Americo Financial Life Inc Reviews

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PostPosted: Wed Oct 08, 2014 7:57 pm   Post subject: 25 Year term policy  

I am 35 years old and recently closed on my first mortgage. I received a notice in the mail about a "insurance policy" that I can purchase that would cover my mortgage payments in case of death, job loss, disability etc.

I called the number and the agent came by the house to talk about the policy. It is sold thru Americo , called a CASHBACK program were I would pay $66/mo and 25 years later if I do not have any claims they would pay me back the entire amount (Somewhere around $19824)

In case of my death they would pay my beneficiary $100000 +25% or cover my mortgage payments in case of disability.

It sounds a bit to good to be true, especially the cash back part of it. I have not seen any good reviews about the company, the ones I did seemed fake.

I do not know what to do , or if I should look at other type of insurance policy's that could offer some kind of protection for my family.

Thank you for your time, I appreciate it!


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andrei
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PostPosted: Wed Oct 08, 2014 11:56 pm   Post subject:   

What you are being offered sounds like a $100,000 25-year term life policy with return of premium rider. It may also have some sort of income rider in the event of disability and/or job loss, but you would have to very carefully read those riders for the technical terms of coverage. Your disability or job loss probably has to last at least 6 month before any benefit is payable. It seems rather expensive to me.



By comparison, I just placed a $250,000 20-year term life policy with disability waiver of premium rider for a 45-year old rated preferred with American General for about $45 per month. It does not have a return of premium feature.



As with any insurance transaction, what the agent says is far less important than what the contract says, unless the agent is reading you the exact provisions of the contract verbatim. Remember: you cannot staple the words of the agent to the contract.



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MaxHerr
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MaxHerr
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PostPosted: Wed Dec 03, 2014 3:49 am   Post subject: Americo  

Spare yourself from losing money. This company is a rip-off, check the complaints and class action suits - they have lost in Texas and CA


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anonymous1
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PostPosted: Thu Jan 15, 2015 5:45 am   Post subject: benificiary to aunts life insurance policy  

Aunt passed away in Nov.2015 .Dec i notified Americo that i am the beneficiary on a oayed up policy to date.They sent me forms to complete and told me i only need the death certificate with her ss#.I sent a copy of insurance and everything they asked.One month later after telling me a week before that I would be receiving the check.They informed me that her ss# is not right.The death certificate says her ss# and is certified.The policy after looking at it.was a mistake they had my ss# instead of her on the policy.The person who worked this paperwork up made a mistake on her policy.I offered to give them a copy of my ss# but they said they want a copy of hers.Shouldn;t the death certificated be enough? i feel like they are giving me the run around.I am an amputee and battleing cml leukemia and cannot get around real good.my wife has to take me around gto get things done that require my presense because this is in my name.What can i do?


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Salvador J. Ochoa Jr.
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PostPosted: Thu Jan 15, 2015 8:01 am   Post subject:   

How would your SSN have ended up on your Aunt's life insurance application/policy? That makes very little sense to me. Additionally, I assume you meant November 2014 -- because November 2015 is still a few months away from now.



If it is genuinely a mistake, then you may need legal assistance to get what you are owed. However, this is not a discussion that should take place in an open forum like this.



Contact me directly to discuss further.


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CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
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MaxHerr
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PostPosted: Sat Apr 18, 2015 1:30 am   Post subject: Disability insurance with Americo  

I have a policy with Americo with a disability rider. I was put in the hospital on 25 December 2014 and found to have colon cancer. I filed all papers they required after which I was told there was a 90 day waiting period. My question is why are they only start my pay after the 90 day period ? I would think that I would be paid like Social Securiy from the rear starting the 25 December 2014.


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Willie Bethay
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PostPosted: Tue Apr 28, 2015 1:59 am   Post subject:   

Quote:
My question is why are they only start my pay after the 90 day period ?
Did you ever take a minute to read your contract? It tells you what you need to know.



Quote:
I would think that I would be paid like Social Securiy from the rear starting the 25 December 2014.
This just goes to show that you don't know how Social Security works either. You will not be eligible to receive a benefit until at least June 1, 2015 (you must be disabled at least five "full months", which means your first full month of disability is January 2015) -- a few months longer than your life insurance rider benefit.


_________________

CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
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MaxHerr
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Joined: 29 Nov 2009
Posts: 7888

Location: Pomona CA
107.50 Dollars($)

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