Americo – Mortgage Protection Insurance Review (2024)

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Americo Life, Inc., the holding company of Americo, is one of the largest privately held insurance companies in the country, and its roots date back over a century. The story began in 1909 with the founding of the Great Southern Life Insurance Company, which was then joined by Americo Financial Life and Annuity Insurance Company in 1946, along with many others later in the century. In 2022, Americo continues to receive high performance ratings from respected independent evaluators and top reviews from its clients.

Does Americo Offer Mortgage Protection Insurance?

Americo offers a range of insurance solutions that extend beyond traditional life insurance, including mortgage protection insurance. Mortgage protection insurance is designed to alleviate a very heavy financial burden on surviving family members. Instead of being just another life insurance policy creating family disputes and adding yet another complication to an executor’s plate, it kicks in when the policyholder passes away and takes action immediately.

When that happens, the mortgage protection insurance company, in this case, Americo, begins making payments to the lender directly. There’s no need for the executor of the will or the home’s current residents to do anything. Mortgage insurance will simply pay off the remainder of the money owed on the house, up to the coverage cap.

Americo Mortgage Protection Insurance Cost

As with all insurance products, the cost of Americo mortgage protection insurance policies varies based on a range of factors. The most crucial of them to understand are:

  • How much the policy covers
  • How old the policyholder is
  • The policyholder’s gender
  • Whether the policyholder is healthy
  • Where the house is located
  • Whether the policyholder is a smoker
  • If there are any riders added to the policy

In the case of Americo, coverage limits range from $25,000 to $400,000. There are insurance products offered by other providers that cover larger amounts. Because the costs of different mortgage protection insurance plans vary so significantly, the only honest way to offer an idea of what people should expect to pay is to recommend contacting the company to request a quote.

Riders for Americo Mortgage Life Insurance

Americo mortgage protection life insurance offers riders. These add-ons allow customers to customize their policies at an additional cost. These riders are generally affordable enough to be appealing, but they are only available through the Americo Financial Life & Annuity’s Home Mortgage series Plus insurance product. The two most popular riders are disability and unemployment riders.

The first of them kicks in when the policyholder becomes disabled to the point where they can no longer work and pay the bills. The latter applies only in circumstances where the policyholder lost the job involuntarily for a reason that is covered by the company’s policies.

Both unemployment and disability riders are intended to provide short-term relief, with unemployment riders making up to six months of payments. With disability riders, the payments continue until the person can return to work if the condition is not permanently disabling. If it is, Americo will cover the rest of the policyholder’s mortgage payments.

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