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18 to 70
Issue Age
$30,000 to $1 million
Coverage
Sometimes required
Medical Exam Required
Policies | Term, whole, final expense |
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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 |
Riders |
Accelerated death benefit rider Accidental death benefit rider Child rider Waiver-of-premium rider |
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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.
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.
You can choose from three life insurance options with Lumico:
Depending on your location and application, you could add the following riders:
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.
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.
If you’re looking for more options to compare, take a look at these other providers.
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.
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.
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.