For one thing, you don’t want to spend more than you need for final expense insurance, sometimes called funeral insurance. For another, you want to make sure that your family doesn’t bear the burden of covering the cost of your funeral.
The key is to look for a whole life insurance policy that provides enough of a death benefit to cover your final expenses while still being affordable. The Americo Eagle Premier® Series offers two plans that can help cover your final expenses: Eagle Premier or Eagle Guaranteed. Both of our plans offer many benefits. Let’s review the benefits of the Eagle Premier Series from Americo.
Your Policy Won’t Be Canceled
The Eagle Premier Series from Americo is permanent whole life insurance. When you purchase coverage with Americo, you own the policy. This means that if you continue to pay your premiums, your coverage won’t be canceled. You can rest assured knowing that your final expenses will be covered.
No Physical Exams Required
Unlike many other life insurance policies, neither the Eagle Premier plan nor the Eagle Guaranteed plan require a physical exam to qualify for coverage. However, the issuance of policy may depend on your answers to the medical questions.
The Price of Your Premium Won’t Go Up
Once you are approved and your policy goes into effect, the price you pay is locked in. Even if you develop a serious illness, you will still pay the same rate. Our life insurance policy rates are locked in for the remainder of the policy.
Protection from Day One
With a whole life insurance policy from Americo Senior Life, you will be protected from the very first day your policy goes into effect. This is true of both the Eagle Premier plan and the Eagle Guaranteed plan.
Your Eagle Policy Builds Cash Value
When you purchase a life insurance policy from Americo, your policy will eventually start to build a cash value. As you continue to pay your premiums, that cash value will grow. That is your money. You can leave it to keep growing or you can borrow from it for whatever reason you want.
Benefits of Eagle Premier
If you qualify for an Eagle Premier plan, there are even more benefits to consider:
- Accelerated Death Benefit: This is for policyholders who are expected to die within the next 12 months. If this is the case, Americo will provide a payout in advance. The amount will be 50% of the face value of the policy. There’s no extra cost for this benefit.
- Accidental Death Benefit: If the policyholder dies within 90 days of having an accident, there will be an additional amount paid out. There’s no extra cost for this benefit.
- Child and Grandchild Rider: If the policyholder wishes, they can purchase term insurance for a child or grandchild that can last until they are 25 years old. This benefit does cost extra.
- Quit Smoking Advantage: This is a valuable benefit that will allow smokers to pay the nonsmoker rate for up to three years. To continue to receive the nonsmoker’s premium rate, the client needs to provide proof that they have quit smoking for 12 consecutive months. This includes quitting all products containing nicotine.
Benefits of Eagle Guaranteed
If you don’t want to answer questions regarding your medical conditions or are worried about the health questions, the Eagle Guaranteed plan is a good option for you.
It is important to understand that the Eagle Guaranteed plan differs from Eagle Premier in the following ways:
- A 3-Year Waiting Period Applies: A full payout of benefits will not be made until the policy has been in effect for three full years. If the policyholder dies before this time, benefits will be paid out on a graded scale:
- Year 1: All the premiums that have been paid will be returned, plus 5%
- Year 2: All the premiums that have been paid will be returned, plus 10%
- Year 3: The beneficiary will receive 75% of the full coverage amount
- The Premiums are Typically Higher: There are no medical questions to answer, so the premium will typically be higher than with the Eagle Premier plan.
- There is no Quit Smoking Advantage.
The Eagle Guaranteed plan does offer the following additional benefits:
- Accidental Death Provision: If the policyholder dies within 90 days of an accident during the 3-year waiting period, the Accidental Death Provision means that the beneficiaries will still receive a full payout.
- No Medical Questions: There are no health questions to answer with the Eagle Guaranteed plan. This might be a good option if you know you’re in poor health or have a serious illness.
Turn to Americo Senior Life for Your Whole Life Insurance Needs
If you want to be sure your final expenses will be covered, inquire about a whole life insurance policy from Americo Senior Life today. Americo Senior Life offers a range of affordable life insurance options to fit your unique needs. With Americo Senior Life, you won’t have to worry about losing your coverage as long as you continue paying your premium. Plus, pre-approval takes only a few minutes. Get the peace of mind that comes with a whole life insurance policy and contact Americo Senior Life today.