Lemonade life insurance review: Policies starting at $9/month | finder.com
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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 All 50 states
Issue age 21 - 55 years old

Pros

  • No medical exam required
  • Online application
  • Range of coverage amounts
  • Financial stability
  • Long refund window

Cons

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

Expert review

Katia Iervasi

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, lifestyle and occupation. But Lemonade’s life insurance policies start at $9 a month, according to the site.

What factors affect my life insurance 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:

  • Maintain healthy blood pressure and cholesterol levels
  • Fall in a 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 Lemonade life insurance quote

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

  1. Go to Lemonade’s site, and navigate to Life insurance.
  2. Select Check our prices.
  3. Sign into your existing Lemonade account, or choose No.
  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 and 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 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 life insurance policy?

You can’t customize your coverage with riders — though this is fairly typical for insurtech companies.

Pros and cons of Lemonade life insurance

Pros

  • No medical exam required. Lemonade requires you to fill out a lengthy form about your health and lifestyle in lieu of a medical exam.
  • Online application. The signup process is completely digital.
  • Range of coverage amounts. Lemonade offers $50,000 to $1 million in coverage, which is pretty high for an online-only insurer.
  • Financial stability. All policies are underwritten by North American Company for Life and Health Insurance, which has an A+ (Superior) AM Best rating.
  • Long refund window. The company offers a full refund if you cancel your policy within 30 days of signing up.

Cons

  • Limited eligibility. Lemonade’s life insurance policies are open to healthy people between 21 and 55, without a history of major health conditions.
  • No permanent policy options. The company only sells term life insurance at this time.

Lemonade life insurance reviews and complaints

Since Lemonade recently launched their life insurance product, 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), Lemonade has a B+ rating for its failure to respond to three customer complaints. The BBB has recorded 103 complaints in the past three years, most of which had to do with homeowners and renters insurance. Customers award the company 4.3 out of 5 stars based on 230 reviews, with many praising the user-friendly app and reasonably priced policies.

On TrustPilot, Lemonade has 2.5 stars based on 29 reviews, with many customers saying it’s frustrating to try 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 an A+ rating from the BBB, and 4.9 out of 5 stars based on 18 reviews. Customers filed 13 complaints over the past three years, which is relatively small for an insurance company of its size. Finally, Bestow has an A+ rating with the BBB, and 4.7 out of 5 stars 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

Alternatives to Lemonade life insurance

Name Product Issue age Minimum Coverage Maximum Coverage Term Lengths Medical Exam Required
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.
Haven Life
18 - 64 years old
$100,000
$3,000,000
10, 15, 20, or 30 years
No exams for some applicants
Fill out a quick online application and get approval in minutes with up to $3 million in coverage.
Sproutt
18 - 100 years old
$50,000
$10,000,000
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.
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.
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.
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Popular questions about Lemonade life insurance

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