Lumico life insurance review 2020
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
$30,000 to $1 million
Medical Exam Required
|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|
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.
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
- 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.
- 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.
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 firstname.lastname@example.org 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.