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Lemonade life insurance review
Apply for a term life policy online, and you’ll score low rates if you meet this insurer’s health standards.
finder.com's rating: 3 / 5
★★★★★
- Get a quote if… you want to skip the medical exam and apply online.
- Pick something else if… you’re in the market for a permanent policy.
18 to 60
Issue Age
$50,000 to $1,500,000
Coverage
Not required
Medical Exam Required
Details
| Policies | Term life insurance |
|---|---|
| Coverage maximum | $1,500,000 |
| Term lengths | 10, 15, 20, 25 and 30 years |
| Medical exam required | Not required |
| Available states | Except NY |
| Issue age | 18 - 60 years old |
Pros
- No medical exam required
- Seamless online application
- Easy-to-use website
- 30-day refund window
Cons
- Limited eligibility
- No permanent policy options
- Not available in New York
| Riders |
No info available |
|---|
Review by
Katia Iervasi
katia.iervasi@finder.comKatia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
Expert review
Lemonade is a well-known insurer in the home, renters and pet space, and recently added life insurance to its lineup. Lemonade’s life insurance policies are issued by North American Company for Life and Health Insurance, a financially stable company with a good reputation. It offers term life insurance through a seamless online application process in 10- to 30-year lengths, with a broad range of coverage spanning $50,000 to $1.5 million.
The policy is priced on the lower end of the spectrum. But the underwriting standards are strict, so you may not qualify for the lowest rates if you have a personal or family history of major health conditions — like heart disease or diabetes.
If you’re looking for a permanent policy, compare life insurance companies here.
Lemonade life insurance rates
The premium you pay comes down to the coverage amount and term you choose, as well as your age, health, medical history and lifestyle. But Lemonade’s term life policies start at $9 a month, according to the site.
What affects my rate with Lemonade?
Life insurance policies at Lemonade are underwritten by Bestow and issued by North American Company. To reach it’s super-preferred rate class and score the lowest rates, you’ll need to meet strict guidelines, such as:
- Healthy weight range for your height.
- No personal medical history of heart or artery disease, liver problems, HIV or cancer in the past 10 years.
- No personal diagnosis or treatment for major health conditions such as organ transplant, cardiomyopathy or diabetes.
- No use of tobacco or nicotine products for the past year.
- No deaths or diagnoses of heart disease, melanoma, colon cancer or ovary or breast cancer of parents before age 60.
- No DUIs, reckless driving charges or other moving violations.
- No history of drug or alcohol abuse for the past 10 years.
- No risky hobbies such as scuba diving, skydiving, or mountain climbing within the next two years.
How to get a quote from Lemonade Life
Get a free quote online by filling out a comprehensive form. These are the steps:
- Go to Lemonade.com.
- Select Check our prices.
- Indicate that you’d like term life insurance.
- Sign into your existing Lemonade account, or choose No.
- Type your full name and email address, then hit Next.
- Answer questions about your health and lifestyle, including your medical and surgical history, diagnoses, tobacco use, and any sudden weight loss, and whether a biological parent or sibling died from cancer or heart disease before age 60.
- Offer details about your citizenship status, place of birth, employment, annual household income, and future travel plans outside the US, Canada or Mexico.
- Outline any life insurance or annuity plans you currently have.
- Check Yes/No to questions about your lifestyle, driving record, alcohol and substance use.
- Enter your Social Security Number and electronic signature.
- If you’re approved and you decide to sign up for coverage, complete the process online.
What types of life insurance coverage does Lemonade offer?
Through its partner Bestow, Lemonade sells term life insurance lasting 10, 15, 20, 25 or 30 years — with coverage between $50,000 to $1.5 million. The policy is targeted to healthy people between 18 and 60 years old, and doesn’t require a medical exam.
What riders can I add to my policy?
You can’t customize your coverage with riders — though this is fairly typical for insurtech companies.
Lemonade Life reviews and complaints
Since Lemonade recently launched its life insurance offering, there aren’t many reviews as of February 8, 2021 — but the company has been operating for over five years.
While it’s not accredited with the Better Business Bureau (BBB), the company scores a high star rating from customers, with many praising the user-friendly app and reasonably priced policies. Though negative reviews on TrustPilot cite customers’ frustrating experience trying to get a real person on the phone.
| AM Best financial rating |
Not Rated |
| BBB accredited | No |
| BBB rating | C 4.19/5 out of 239 customer reviews |
| Trustpilot score | 2.7/5 out of 38 customer reviews |
| Customer reviews verified as of | 16 June 2021 |
As for North American Company, it’s been around for over 130 years and holds an A+ AM Best rating proving it likely has the financial ability to pay out claims. North American company is also accredited with the BBB and holds high star ratings on TrustPilot — which points to good customer service.
Compare life insurance companies like Lemonade
Frequently asked questions
How can I contact Lemonade?
There are several ways to contact the team:
- Live chat. The quickest way to get a response is by starting a chat in the app.
- Email. Send a message to help@lemonade.com or select the Help button on the site.
- Phone. Call 844-733-8666.
- Social. Get in touch via Facebook, Twitter or Instagram.
How do I file a life insurance claim with Lemonade?
We’re still confirming the claims process with the company. For their home insurance coverage, renters or tenants coverage and pet insurance policies, policyholders can file a claim on the app.
How does Lemonade protect my data?
Lemonade has a stringent privacy policy, and won’t share or sell your data for marketing purposes. However, they may share specific personal information with their partners — like North American Company, their life insurance underwriter.
The insurer also collects anonymous website traffic information to analyze their performance and track the effectiveness of ad campaigns.
How can I buy Lemonade stock?
Lemonade (LMND) is publicly traded on the NYSE and all prices are listed in US dollars. If you’d like to buy shares, you’ll need to set up and fund a brokerage account first.
Life insurance ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.
