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Lumico life insurance review 2021
Choose between term, whole and final expense insurance, but you can’t buy direct.
finder.com's rating: 3.5 / 5
★★★★★
- 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 |
|---|
Review by
Rhys Subitch
rhys.subitch@finder.comRhys Subitch is the loans editor at Finder, guiding Americans toward smart borrowing decisions. With over 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 in the lending sphere. They make frequent appearances on Finder's YouTube channel to talk through loan topics that range from the very basics to the latest government assistance programs. Before specializing in lending, Rhys was a personal finance writer for Finder’s credit cards, insurance, banking and mortgage verticals. They hold a BA in sociology and a certificate in editing from the University of Washington, Seattle.
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.
Lumico Life insurance rates
Lumico offers no online quotes. Its partner Assurance allows you to request an online quote, but you’ll need to fill in a form with your personal information.
What affects my rate with Lumico Life insurance?
To get the best rates with Lumico, you’ll need to be a nonsmoker. The insurer doesn’t provide information about its rate tiers, but you’ll typically need to have no history of major health conditions, alcohol or substance abuse or DUIs/DWIs to qualify for the lowest rates.
How to get a quote from Lumico Life insurance
Lumico Life’s customer service directs you to apply online using the Assurance website. When you get there, navigate to Life Insurance and answer a series of questions about your health, income and lifestyle. Once you submit your email address, an Assurance rep will reach out with your quote.
If you have other questions in the meantime, 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.
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 Lumico 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.
Lumico Life insurance reviews and complaints
Despite being in business for over 50 years, Lumico Life isn’t accredited with the Better Business Bureau (BBB) — but it has an A+ rating for its customer interaction. The BBB has recorded 56 complaints in the last three years, many of which had to do with pushy sales tactics and billing issues. Customers give Lumico 2.1 out of stars based on 60 reviews.
Its underwriter, Assurance, has an A+ rating with the BBB and 2.1 out of 5 stars based on over 100 reviews. Customers have filed 355 complaints over the last three years, which is high for an insurance company — though many of the complaints centered on health insurance issues.
| AM Best financial rating |
A |
| BBB accredited | No |
| BBB rating | B 2.5/5 out of 53 customer reviews |
| Trustpilot score | NR/5 out of 0 customer reviews |
| Customer reviews verified as of | 22 January 2021 |
Find other online life insurance companies like Lumico Life
If you’re looking for more options to compare, use the filters to compare other life insurance companies.
More about Lumico Life insurance
Lumico Life is owned by the Swiss Re corporation group, and has been in business since 1984. As of April 2021, it has a financial rating of A (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.
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.