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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
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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 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:

  1. Go to Lemonade.com.
  2. Select Check our prices.
  3. Indicate that you’d like term life insurance.
  4. Sign into your existing Lemonade account, or choose No.
  5. Type your full name and email address, then hit Next.
  6. 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.
  7. Offer details about your citizenship status, place of birth, employment, annual household income, and future travel plans outside the US, Canada or Mexico.
  8. Outline any life insurance or annuity plans you currently have.
  9. Check Yes/No to questions about your lifestyle, driving record, alcohol and substance use.
  10. Enter your Social Security Number and electronic signature.
  11. 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

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 - Life Insurance
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
No, for coverage up to $3M
Apply for term life insurance online without the medical exam. Get an instant decision and adjust your coverage at no charge.
JRC Life Insurance
18 - 85 years old
$5,000
$50,000,000
10, 15, 20, 25, 30, 35, 40 years to lifetime/age 121
May be required
Compare policies up to $10 million from 45+ top insurance companies with the click of a button.
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Compare up to 4 providers

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.

Learn more about our methodology.

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