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Lumico life insurance review 2021

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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

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

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. 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.

Name Product Issue age Minimum Coverage Maximum Coverage Term Lengths Medical Exam Required
Sproutt
18 - 100 years old
$50,000
$10,000,000
5, 10, 15, 20, 25 and 30 years
No
This life insurance broker combines technology and the human touch to match you with a policy tailored to your needs.
Ladder
20 - 60 years old
$100,000
$8,000,000
10, 15, 20, 25 or 30 years
Depends on policy
Term life insurance with no policy fees and a simple application process that can get you approved for coverage instantly.
Fabric
21 - 60 years old
$100,000
$5,000,000
10, 15, or 20 years
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.
Policygenius
18 - 85 years old
$50,000
$10,000,000
10, 15, 20, 25, 30 years
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
10 or 20 years
No
Affordable 10- and 20-year term life insurance policies with instant quotes and no medical exams.
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Compare up to 4 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.

Frequently asked questions

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