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Lumico life insurance review 2020

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Choose from three basic policy types, but you can’t buy direct.

  • Get a quote if you’re looking for basic life insurance coverage.
  • Choose a different company if you live in New York or you’re looking to save by bundling policies.

18 to 70

Issue Age

$30,000 to $1 million

Coverage

Sometimes required

Medical Exam Required

Details

Free quote Phone
Monthly cost Not listed
Policies Term, whole, final expense
Coverage maximum $1 million
Term lengths 10, 15, 20, and 30 years
Riders Accelerated death benefit rider, Accidental death benefit rider, Child rider, Waiver-of-premium rider
Medical exam required Sometimes required
Available states Not available in New York
Issue age

Expert review

Rhys Subitch

Review by


Rhys Subitch is a writer and editor at Finder who tackles topics across the site. With half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info on all things finance.

Expert review

Lumico Life has a couple of fairly basic life insurance products that are best suited for someone who is seeking no-frills coverage. Because customer experiences with canceling policies are so rough, I would highly recommend getting all of the information you can about a potential policy — including rates and riders you qualify for — and shopping around before signing up.

Several reviews on the BBB profile for Assurance warn about multiple aggressive sales calls a day, so you may want to get as much information as possible without giving your phone number. If you’re ready to keep looking, compare other life insurance providers and find a policy and an insurer that fits your needs.

What types of life insurance coverage does Lumico Life offer?

You can choose from three life insurance options with Lumico:

  • Term coverage. Get covered for a period of 10, 15, 20 or 30 years for up to $1 million.
  • Whole life. Coverage up to $1 million that lasts until benefits are paid out, and a policy that builds cash value.
  • Final expense. Typically only covers end-of-life expenses, up to $30,000.

What riders can I add to my life insurance policy?

Depending on your location and application, you could add the following riders:

  • Accelerated death benefit rider
  • Accidental death rider
  • Child rider
  • Waiver of premium rider

How much does Lumico Life cost?

Lumico offers no online quotes. Its partner Assurance allows you to submit information for a callback but doesn’t allow for online quotes as of November 2019. If you’re looking for pricing data, you’ll have to get in touch with a representative and give the specifics of your situation.

How do I get a low rate?

To get the best rates with Lumico you’ll need to be a nonsmoker. It doesn’t provide a list of any rate tiers, but typically there are premium and standard rates depending on your application.

Pros and cons of Lumico Life

Pros

  • Quick customer service. Customer service is prompt and thorough for basic service questions. You may get a reply in as little as a few hours if you email during business hours.
  • Available in most states. Lumico provides most products to customers in every state except New York.
  • Three policy types to choose from. Pick between term life, whole life or final expense coverage.

Cons

  • Limited online access. You can’t chat directly online with a representative, and you can’t request a quote or apply directly through the Lumico website.
  • Doesn’t sell directly. If you want to purchase from a provider itself, look elsewhere.
  • Few add-ons. Riders are limited to four types, and you have to qualify for them.

Compare other life insurance companies

If you’re looking for more options to compare, take a look at these other providers.

Name Product Issue age Minimum Coverage Maximum Coverage Medical Exam Required
Sproutt
18 - 60 years old
$50,000
$10,000,000
No
This life insurance broker combines technology and the human touch to match you with a policy tailored to your needs.
Policygenius
18 - 85 years old
$50,000
$10,000,000
Depends on provider and policy
Compare affordable quotes from 12+ A-rated life insurance companies side-by-side.
Bestow
21 - 54 years old
$50,000
$1,000,000
No
Affordable 10- and 20-year term life insurance policies with instant quotes and no medical exams.
Everyday Life
20 - 75 years old
$100,000
$10,000,000
No
Build a customized laddering strategy to target specific financial responsibilities and save on term life.
Fabric
25 - 60 years old
$100,000
$5,000,000
Depends on policy
Get affordable term life insurance with accelerated underwriting or no-exam coverage up to $1,000,000. Available in all states except CA, NY and MT.
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Compare up to 4 providers

Lumico Life reviews and complaints

As of November 2019, Lumico isn’t accredited with the Better Business Bureau and holds a B rank with the agency. Customers give Lumico an average 2 out of 5 stars across 21 reviews, and 24 complaints have been filed with the BBB.

Several customers cite troubles with cancelling their policies and a long claims process.

How do I sign up?

While Lumico Life customer service may direct you to apply online using the Assurance website, but you can only get a quote or apply for life insurance over the phone as of November 2019.

You can email customerservice@lumico.com or call 866-440-4047. Customer service is available from 8 a.m. to 6:30 p.m. CT weekdays, and from 8 a.m. to noon on Saturday.

More about Lumico Life

Lumico Life is owned by the Swiss Re corporation group, and has been in business since 1984. As of November 2019, it has a financial rating of A, or Excellent, from AM Best.

Outside of its three life insurance products, Lumico also offers a health insurance product to supplement Medicare. Its purpose is to help cover deductibles and copays that you might not otherwise be able to afford.

Frequently asked questions

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