Lumico Life Insurance Review (2024)

Lumico Life Insurance Company has been around for more than 50 years and has a partnership with the world’s second-largest reinsurer. It provides term life insurance quotes and permanent life insurance options for its customers. However, you may have some issues locating its life insurance rates.

In our Lumico Life Insurance review, we’ll explain how the company works, where you can buy Lumico life insurance, and what financial strength rating agencies say about Lumico.

If you want to find affordable life insurance rates outside Lumico Life Insurance Company, enter your ZIP code in the FREE comparison tool above.

Lumico Life Insurance Company History

Before we talk about Lumico’s history, let’s examine a quick company summary of the Nebraska-based company.

Lumico Life Insurance Company, established in 1965, is one of the most significant life and medical supplement insurance companies. Part of its success is due to its partnership with Swiss Re — the second-largest reinsurer in the world. Swiss Re purchased Lumico in 2011. Since then, Lumico has been secured under a massive financial umbrella and has continued its life insurance policies.

What type of life insurance policies are available at Lumico Life Insurance Company?

Products of a life insurance company are the different services they have available. In addition to life insurance, Lumico provides health insurance supplement options.

Medical supplement insurance fills the gap where standard health insurance won’t pay. However, we’ll be focusing on the life insurance you can get from Lumico Life Insurance Company.

Term Life Insurance

The most affordable Lumico life insurance option is term life insurance. Term life policies are usually cheaper than permanent life insurance policies because you’re using your monthly rate to pay for a life insurance coverage limit. Your term life insurance rates will depend on your age, health, and length of your term life policy.

Common term life periods are 10, 15, and 20-year policies.

Although Lumico has information on its website about term life policies, you won’t be able to locate a Lumico term life insurance quote online.

Whole Life Insurance

For those who want to build a life insurance savings account, you should ask about Lumico’s whole life insurance policy.

Whole life insurance policies are a type of permanent life insurance. This type of policy will allow policyholders to pay toward a life insurance coverage limit and deposit money into a life insurance account that accumulates over time. Since Lumico Life Insurance Company provides life insurance quotes over the phone and in person, you won’t get a quote online.

Final Expense Life Insurance

Another name for final expense life insurance is burial insurance. Final expense life insurance pays for funeral expenses, and some of the debt left behind from the insured person. Burial insurance is a type of permanent life insurance policy so that you could pay higher rates than term life insurance. Weigh out your options to see which life insurance policy is best for you.

Lumico Life Insurance Rates

One of the first things we look for when looking for life insurance is the cost of life insurance. We can assume that Lumico has many customers, considering the number of direct premiums they received in 2019. However, we couldn’t locate any Lumico life insurance rates. The only way to find Lumico life insurance quotes is to contact the company directly by phone or find an agent or broker.

Lumico Life Insurance Company Review: Financial Strength and Credit Ratings

Lumico’s partnership with the second-largest reinsurer has secured an excellent A.M. Best rating. According to Business Wire,  Lumico maintained its A.M. Best rating of “A.” The “A’ rating isn’t the best rating at A.M. Best, but it does indicate that Lumico has a stable financial outlook and has a superior ability to meet obligations to customers.

The Better Business Bureau (BBB) has a “B” rating for Lumico. Although “B” ratings aren’t bad, they’re not good either. Customers have rated Lumico a 2.4 out of five stars. The BBB reported 45 complaints in the last three years, but only 20 have been resolved in the previous year.

Lumico Life Insurance Company: The Bottom Line

Overall, Lumico appears to be a reliable life insurance company with a few life insurance options that could work for you. However, it’s challenging to measure Lumico to the best life insurance companies with so little information about Lumico’s life insurance rates. Thanks to its website, there’s plenty to learn from Lumico, but any policy information is only found through a Lumico agent or Lumico broker.

But you don’t have to go through an agent or broker to find cheap life insurance rates. Enter your ZIP code to compare Lumico Life Insurance Company to other companies in your area. You may find an affordable life insurance quote today.