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Lemonade life insurance review

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Apply for a term life policy online, and you’ll score low rates if you meet this insurer’s strict health standards.

finder.com's rating: 2.5 / 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.

21 to 55

Issue Age

$50,000 to $1,000,000

Coverage

Not required

Medical Exam Required

Details

Policies Term life insurance
Coverage maximum $1,000,000
Term lengths 10 and 20 years
Medical exam required Not required
Available states Except NY
Issue age 21 - 55 years old

Pros

  • No medical exam required
  • Online application
  • Financial stability
  • Long refund window
  • Easy-to-use website

Cons

  • Limited eligibility
  • No permanent policy options
Riders No riders available
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Review by


Katia 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 their lineup. They offer term life insurance in 10- or 20-year lengths, with a broad range of coverage spanning $50,000 to $1 million. The online application process is seamless, and policies are underwritten by North American, a financially stable company with a good reputation.

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.

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 life insurance policies start at $9 a month, according to the site.

What affects my rate with Lemonade?

Lemonade’s life insurance policies are issued by Bestow and underwritten by North American Company, and their underwriting standards are relatively strict.

To reach their super-preferred rate class and score the lowest rates, you’ll need to meet these guidelines:

  • Healthy blood pressure and cholesterol levels
  • Healthy weight range for your height
  • No personal medical history of heart disease, diabetes or cancer
  • No use of tobacco or nicotine products for the past three years
  • No deaths or diagnoses of coronary artery disease or cancer before age 60 for parents or siblings
  • No DUIs, reckless driving charges or other moving violations
  • No history of drug or alcohol abuse for the past 10 years

Does Lemonade offer discounts?

Yes — Lemonade offers a bundling discount across all its policies. You might be able to lower your monthly premium by 10% if you have a homeowners, renters or pet insurance policy with the company.

How to get a quote from Lemonade life insurance

You can get a free quote online by filling out a comprehensive form. These are the steps:

  1. From Lemonade’s site, select Check our prices.
  2. Sign into your existing Lemonade account, or choose No.
  3. Select term life insurance, then tap Next.
  4. Type your full name and email address, then hit Next.
  5. Answer questions about your health and lifestyle, including your medical and surgical history, diagnoses, tobacco use, any sudden weight loss and whether a biological parent or sibling died from cancer or heart disease before age 60.
  6. Offer details about your citizenship status, place of birth, employment, annual household income and future travel plans outside the US, Canada or Mexico.
  7. Outline any life insurance or annuity plans you currently have in force.
  8. Check Yes/No to questions about your lifestyle, driving record, alcohol and substance use.
  9. Enter your Social Security Number and electronic signature.
  10. You’ll be emailed a quote. If you decide to sign up for coverage, you can complete the process online.

What types of life insurance coverage does Lemonade offer?

Through its partner Bestow, Lemonade sells term life insurance lasting 10 or 20 years — with coverage between $50,000 to $1 million. The policy is targeted to healthy people between 21 and 55 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 insurance 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 site customers frustrating experience trying to get a real person on the phone.

As for North American Company, it’s been around for over 130 years and is accredited with the BBB. It has a high rating from the BBB, and high star ratings on TrustPilot – which points to good customer service.

AM Best financial rating Not Rated
BBB accredited No
BBB rating B+
4.3/5 out of 231 customer reviews
Trustpilot score 2.4/5 out of 29 customer reviews
Customer reviews verified as of 12 February 2021

Compare life insurance companies like Lemonade

Name Product Issue age Minimum Coverage Maximum Coverage Term Lengths Medical Exam Required
Sproutt
18 - 60 years old
$50,000
$4,000,000
5, 10, 15, 20, 25 and 30 years
No
Compare 40+ insurers and apply online to get the lowest possible price — no medical exam required.
Policygenius
18 - 85 years old
$50,000
$10,000,000
10, 15, 20, 25, 30 years
Depends on provider and policy
Compare 12+ top insurers side-by-side to get the best possible deal, and shop return of premium policies online.
Bestow
18 - 60 years old
$50,000
$1,500,000
10, 15, 20, 25, 30 years
No
Get a quote in less than 10 minutes with on-the-spot approval and no medical exam.
Everyday Life
20 - 75 years old
$100,000
$10,000,000
10, 15, 20, 25, 30, 35 and 40 years.
No
Ladder multiple life insurance policies to save on the coverage you need for all your debts.
Ladder
20 - 60 years old
$100,000
$8,000,000
10, 15, 20, 25 or 30 years
Depends on policy
Apply for term life insurance online without the medical exam. Get an instant decision and adjust your coverage at no charge.
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Frequently asked questions about Lemonade life insurance

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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.

Learn more about our methodology here.

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