Lumico Life Insurance Review [2021]

Lumico is a small company that controls a tiny fraction of the U.S. market. Lumico life insurance company offers term and full life insurance options up to $1 million. Lumico's term life policies are available in terms of between five and 30 years. Lumico life insurance quotes are available by contacting their customer service center.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jan 21, 2021

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Quick Facts

  • Lumico offers term life, whole life, final expense, and medicare supplement insurance.
  • Lumico has an A rating from A.M. Best.
  • Lumico life insurance has a much higher than average customer complaint rate.
  • Though Lumico makes it difficult to find information on their rates, they appear to be higher than average.

The Lumico life insurance company was founded in 1965 and has been relatively small since then, accounting for less than .01% of the life insurance market. However, Lumico was purchased by a larger company, Swiss Re, in 2011 and has been expanding aggressively since then.

Read through our Lumico life insurance company review to learn about the different types of term life insurance available through this provider. We’ll explore Lumico average rates, consumer reviews, financial ratings, and more.

Ready to compare life insurance quotes from reputable providers near you? Simply enter your ZIP code into our FREE quote tool above and find out if Lumico life insurance is the best option for you.

What are the average Lumico life insurance rates?

According to the Insurance Information Institute, only 60 percent of Americans are covered by life insurance. Millennials, in particular, overestimate the cost of life insurance by five times the actual amount.

Lumico does not make its rate information available easily for comparisons. The best way to find out how Lumico stacks up with other insurance providers is to get a quote yourself. After all, your age, gender, health, and other factors will influence your rates.

You can get an idea of what average rates for life insurance are from the table below. Remember, however, that your personal life insurance rates could vary depending on a variety of different factors.

Average Annual Life Insurance Rates by Age, Gender, and Smoker Status

Policy Holder Age and Tobacco UseAverage Annual Rates: FemaleAverage Annual Rates: Male
25-year-old non-smoker$160.57$178.54
25-year-old smoker$248.75$321.76
35-year-old non-smoker$178.54$165.91
35-year-old smoker$321.76$286.18
45-year-old non-smoker$165.91$185.04
45-year-old smoker$286.18$360.23
55-year-old non-smoker$185.04$240.25
55-year-old smoker$360.23$493.20
65-year-old non-smoker$240.25$267.89
65-year-old smoker$493.20$637.51
Average annual rates for non-smokers$267.89$406.94
Average annual rates for smokers$637.51$991.63
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Lumico follows the traditional life insurance underwriting guidelines. Therefore, your age, medical history, and current health will be considered when determining your rates.

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What life insurance policies does Lumico offer?

Maybe you’re ready to buy Lumico life insurance, but need help picking the right type of policy for you and your family. Lumico offers two different life insurance policies for you to choose from.

Members can purchase either term or permanent policies.

Term life insurance policies range from 10-30 years while permanent life insurance policies have no end date.

Whole policies are great for people who need permanent, predictable protection.

What is Lumico term life insurance?

Term life insurance is a temporary policy that provides a guaranteed death benefit to a named beneficiary if the policyholder passes away within the specified timeline. Usually, these types of policies are the most affordable.

Lumico sells term life insurance policies ranging from 10-30 years in length. Your rates generally remain the same for the duration of your policy term.

However, if the coverage needs to be extended, your rates might increase. The death benefit does not change even if your rates go up.

What is Lumico’s whole life insurance?

Lumico’s whole life insurance offers lifetime coverage with premiums that will never change. This policy builds a cash value that is tax-deferred which can be used while you’re still living.

Whole life insurance is ideal for people who want predictable rates and a reliable death benefit. Lumico offers whole life insurance policies up to $1 million.

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How do I get a life insurance quote from Lumico?

Unfortunately, Lumico doesn’t make it easy to get a life insurance policy.

While many companies offer quotes online, Lumico only provides hours and phone numbers for their life insurance and Medicare offices. In order to get a quote, you will have to call the number on the website to speak to a representative or agent.

This number is 866-440-4047 and is available Monday through Friday, 8:00 a.m. to 6:30 p.m. and Saturday 8:00 a.m. to 12:00 p.m. All hours are central time.

How do I make a Lumico life insurance claim?

The number provided above is not only the contact to get a quote from Lumico but is also one of the ways you can file a claim. You can also email the customer service department or contact your Lumico agent directly to file a claim.

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How do I cancel my Lumico life insurance policy?

Canceling your Lumico life insurance can be done over the phone or by mailing a cancellation request to:

Lumico
P.O. Box 83303
Lincoln, NE 68501-3303

Include your name, address, date of birth, policy information, and the date you want your policy to end in your written letter.

You can cancel your policy at any time.

What are the Lumico life insurance reviews?

It’s important to look at the Lumico life insurance customer reviews and financial ratings before signing your name on any dotted lines.

Affordable policies are great, but if the company has poor customer service ratings or isn’t economically stable, then how can you trust it to pay out your agreed-upon death benefit in 20 years or more?

Keep reading for a closer look at Lumico ratings and reviews.

What are the Lumico customer reviews?

You want to trust that the company you purchase life insurance from treats you well. Customer reviews let you look into the customer experience before you make any long-term commitments.

According to the National Association of Insurance Commissioners (NAIC), the national complaint index for Lumico life insurance is higher than average at 4.54, which is not great news.

This means Lumico receives more complaints than other companies that hold a similar amount of the market share.

Lumico holds only 0.006% of the market. That means that only a few complaints will raise their complaint index score a lot.

Because the company has such a small share of the market, it only takes a few complaints to make their index score go up. The high score is definitely a red flag, but keep in mind that the small market share may be an influence on this.

What are the Lumico financial ratings?

You want to trust that your life insurance provider will be able to pay out your death benefit after you pass, even in the event of an economic downturn.

The best way to check on the financial stability of Lumico is to analyze its scores from different professional rating agencies.

Even though Lumico is not accredited by the Better Business Bureau, the rating agency gives them a B.

A.M. Best, a company that analyzes the economic stability of businesses, gives Lumico an A letter grade, the third-highest score out of 16 possible ratings.

Lumico’s slightly negative ratings are likely a reflection of the high customer complaint ratings discussed above. The lack of an ability to get a quote online and small market share may also make you think twice about Lumico. It could still be the right company for you, though.

Take the time to research the right policy for you and your family. Compare life insurance rates from multiple different companies so you know with certainty that the provider you choose is the best one for you.

When you’re ready, enter your ZIP code into our FREE online quote tool below to receive affordable life insurance rates from reputable providers near you, and compare them to what Lumico can offer.

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