Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001 and has an undergraduate degree from Manhattan College in ...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Sep 20, 2021

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The Truth in a Nutshell

  • Lumico Life Insurance Company provides life insurance and health insurance
  • You can choose between term life, burial, and whole life insurance at Lumico Life
  • A.M. Best awarded Lumico with an “A” rating

If you’re looking for an objective Lumico life insurance review, you’re in the right place. Whether you’re wondering how much life insurance costs or what coverage Lumico offers, we can help. We’re here to provide you with more information about Lumico Life Insurance Company.

Our guide explains everything you need to know about Lumico life insurance quotes, insurance products, and third-party ratings.

Read on to learn more about affordable Lumico life insurance. Enter your ZIP code in the free comparison tool above to compare the best companies near you.

What Lumico life insurance products are available?

Before you buy Lumico life insurance, it’s essential to know what’s available. This ensures that you get the policy you need. Let’s look at life insurance policies you can buy from Lumico Life Insurance Company.

  • Term Life Insurance ((financial coverage for 10, 15, 20, and 30-year terms)
  • Whole Life Insurance (lifetime coverage and comes with accumulated cash account)
  • Final Expense Insurance (up to $30,000 financial payments for end of life expenses such as funeral costs))

Term and whole life insurance have death benefits up to $1 million. Bear in mind that higher coverage limits are more expensive. Lumico insurance products ensure that you can protect your family and health. They provide the most common types of life insurance. Policyholders can select the one that best fits their unique needs.

Term coverage is ideal for young families who want to cover their needs with a specific time horizon such as home mortgage and kids’ college. Whole life policies are best for families looking for life insurance plus a way to have access to funds because it accrues cash value each year. Final expense coverage is ideal for seniors who want to ensure that their funeral is paid for or leave some money for their children/grandchildren.

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What other Lumico insurance products are available?

Lumico carries Medicare supplement insurance and accidental death insurance. Both coverage options are listed as health insurance on the company’s website.

Medicare supplement coverage is ideal for people who want to secure additional coverage to help with expenses such as co-pays and deductibles that Medicare doesn’t cover. Accident death coverage is ideal for individuals who want their loved ones to be financially protected in case the policyholder is fatally injured in an accident.

Accidental death insurance carries a coverage limit up to $250,000, but you can get a lower limit at a cheaper rate.

How much are Lumico life insurance rates?

Lumico is one of the insurance companies that doesn’t provide public insurance quotes. You’ll need to get a personal Lumico life insurance quote to know how much you’ll pay for life insurance per month.

Getting a personal quote can ensure that you get more accurate numbers from the insurance company.

Are Lumico life insurance ratings good?

The short answer is yes. According to A.M. Best, Lumico Life Insurance Company and its affiliates have an “A” for financial strength ratings. Lumico’s credit rating at A.M. Best is “a+.” This is the second highest rating that can be awarded.

The ratings from A.M. Best means Lumico is a financially stable company with low credit risk.

What does the Better Business Bureau (BBB) say about the Lumico Life Insurance Company? Lumico life insurance’s BBB rating is an “A+.” Currently, Lumico has a 2.3-star rating under BBB’s customer review rating. This indicates that the company is committed to providing excellent customer service.

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Lumico Life insurance company overview

The Lumico Life Insurance Company was founded on December 8, 1965. It was once owned by Congress Life Insurance Company but parted ways in 2013.

Lumico Life Insurance Summary
SummaryStats
Year Founded1965
AddressP.O. Box 83303 Lincoln, NE 68501
HoursM-F 8 am to 6:30 pm CST; 8 am to 12 pm CST
Websitewww.lumico.com
Email[email protected]
Phone Number1-866-440-4047
Total Assets$152.4 million
Direct Premium Written$138.6 million
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Lumico has received reinsurance from Allianz Life Insurance Company and Security Life Insurance. Today, Lumico earns over $130 million in premiums and continues to manage its finances better than some of its top competitors.

Lumico Life insurance: What’s the bottom line?

It’s difficult to find sample Lumico life insurance rates. To secure affordable Lumico life insurance, you’ll need to get a personal quote.

Lumico appears to be a good company, but what is right for you will depend on your personal needs.

Now that you know more about Lumico life insurance, use our free online quote tool below to compare multiple companies in your local area and get the best rates.