adjusted rate depending on your specific pre-existing conditions/habits.
Burial Insurance
     Similar to a Whole Life Insurance policy, Burial Insurance otherwise known as Final Expense Insurance, involves a permanent policy meant to mitigate end-of-life expenses, such as a funeral ceremony, burial, and cremation, just to name a few. The perks of this policy involve the relatively low premium in proportion to the amount you receive at payout, as well as the flexibility of the cash value surrendered. There are no restrictions on how this money is used.

Medicare Supplements

     This insurance type is meant to fill gaps left by standard Medicare coverage offered to those who reach age 65. Medicare may not be able to provide you with financial compensation for every single aspect of your life, which is where Medicare supplemental insurance comes in. 

What Can Seniors Expect From Americo?

     Americo Financial Life and Annuity Insurance Company is currently one of the largest, independent, privately held insurance companies. The roots of Americo Life Insurance’s family of companies date back more than 100 years.

When getting a final expense life insurance quote, you usually need to answer some health questions. These questions contribute to determining your monthly premiums. The typical questions include:

      Even though you may have to answer some health questions, this can help lower your premiums. If you are a healthy individual or only have minor health concerns, Americo Life Insurance is a great option. Americo also offers the cheapest life insurance for smokers, unlike Colonial Penn or Lincoln Heritage.

Americo Life Insurance for Seniors
Pros and Cons


  • Affordable option for seniors who smoke, or may have pre-existing conditions.

Americo Financial Life and Annuity Insurance Company specializes in working with seniors that may fit under this demographic. 

  • Great Final Expense Insurance Option

Americo’s Final Expense option is available to those as young as 50 with an incredibly easy and optimized application process.  

  • Same Day Decision 

Breathe easy knowing that you can find out if you have been approved for a policy the same day you applied. Policies can even go into effect the same day, giving you peace of mind knowing you are covered from day one.  


  • Low Coverage Amounts

Policies under Americo typically max out at $50,000. However, this can easily cover the cost of the average funeral which is approximately $10,000.  

  • Longer Waiting Period. 

While most insurance companies will have you wait 2-3 years for their guaranteed policies, Americo allows you to access your full death benefit in year 4. 

Third-Party Rankings

AM Best Rating

     AM Best uses a letter system to grade potential entities on the value of their financial strength and stability. This letter range goes from A++ to F, and may change based on that years interactions between consumer and company. As of October 2021, A.M. Best has assigned an A in Financial Strength to Americo, implying an excellent rating. Out of 15 categories, they ranked 3rd.


     The NAIC rates companies based on consumer feedback, wherein the goal is to reach a number as close to 1.0 or below it. 1.0 implies an average number of complaints, whereas 3.0 would represent 3x the number of complaints for example. Americo received a rating of 1.59 in 2021, implying an average amount of complaints.

Americo Life Insurance Costs

Prices for final expense or any life insurance are usually based off a few factors. Age, health and if you smoke are normally the biggest factors in determining your rate.
Below are examples of rates for a healthy smoking and  non-smoking person wanting $10,000 of coverage:
Age Non-Smoker Smoker

These figures were obtained from the NFDA and are estimates only. For a detailed quote, please contact an agent. 

No, it’s not a typo. Americo Life Insurance offers the same rate for smokers as they do to non-smokers. Americo is the best life insurance for smokers.

Americo Customer Reviews

Americo has been around for 100 years with a A+ under AM Best. Costumer service is absolutely responsive and they do what they say. You cannot go wrong with them!
Middle aged man smiling
James S. ✓
Grand Forks, ND ⭐⭐⭐⭐⭐
I am a licensed life insurance agent, Americo is one of the 10 companies I use in my portfolio. I’ve been writing policies for the last three years and cannot have enough good things to say about Americo. I’ve had four death claims since starting, and Americo has paid out within one week on all claims.
Young latin business woman working outside of office with city in background
Connie P. ✓
Seattle, WA ⭐⭐⭐⭐⭐
I forgot to cancel my policy and called an agent to refund my money. They were very understanding and helped me to cancel my policy and I was able to get my money refunded by the end of the week. 
Asian old man
Raymond B. ✓
Owensboro, KY ⭐⭐⭐⭐

Our Review

     Overall, a standard option for the everyday average adult seeking whole life insurance, but is a superb option for any individual seeking Final Expense Insurance, especially if you have pre-existing conditions and/or smoke. The rates offered to individuals who fit into these categories are amazing, and damn near the standard rate for an individual who does not meet these criteria. 


     Americo Financial Life and Annuity Insurance Company is an industry-leading insurance company, that provides an amazing product for seniors. Whether you have some minor pre-existing conditions or smoke, Americo will offer you cheap rates with great benefits.

Here at Final Expense Benefits, we work with folks in many different situations. Give us a call so our licensed agents can go through all your options and help bring you and your family, peace of mind.

Call us at 1 866-311-4338. M-F. 9-5 EST.

Frequently Asked Questions

What Companies Does Americo Own?

Their subsidiaries are the following, Americo Financial Life and Annuity Insurance Company, Great Southern Life Insurance Company, United Fidelity Life Insurance Company, National Farmers Union Life Insurance Company, The Ohio State Life Insurance Company, and the Financial Assurance Life Insurance Company.

What Does It Mean To Surrender My Policy?

This effectively cancels your existing policy. The insurer will then send you a check for the policy owner’s cash surrender value, which depends on a few factors involved with the policy itself.

Can I Borrow From My Americo Life Insurance Policy?

Yes, as long as the minimum is met which is $250. 


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