Lumico Life Insurance Review

Lumico Life Insurance does not provide price quotations through the internet. You can get an online quotation from Assurance’s partner, but you’ll have to fill out your personal information first.

Lumico Life Insurance Review - Lumico Insurance Logo

What affects my rate with Lumico Life insurance?

Lumico’s greatest pricing is reserved for non-smokers. If you want the lowest prices, you’ll need to be free of serious health issues, alcohol or substance addiction, or DUIs/DWIs, according to the insurer, which doesn’t disclose any details about its premium levels.

How to get a quote from Lumico Life insurance

Lumico Life’s customer support suggests that you use the Assurance website to submit your application. When you arrive, go to Life Insurance and complete a few questions about your health, finances, and daily activities. An Assurance representative will contact you with a quotation as soon as you provide your email address.

In the meanwhile, you can reach us at 866-440-4047 or by email at customerservice@lumico.com. Weekdays from 8 a.m. to 6:30 p.m. CT, and Saturday from 8 a.m. to noon CT, customers may reach customer support.

What types of life insurance coverage does Lumico Life offer?

Lumico offers three different kinds of life insurance:

  • Term coverage. Get up to $1 million in coverage for 10, 15, 20 or 30 years.
  • For the rest of my days. With a policy that grows cash value and provides coverage of up to $1 million until benefits are paid out, you’ll be well protected.
  • Expense in the end. Most of the time, only up to $30,000 in final-day expenditures are covered.

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 benefits riders. The sooner you receive a terminal diagnosis, the more death benefit you’ll be able to access.
  • Accidental death benefit rider is an optional insurance policy. It provides an additional advantage to your loved ones if you are killed in an accident, such as one involving an automobile.
  • The rider is a child. In the event of your child’s death, this policy will provide a death benefit.
  • Rider waiving premium fees. In the event of incapacity, catastrophic sickness, or injury, your insurance premiums will be waived.

Lumico Life insurance reviews and complaints

However, Lumico Life has an A+ rating for customer contact despite being in business for almost 50 years and not being recognized by the Better Business Bureau (BBB). In the previous three years, the BBB received 56 complaints, many of which were about forceful sales practices and payment problems. Lumico has a customer satisfaction rating of 2.1 stars after 60 ratings and reviews.

With an A+ rating from the BBB and 2.1 out of 5 stars based on more than 100 customer evaluations, it’s underwriter, Assurance, is well-regarded. It’s a lot for an insurance provider — even if the majority of the complaints were about health insurance problems — to receive 355 complaints in three years.

About Lumico Life insurance

Lumico Life was founded in 1984 and is part of the Swiss Re company group. AM Best has given it an A (Excellent) financial grade as of April 2021.

Lumico also offers a Medicare supplement plan in addition to its three different types of life insurance. Deductibles and copays that you may otherwise be unable to afford are covered by this policy.

You may check out our analysis of LeapLife Insurance Review.

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Levi Jorgensen
Levi Jorgensen is the co-founder of QuoteYeti.com & LifeInsuranceGrades.com. He is an avid lover of creating amazing content to educate people about life insurance. He is a life-long explorer. When he's not writing about life insurance, he builds websites, and manages local marketing campaigns for insurance agents. He's based in Columbus, Ohio with his wife and 2 children.
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