Is Lumico A Good Life Insurance Company? Lumico Life Insurance could be a good option for you if you are looking for a simple term or final expense life insurance policy that doesn’t require a medical exam. However, if you are looking for hands-on customer service, they may not be the best choice for you. The easiest way to find a policy that works well for you is to work with an independent insurance agent and get quotes from many different companies.
You have so many choices when it comes to life insurance, and it can be difficult to figure out which company will provide the best coverage for your needs. Lumico is an insurance company that prides itself on offering affordable life insurance coverage. If you’re looking for reasonably priced insurance coverage, Lumico could be a good option for you. Here’s what you need to know about Lumico life insurance before you purchase your policy.
Is Lumico A Good Life Insurance Company?
Lumico was founded in 1965 and has been steadily increasing its market presence in recent years. Although they have been in business for a long time, they take a very modern approach to life insurance, focusing on a streamlined application process as well as affordable rates. Lumico is currently based in Lincoln, Nebraska.
|Lumico Life Insurance|
|Policy Options||Term Life, Whole Life, Final Expense Insurance, Medicare Supplement Insurance|
|Term Life Policy Lengths||10, 15, 20, 30 years|
|Availability||In all states except: CA, DC, DE, FL, ME, MT, ND, NY, and SD|
|Issue Age||Term Life: 18-70 years old|
Final Expense: 50-85 years old
|Minimum Coverage Amounts||$5,000 Final Expense Insurance|
$100,000 Term Life Insurance
|Max Coverage Amounts||$50,000 Final Expense Insurance|
$1,000,000 Term Life Insurance
$1,000,000 Whole Life Insurance
|Riders Available||Accelerated death benefit rider, Accidental death benefit rider, Child rider, Waiver-of-premium rider|
|Company Ratings||BBB: B|
AM Best: A
Pros of Lumico Life Insurance
The biggest advantage of Lumico’s life insurance policies is that they offer very simple, accessible policies. Their goal is to encourage a broad range of customers to purchase the life insurance they need. Their term and final expense life insurance products do not require medical examinations, so they are a good option for those who might not otherwise be able to find affordable life insurance policies. They are also very financially stable, which means that you can trust them to pay out their claims, even when the economic climate is less than perfect.
Cons of Lumico Life Insurance
As with any insurance company, there are some downsides to Lumico that are important to be aware of before you purchase a policy. The first is that their customer service leaves something to be desired – they get less than perfect reviews from customers, and the number of complaints they receive is higher than average. Lumico also does not offer an easy way for customers to get a quote online.
Additionally, Lumico makes it very difficult for prospective customers to compare pricing options. While their prices are often reported to be higher than average, they don’t offer much pricing date directly on their website. This means that you will need to contact them via phone or email to get an accurate quote.
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 email@example.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.