Lumico Life Insurance Review 2021

Last modified: December 26, 2020
  • Claims 9
  • Buying 8.5
  • Transparency 8
  • Coverage Variety 7
  • Value For Money 8.5
  • OVERALL RATING 8.2
  • Financial Strength A+
  • BBB Rating B
  • Coverages 4/5
  • Flexibility Policy customization available
  • Discounts No discounts, just riders
  • Support Phone, Email
  • Availability Serves most of the states. But it is unavailable in the following states. CA, DC, DE, FL, ME, MT, ND, NY, SD.
  • Pricing Affordable

If you have shortlisted Lumico Life Insurance and you are browsing online reading numerous Lumico life insurance reviews, then make sure to read this one too. This review details a variety of facts about the company in detail to help you make an informed life insurance policy buying decision. Read on to learn more.

About the Company

Established in 1965, with a mission to provide people with affordable life and health insurance products, Lumico Life Insurance Company is headquartered in Lincoln, Nebraska, and owned by The Swiss Re Corporation group. Lumico Life Insurance phone number is 1-866-440-4047, which you can use to contact the company’s representative for life insurance products, inquiries, and claims.

Lumico aims to exceed their customers’ expectations and make them feel confident and clear in their choice. Hence the slogan’ Insurance made clear.’

How We Reviewed?

To create this review, we analyzed all aspects of the company comprehensively. From assessing the company’s website to coverage options, customer service, and claims handling process, we considered all factors to write a transparent review for our readers. 

We think that their website is user-friendly and provides detailed information about their products and services. It is responsive and easy to navigate through. Also, they have provided a Lumico life insurance rating given by AM Best on their website. This shows the company is dedicated to providing prospects and customers with as much information as possible about their services. We usually don’t see such information on company websites. 

Apart from that, we reviewed the company’s financial standing and user reviews. We have discussed our findings below. 

Where is it Available?

The company serves some states, not all. Lumico is not available in New York and other states like CA, DC, DE, FL, ME, MT, ND, and SD.

Lumico Life Insurance Coverage Options

Lumico Life Insurance offers three standard coverage options. These are: 

  • Term Coverage 

This coverage lasts for 10, 15, 20, or 30 years. Also, the premium payment is flat. Insurance buyers can get coverage up to $1million.

  • Whole Life 

Under this life insurance coverage, you are covered for a lifetime. Like term coverage, the premium payment for whole life coverage is flat and up to 1 million dollars. 

  • Final Expenses 

It’s the same as whole life coverage, but the range is up to $30,000. It is ideal for seniors who wish to ensure that their funeral is paid for. 

  • Riders Available 

You can benefit from different riders offered by Lumico for better protection. The options are variable from state to state, but include the following: 

    • Accelerated death benefit rider
    • Accidental death rider
    • Child rider
    • Waiver of premium rider

Lumico life insurance pricing

Lumico life insurance pricing varies from person to person. The price quoted to one buyer will be different from the other depending on how they customize their life insurance policy. Therefore, to get a clear idea of the pricing, request a Lumico life insurance quote. 

When we assessed Lumico Life Insurance coverage options, we’d found that some options are missing, which are otherwise offered by their competitors. These are universal life insurance, variable universal life insurance, and indexed universal life insurance.

Lumico Life Insurance Discounts

After reviewing their website in-depth, we found that the company doesn’t offer any bundle or loyalty discounts. However, they do offer riders, which are mentioned above. Riders as add-ons are excellent for the protection of your future. 

Customer Satisfaction and Financial Strength Review

In terms of financial strength, the company has an excellent standing. Lumico Life Insurance AM Best rating is A (Excellent). This shows that Lumico is in an excellent position to meet its obligations.

However, what’s interesting to note here is the level of customer satisfaction. Lumico Life Insurance complaints are more than average. Although it is not accredited by BBB (Better Business Bureau), it was ranked by the company in 2019. BBB rated it B because of its high number of complaints. These complaints may be because of slow claim handling service or limited coverage options.

Platform Rating
AM Best A
Moody’s N/A 
BBB B

 

Customer Support 

Though the company is struggling to deliver a better experience to customers, we think that if they continue to provide award-winning Lumico life insurance customer service like they do, soon enough, they will see a major spike in customer satisfaction rate. 

Unlike other Lumico Life Insurance reviews, we think that excellent customer service can make a massive difference if delivered consistently. Overall, Lumico life insurance provides excellent service with two contact options—call and email.

You can contact them via call on 1-866-440-4047 from Monday to Friday from 8 am to 6:30 pm, and 8 am to 12 pm CST on Saturday. Additionally, you can also contact them via email at [email protected] or mail them at their postal address P.O. Box 83303 Lincoln, NE 68501-3303, whichever is convenient for you.

Ease of Buying and Claims Handling 

When it comes to policy buying, it’s quite simple. Call on their phone number or email them. They will get back to you and walk you through the application process. Likewise, claims are handled similarly but via phone. Simply call on their number to get in touch with their representative, who will guide you on what to do next to manage your claim and resolve it.

Comparison with Competitor 

Let’s compare Lumico with its competitors:

Prudential Life Insurance Vs Assurance Lumico

Though both companies are experienced, Prudential Life Insurance is financially stronger than Lumico. The company earned an A+ rating from AM Best and an Aa3 rating from Moody’s while Lumico was rated A by AM Best. Based on financial strength Prudential Life Insurance is better. However, if you want affordable life insurance plans backed by award-winning customer service, then Lumico is a clear choice.

Ethos Life Insurance vs. Assurance Lumico

When compared, both companies offer similar coverage options and riders. However, Lumico has a better financial standing than Ethos, while Ethos has a higher customer satisfaction rate. If financial strength is a critical factor for your selection, you should opt for Lumico. But if you’re looking for a service provider with good customer reviews, then Ethos should be your choice.

 

Pros & Cons

The Pros

  • Good financial strength
  • Experienced company
  • Good customer support services
  • Affordable pricing

The Cons

  • Not available countrywide
  • Limited coverage

Final Verdict

After reading this review and a couple of other Lumico Life Insurance reviews, you will make an informed decision. Overall, we think Lumico’s life insurance is the right choice because of numerous reasons. Firstly they like to keep things simple. Sometimes less is more, and when it comes to life insurance policies, some people like their choices to be clear and straightforward. And that is precisely what you can expect from Lumico. With numerous coverage options, policy selection can be confusing and overwhelming. 

On the other hand, Lumico has affordable pricing. So, if you’re on a tight budget but want to be insured, then Lumico is your best bet. They have prompt customer service. Therefore, you’re likely to get a reply to your email in a few business hours. Thus, you don’t have to wait for days for a response. Besides this, they have been in the industry for the longest time therefore, it’s a name you can trust and rely on.

FAQs

Is Lumico Life Insurance Associated With Homebridge?

No. Lumico Life Insurance is not associated with Homebridge.

Is Lumico Life Insurance Legit?

Yes. The company was founded in 1965 and has been providing quality life and health insurance products to its customers in most parts of the country.  

How Long Has Lumico Been in Business?

The company has been in business for more than 55 years.