Lumico Life Insurance Review

Basic life insurance offerings for individuals

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Lumico Life Insurance

Lumico Life Insurance 

overall rating
3.8

Our Take

Lumico Life Insurance offers term, whole life, and final expense insurance policies for individuals. With coverages up to $1 million and an A (Excellent) rating from AM Best, Lumico is best for individuals who want a simple life insurance policy. However, quotes are not available online for any policy, and Lumico has a very poor customer complaint rating from the NAIC. Customers may want to look elsewhere for their coverage. 

  • Pros and Cons
  • Key Takeaways
  • Specifications
Pros and Cons
Pros
  • Can borrow against cash value of whole life policies

  • Level premiums on term and whole life policies

  • Strong financial backing of Swiss Re (parent company)

Cons
  • Limited information available about company or policies online

  • Independent agents are incentivized to sell Lumico products (paid a commission)

  • All life insurance claims require calling an agent

Key Takeaways
  • Lumico Life Insurance has been in business since 1965.
  • Policy sales and service are handled by local, independent agents.
  • Lumico Life Insurance policies are available in all 50 states.
  • Lumico Life Insurance does not sell policies directly.
Specifications
  • Year Founded 1965
  • Kinds of Plans Term, whole, final expense
  • Number of Plans 3
  • Payment Options Monthly
  • Official Website https://www.lumico.com/

Introduction

Lumico Life Insurance (Lumico) offers term, whole, and final expense life insurance policies. We researched Lumico Life Insurance’s financial stability, policy plan options, riders, website tools, and customer service reviews to help you compare the life insurance policy options of Lumico Life Insurance with the competition.

Company Overview

Formerly known as Congress Life Insurance Company, Lumico Life Insurance was founded in 1965 and is headquartered in Jefferson City, Missouri. It is now an indirect subsidiary of Swiss Re, a large insurance holding company in Switzerland.

Lumico Life Insurance offers term, whole, and final expense life insurance policies for all ages. Policy quotes are not available online and policies are sold through independent agents.

Lumico Life Insurance is licensed in all 50 states, with New York policies issued by its sister company, Lumico Life Insurance of New York.

Lumico also offers medicare supplemental insurance and AD&D insurance.

Available Plans 

Lumico Life Insurance offers term and whole life insurance policies as well as final expense life insurance. Many of the details of these plans are not available on their website but can be obtained over the phone or directly with a local independent insurance agent.

Term Life Insurance

Term life insurance is a type of temporary life insurance coverage that offers a death benefit for covered individuals that pass away while the policy is in force. Lumico offers up to $1 million in term coverage with level premiums. Coverage ranges from 10–30 years.

Term policies are typically a lower-cost option for life insurance coverage, as policies expire after the term is over, and premiums paid do not go toward cash value accrual.

Whole Life Insurance

Whole life policies are a type of permanent life insurance that covers you for your entire life and issues a payout upon death. Lumico whole life policies also build cash value that can be borrowed against on a tax-free basis. Coverage is available up to $1 million, and premiums are level for the life of the policy.

Whole life policies are more expensive than most term policies, as there is no policy expiration, and additional premiums go toward accruing cash value.

Final Expense Life Insurance

Final expense life insurance is a type of whole life insurance that is designed to help cover end-of-life costs, such as burial and funeral expenses. Lumico Life Insurance final expense policies offer up to a $30,000 death benefit and are simplified issue, meaning no medical exam is required for approval.

Available Riders

Lumico Life Insurance has several available riders that can be added to its life insurance policies. These policy enhancements add additional benefits or custom coverage options to the insurance policies.

Here are the riders available for Lumico Life Insurance policyholders:

Accelerated Death Benefit

If you’re diagnosed with a terminal illness, this rider allows you to access a portion of your death benefit payout to help cover care expenses.

The accelerated death benefit rider is included with all Lumico Life Insurance policies.

Disability Waiver of Premium

This rider allows you to stop paying monthly premiums without losing your policy if you become permanently disabled (unable to work) or are diagnosed with a serious illness.

Accidental Death Benefit Rider

This rider pays an additional benefit if the policyholder’s death is due to an accident. This is typically a percentage of coverage in force. Details should be available from your local insurance agent.

Dependent Child Term Rider

This rider offers level-term life insurance for your children. Coverage and costs vary per child, so check with your local independent agent for details.

Customer Service: Email or Phone

Lumico Life Insurance offers support over the phone, via email, or standard mail. Issues regarding your policy should be handled directly with your local insurance agent, but problems with online payment or other general customer service questions can be handled over email or by phone with the Lumico Life Insurance support team. Lumico can be reached by phone by calling 1-866-440-4047 or by emailing customerservice@lumico.com

Lumico Life Insurance’s customer service business hours are Monday–Friday, 8:00 a.m. to 6:30 p.m. CT and Saturdays 8:00 a.m. to 12:00 p.m. CT.

Lumico Life Insurance does not offer live chat support online.

Customer Satisfaction: More Complaints Than Average 

According to the National Association of Insurance Commissioners (NIAC) complaint index, Lumico Life Insurance receives far more complaints than the industry average life insurance company. Lumico Life Insurance received a 3.74 score, which is above the 1.0 average complaint score of life insurance companies. It has improved over its 2019 score of 4.53 and its 2018 score of 9.86, but still receives more complaints than other life insurance companies (relative to market share). 

A majority of the complaints are in connection with individual life policies.


Lumico Life Insurance was not ranked by J.D. Power in its 2020 Life Insurance Study, which measures overall customer satisfaction

Financial Strength: A (Excellent)

Lumico Life Insurance is backed by Swiss Re, and received an A (Excellent) rating from AM Best. This is based on its very strong balance sheet, marginal operating performance, limited business profile, and very strong enterprise risk management. Good financial stability and a high rating from AM Best can give customers confidence that their policy benefits will be paid out when they make a claim.

Cancellation Policy: Hard to Find for Most Policies

States require a minimum free-look period for insurance policies, allowing customers to cancel a policy within that period for a full refund of premiums paid. Lumico Life Insurance follows the state-regulated free-look policies, which typically runs from 10 to 30 days.

After the free-look period, term life policies typically forfeit premiums paid while whole life may pay out a refund due to the cash value accumulated. This is known as the surrender value of the policy.

Cancellation fees are not publicly listed; contact your local insurance agent for details.

Price of Lumico Life Insurance: Not Available Online

Lumico Life Insurance does not publicly post any prices for its life insurance products. There is no online quoting tool, and prospective customers must get in touch with a local agent to discuss policy options and pricing.

Lumico incentivizes insurance agents to sell its products by offering a commission on all policies sold. This incentive may cause an agent to suggest a product that is not a great fit or recommend more coverage than is needed.

How Lumico Life Insurance Compares to Other Life Insurance

Lumico Life Insurance offers basic term, whole life insurance, and final expense policies, with available riders to customize the plans. Coverage is limited to $1 million in its policies, which may not be enough for some individuals. While policy details are not available online, Lumcio offers its products through independent, local agents instead.

If you're seeking online quotes, high coverage limits, or more insurance options, you will need to find those elsewhere. While Lumico Life Insurance provides the basics, here’s how it compares to another life insurance company.

Lumico Life Insurance vs. Allstate Life Insurance

Lumico Life Insurance and Allstate offer term and whole life policies as well as other insurance products. They are both highly rated as strong financial companies by AM Best. But while Lumico Life Insurance is a smaller life insurance company backed by global insurance provider Swiss Re, Allstate is one of the largest life insurance providers in the U.S.

Here’s how Lumico Life Insurance and Allstate Life Insurance compare:

  • Lumico Life Insurance offers final expense life insurance.
  • Allstate offers multi-policy discounts for auto or homeowner’s insurance customers.
  • Lumico Life Insurance offers supplemental medicare insurance while Allstate does not
  • Allstate offers flexible term life insurance, allowing users to choose exact lengths and benefit coverage totals (any term length, up to 30 years).
  • Lumico Life Insurance receives more customer complaints than other life insurance companies its size (according to the NAIC).

Lumico Life Insurance is a smaller insurer that offers simple term and whole life plans, while  Allstate is a very large insurance company that offers flexible policies and discounts for existing customers.

Read our full Allstate Life Insurance review.

  Lumico Life Insurance Allstate Life Insurance
Market Share N/A Eighth-largest in the U.S., 2.80%
Number of Plans 3 4
Online Quotes Available? No Yes (term life only)
Service Method  Email, phone, local agent Email, phone, in-person, social media
AM Best Rating  A (Excellent) A+ (Superior)
Complaints Index 3.74 0.29
Final Verdict

Lumico Life Insurance is a small life insurance company that offers simple term and whole life plans with the strong financial backing of Swiss Re. Policy details are hard to find online and are sold through independent agents that are incentivized to sell its products.

If you need more policy options, such as universal life, or are seeking more than $1 million in coverage, you will need to look elsewhere. We always recommend comparing rates with multiple insurance companies before making a decision to find the best deal and coverage to fit your needs.

Methodology 

All of our reviews of life insurance companies are based on extensive research and analysis of each company’s offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.