Lumico Life Insurance Reviews [Pros + Cons & Coverages]

Picking the right life insurance company is critical to protecting your family, and as independent brokers, we got the lowdown of how Lumico Life stacks up against the competition.

So is Lumico life insurance legit? Yes, Lumico’s life insurance is legit holding over $60 million in total assets as of 2018 with a net surplus of $43 million. Lumico has an A rating from the independent rating agency A.M. Best and is backed by Swiss Re, a reinsurance giant founded in 1963.

Price is certainly important, but you want to be comfortable that your choice will pay its claims to your loved ones quickly with no hassle.

You can use our free rate comparison tool to compare Lumico’s rates to over 30 reliable life insurance companies to see how they measure up.

Our article will cover everything you need to know about Lumico Life to determine if they are the right life insurance company to protect your family.

Feel free to jump ahead to a section that interests you.


Our Lumico Life Insurance Review

Lumico Life was founded in 1965 under the name Congress Life Insurance Company until it was rebranded as Lumico Life in 2013.

Lumico was acquired through Swiss Re’s new iptiQ Americans, Inc. unit at the end of 2016 and rebranded in 2017 to Lumico Life.

Lumico also has a subsidiary in New York State called the Lumico Life Insurance Company of New York.

Today Lumico Life is headquartered in Jefferson City, MO, and has a unique business model.

Lumico Life does not sell life insurance directly to the consumer; instead, they work with carefully selected partners to distribute their life insurance products.

One of those partners is a life insurance agency called Assurance, a large telesales life insurance agency.

Lumico Life Financial and Customer Ratings

Lumico Life has an A rating from the A.M. Best Company, a third-party rating agency that evaluates the claims-paying abilities of insurance companies.

An A-rating is an indicator that Lumico Life has a high likelihood of being able to meet its claims obligations to its policyholders.

Additionally, Lumico Life holds a B rating from the Better Business Bureau (BBB).

The highest ratings given by the BBB is an A+, which suggests that Lumico Life needs to improve its addressing of customer complaints.

Lumico Life Insurance vs. Other Life Insurance Companies

Lumico life offers three types of life insurance products for distribution: term coverage, whole life, and final expense.

One thing that separates Lumico Life from the competition is its non-medical underwriting up to $1 million of term life insurance death benefits.

Lumico did not make our list of best no-exam life insurance companies, however, due to its higher-priced no-exam life insurance options and strict underwriting.

Here are some of the benefits and features of Lumico Life’s life insurance products.

Lumico Term Life Insurance:

  • Term Durations of 10, 15, 20, and 30 years
  • Level Premiums
  • No-exam Underwriting
  • Coverage Amounts up to $1 Million in Death Benefits

Lumico’s term life insurance option is ideal for people in good to excellent health who want to get life insurance, but don’t want the hassle of a medical exam.

This type of product is suitable for temporary life insurance needs, like home mortgage protection life insurance, income replacement, and college tuition funding.

However, Lumico’s policy doesn’t include living benefits, which is a popular addition to many no-exam life insurance policies these days.

Lumico Whole Life Insurance:

  • Lifetime Coverage
  • Guaranteed Level Premiums
  • Builds Guaranteed Cash Value
  • No-exam Underwriting
  • Coverage Amounts up to $1 Million in Death Benefits

Lumico’s whole life insurance is a convenient solution for someone who wants lifetime coverage with guaranteed level premiums and guaranteed cash value build-up.

However, Lumico’s whole life policy is a non-participating policy, which means that it is not eligible to receive company dividends.

In our opinion, as veteran life insurance brokers, dividends are what make a whole life insurance policy attractive beyond final expense coverage.

If you want pure lifetime death benefit protection, you can achieve that goal at a significantly reduced cost by opting for a guaranteed universal life insurance policy (GUL) instead.

Surprisingly, Lumico Life does not offer any universal life insurance policies in its product lineup at this time.

Lumico Final Expense Insurance:

  • Lifetime Coverage
  • Guaranteed Level Premiums
  • Builds Guaranteed Cash Value
  • Coverage Amounts up to $30,000 in Death Benefits
  • Simplified No-exam Underwriting
  • Preferred Category Available with no Waiting Period

Final expenses and burial costs are a major expense that can arise unexpectedly.

Lumico’s preferred final expense policy is a good option to ensure that you don’t burden your loved ones with the high costs of your final expenses.

The preferred final expense plan is competitively priced and only has a two-year lookback on significant issues such as cancer, heart attack, and heart/circulatory surgeries.

Outside of a shortened lookback period for cancer and cardiac issues, Lumico’s underwriting can be strict, especially with certain high-risk medications like blood thinners.

If you get offered their standard or modified plans, you should get a second opinion from a high-risk life insurance broker who works with multiple companies.

The standard and modified plans have an unusually long waiting period of three years until you are eligible for the full death benefits.

Since Lumico’s final expense underwriting is not as liberal as other companies, you may qualify for no waiting period with another burial insurance company.

A knowledgeable broker will know if you qualify for level coverage with no waiting period and can steer you in the right direction.

You can qualify for a guaranteed issue life insurance policy that asks no medical questions with a waiting period of only two years in a worst-case scenario.

An Agents Opinion on Lumico Life

Lumico life insurance may not have the brand recognition of some industry giants, but it is a reliable life insurance company nonetheless.

Many agents who sell Lumico’s life insurance products are career agents who can only offer Lumico’s life insurance products.

If you are searching for life insurance with a pre-existing condition, working with a broker would increase your odds of getting coverage at an affordable rate.

If you are shopping for the rock-bottom lowest price, then taking a medical exam may offer you a substantial discount on your coverage.

Simply put, the best life insurance companies can offer people in excellent health a better rate with full underwriting.

Even if you need no-exam underwriting, many no-exam life insurance companies compete with Lumico’s rates plus include living benefits.

If you were given a quote for a Lumico life insurance policy, feel free to compare that quote with our free rate comparison tool against over 30 reliable life insurance companies.

You can see first hand how Lumico Life measures up against the competition.