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.

About Lumico Life Insurance

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.

Company Overview:

Lumico Life Insurance
Policy OptionsTerm Life, Whole Life, Final Expense Insurance, Medicare Supplement Insurance
Term Life Policy Lengths10, 15, 20, 30 years
AvailabilityIn all states except: CA, DC, DE, FL, ME, MT, ND, NY, and SD
Issue AgeTerm 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 AvailableAccelerated death benefit rider, Accidental death benefit rider, Child rider, Waiver-of-premium rider
Medical ExamOptional
Company RatingsBBB: B
AM Best: A

What Types of Policies Does Lumico Offer?

lumico life insurance reviewLumico offers a small selection of life insurance products for its customers. Their policies are simple and easy to understand, so you can easily select the option that is best for your needs. Here are the products that Lumico offers.

Term life insurance: This type of life insurance policy lasts for a specific period of time. Lumico’s term life insurance policies are available for 10, 15, 20, or 30 years. These policies are typically used to cover specific expenses, such as mortgages, student loan debt, or education costs for your children. The monthly premium costs stay the same throughout the length of the policy, and Lumico offers death benefits up to $1 million. These policies expire at the end of their term, at which point you’ll need to purchase another policy if you want continued coverage.

Whole life insurance: If you want a more comprehensive policy that lasts for your entire life, you may want to consider a whole life insurance policy. While these policies are more expensive than a term life policy, they last for your entire life, and the monthly premiums stay the same for the length of the policy. These policies also have a cash value component, which grows each year and can be used to bolster your financial status. Lumico offers whole life death benefits up to $1 million.

Final expense insurance: This type of insurance policy is designed to cover funeral costs and other expenses that are directly associated with the end of life. It’s not designed to pay off your debts or supplement your income, but it can give your family the extra support they need during a difficult time. These policies offer death benefits up to $50,000. The advantage of a final expense policy is that it generally does not require a medical examination. This makes it an accessible, affordable option for seniors or people with chronic health conditions.

Medicare supplement insurance: In addition to life insurance, Lumico offers Medicare supplement insurance. These policies are designed for people who are over 65 and want additional medical coverage beyond what their existing Medicare policy covers. This kind of health insurance can help you avoid expensive co-pays and deductibles for certain treatments.

What Is Lumico’s Pricing Like?

Lumico does not offer much public pricing information on their website. This can make it very difficult to compare pricing with other insurance companies. To get an exact quote from Lumico, you’ll need to contact them directly, which you can do online or over the phone. Lumico advertises their products as being more affordable than the industry average. However, this isn’t always true – on average, their products come out slightly more expensive than many other providers. The cost of life insurance can vary depending on a number of factors, including your health, your age, your lifestyle, and more. The best way to get an accurate quote for a Lumico policy is to contact them directly.

What Is Lumico’s Customer Service Like?

Lumico has a complaint ratio that is higher than average, meaning they get more complaints per policy than comparable life insurance companies. They also have a ‘B’ rating from the Better Business Bureau. While everyone has a unique experience with their insurance company, this indicates that Lumico may not provide the best possible customer service experience on the market.

You can contact Lumico via phone, email, or traditional mail. They are available from 8 AM to 6:30 PM CST from Monday through Friday, as well as 8 AM to 12 PM on Saturdays. Unfortunately, Lumico does not have an easy way to request a quote through their website. However, you can create an account on their website to pay your monthly bill once your policy is set up.

Lumico also has an ‘A’ rating from AM Best, a firm that rates the financial stability of insurance companies and other financial institutions. This means that you can trust Lumico to pay out claims regardless of the current economic climate.

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.

Final Word – Lumico Life Insurance Review

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.

Lumico Life Insurance Contact Info
Mailing AddressP.O. Box 83303
Lincoln, NE 68501-3303
Business HoursMonday - Friday
8 am to 6:30 pm CST

8 am to 12 pm CST
Customer Service Phone Number866-440-4047
Website Address

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