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Lumico life insurance review 2021
Last updated:
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
| Policies | Term, whole, final expense |
|---|---|
| Coverage maximum | $1 million |
| Term lengths | 10, 15, 20, and 30 years |
| Medical exam required | Sometimes required |
| Available states | Not available in New York |
| Issue age | Not listed |
Pros
- Quick customer service
- Available in most states
- Three policy types to choose from
Cons
- Limited online access
- Doesn’t sell directly
- Few add-ons
| Riders |
Accelerated death benefit rider Accidental death benefit rider Child rider Waiver-of-premium rider |
|---|
Expert review
Review by
Rhys Subitch
rhys.subitch@findercrew.comRhys 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. Access a percentage of your death benefit ahead of schedule if you’re diagnosed with a terminal illness.
- Accidental death benefit rider. Pays out an additional benefit to your beneficiaries if you die in an accident, like a car accident.
- Child rider. Pays out a death benefit if your child dies.
- Waiver-of-premium rider. Waive your policy premiums if you suffer a disability, critical illness or injury.
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.
Compare other life insurance companies
If you’re looking for more options to compare, take a look at these other providers.
Lumico life insurance reviews and complaints
As of October 2020, 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 41 reviews, and 39 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.