If you’re looking for term or whole life insurance without a medical plan, Lumico Life insurance offers diverse options. Term life insurance comes in 10-, 15-, 20- and 30-year options. With term policies, you get fixed premiums for the policy’s duration. Lumico’s term policies also offer a guaranteed death benefit if you die during the term. However, you cannot convert term policies into whole-life policies.
With Lumico’s whole-life coverage, you’ll pay a flat premium on coverage up to $1 million, which might be too low for some clients. However, Lumico offers excellent financial strength and fair policy pricing.
The stain on Lumico’s otherwise excellent offerings is extensive customer complaints. As you’re relying on an insurance provider’s goodwill during difficult life transitions, so many customer complaints aren’t a good sign.
Instead of a medical exam, Lumico Life looks at factors such as:
Lumico Life Insurance offers whole life, term and final expense insurance. With diverse medical riders and no medical exam, Lumico is available in most states. While Lumico was originally established as an insurance provider, it also offers several Medicare supplements, or Medigap, plans.
As the Lumico Life insurance review below reveals, it is a great company for no-medical exam insurance options. However, its customer complaints are high.
As the financial strength of an insurance provider is essential to ensure it will be able to pay out, let’s look at that first. A.M. Best is a credit rating agency that provides letter grades for companies’ financial stability. Lumico has received an A rating (Excellent) from A.M. Best, indicating excellent financial strength. This rating demonstrates Lumico’s strong ability to meet policyholder obligations and pay full life insurance claims.
Regarding customer reviews, Lumico is near the bottom of the pack. It's a poor showing with 3.3 out of 5 stars on Google ratings and only 11 reviews. Likewise, while not rated by the Better Business Bureau, customers rated Lumico with 2.65 out of 5 stars on 54 reviews.
Data from the National Association of Insurance Commissioners (NAIC) Complaint Index rated Lumico poorly. According to the NAIC rating system, a score of 1.0 represents average complaints for company size. A lower score indicates exceptionally low complaints, while a higher score indicates more complaints. Lumico received a score of 12.537, higher than most insurance providers.