Life Insurance

Lumico Life Insurance Review

By Peter Mondrose Peter Mondrose is the Head of Insurance Content at Bankovia. He received his degree in Economics in 1998 and a second degree in Journalism in 2004 from the University of Chicago. Most recently he served as Head of Content at QuoteYeti.com, and editor at BusinessPundit.com 4 minute read

Lumico Life Insurance does not yet offer online product pricing quotations, buy you can contact them over the phone or email and speak to one of their life insurance experts. They generally have excellent customer service, according to customer reviews.

So, is Lumico life insurance legit? What plans do they offer? We will answer these questions, and more, in our Lumico Life Insurance review below.

What affects my rate with Lumico Life insurance?

You will need to fill out a health questionnaire when getting a policy through Lumico life insurance. There are a variety of factors that will affect your life insurance policy rates.

To qualify for the lowest premiums, you must not have any significant health problems, alcohol or substance abuse problems, be a smoker, or have any prior DUIs/DWIs, as determined by the service provider.

This is pretty standard with most insurance companies.

How to Get a Quote From Lumico Life Insurance

Lumico Life Insurance Review - Lumico Life Insurance Logo

Lumico Life customer service recommended that you submit your application via the Assurance website.

As soon as you arrive, you should stop by Life Insurance and answer a few simple questions regarding your specific situation.

As soon as you input your email address, an Assurance representative will contact you to further discuss your requirements.

Please contact them at 866-440-4047 or [email protected] if you have any questions or issues.

Customer assistance is accessible Monday through Friday from 8 a.m. to 6:30 p.m. Central Time (CT), and on Saturday from 8 a.m. to noon CT.

It’s important to shop around when looking for life insurance or health insurance products, so we recommend you look at some of our other life insurance company reviews, such as Choice Mutual or Colonial Penn.

What types of life insurance coverage does Lumico Life offer?

Lumico offers three separate forms of insurance: long-term, whole-life, and universal life.

  • Term coverage. There are numerous coverage choices available, including ten-, fifteen-, twenty-, and thirty-year durations for coverage of up to $1 million.
  • Every single day for the remainder of my life. Insurance that accrues cash value and provides up to $1 million in coverage will keep you well protected until the benefits are paid out.
  • At the end of the day, it’s a financial outlay. Final-day costs in excess of $30,000 are often reimbursed only up to that amount.

What riders can I add to my Lumico life insurance policy?

You may include or exclude the following riders:

  • Riders gain from accelerated death. In general, the earlier a fatal diagnosis is made, the larger the death benefit.
  • Accidental death benefit riders are an optional benefit that may be added to your insurance policy to protect your family. It provides an additional advantage to your loved ones in the case of your death in an automobile accident.
  • A youngster of a given age is the rider. If your child dies, you may be entitled to death benefits.
  • Waiver of premium. If you become incapacitated, experience a catastrophic sickness or injury, or die as a consequence of an accident, you will get a return of your insurance premiums.

Lumico Life Insurance Reviews and Complaints

Despite the fact that Lumico Life has been in business for over 50 years and is not accredited by the Better Business Bureau, Lumico Life has earned an A+ rating from the Better Business Bureau for its dedication to customer service (BBB).

The Better Business Bureau received 56 complaints over the preceding three years, the great majority of which concerned pushy sales tactics and payment concerns.

Lumico insurance reviews for their life insurance policies currently has a consumer satisfaction rating of 2.1 stars out of 5 based on 60 user reviews and ratings.

Underwriter Assurance obtained an A+ rating from the Better Business Bureau and a 2.1 out of 5 rating from the Better Business Bureau following more than 100 client assessments.

If the great majority of complaints were about health insurance, 355 in three years is a sizable number for an insurance firm to handle.

About Lumico Life Insurance Company

Lumico Life is an insurance firm founded in 1984 as a subsidiary of Swiss Re Corporation Group.

Lumico operated under the name of Congress Life Insurance Company up until 2013.

As of April 2021, AM Best has assigned the firm an A (Excellent) financial grade, suggesting that it is financially solid. Additionally, the Lumico insurance firm offers a Medicare supplement plan.

This plan covers deductibles and copayments that you would not be able to pay on your own.

Bottom Line

Lumico provides a number of different life insurance products for you to choose from, such as whole life coverage, term life coverage, guaranteed death benefit, and burial insurance (or final expense coverage) which will cover all end of life expenses, among others. Their life insurance options are competitive within the insurance industry.

You can also choose from one of their many different health insurance products, such as Medicare supplement insurance, or accidental death insurance.

Depending on how much coverage you need, what policies you want, and the results of your medical questionnaire (no medical exam is required), Lumico life insurance or health insurance might be a great option for you.

Customer reviews are a great way to see what the overall customer satisfaction for a company is, which can help you decide on what insurance company might be the best fit for your needs.

All respected life insurance companies will have a number of customer reviews to read, and a generally positive customer satisfaction. Lumico has an A+ rating from the BBB, and pretty solid customer review scores.

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