Replacing Employer-Sponsored Life Insurance plan with Lumico

By James Tobin, CFP®

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Show me the History,  products  offered, the financial ratings and the complaint index of Manhattan life.


Show me  no  exam burial Life Insurance  options That Will  never expire and never increase rates.



Show me highly rated  No Exam Term Life Insurance  options That Will  cover me until I retire or  longer.


Please note Workers Bequest life Insurance is not in any way affiliated with Lumico. This article is our personal review of the term life insurance product offered through Lumico as well as alternatives. If you are looking to contact Lumico directly, call them at 1-866-440-4047.If you are looking for a lost policy, contact the NAIC policy locator service  for help. 

Lumico Life Insurance Carrier Specifics

Policy Options

Term, Whole Life

Term Lengths





"A" Rating From A.M. Best


Unavailable In The Following States: CA, DC, DE, FL, ME, MT, ND, NY,  SD. 


Term Insurance - Not Competitive Burial Insurance - Product Specific

Customer Service

Issue Age

Term-18-70, Burial- 50-85

Min. Coverage

$5K - Burial, $100K-Term

No Exam Option


Expert Reviews from Workers Bequest Life Insurance 

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Reviewed by

Jim Tobin, CFP®

Why you can Have confidence in this resource

At Workers Bequest Life insurance, we value our editorial independence. We keep our reviews strictly factual so you can use them to make informed decisions. Life insurance carriers referred to on this site do not approve reviews. The views expressed are solely those of Workers Bequest Life Insurance.

LUMICO Life Insurance is a member of the Swiss financial services family.

This review will address company history, financial ratings, and the positives and negatives of the LUMICO Life Insurance. 

Additionally it will address some specific  situations where it may make more sense to go outside the LUMICO family of products. 

The goal here is to help you get a proper upgrade from an Employer-Sponsored Life Insurance plan and help you choose a more befitting Life Insurance plan.

LUMICO Life Insurance Company History

Founded in 1965  LUMICO Life Insurance  is a micro insurance carrier. LUMICO Life Insurance itself, accounts for approximately $18,000,000 a year in US premiums or well less than .01 % of the overall market.  

The LUMICO Life Insurance Company  was purchased in 2011 by SwissRe subsidiary iptiQ Americas.

Lumico has been aggressively growing in recent years and , in spite of a small market share , is fast becoming a recognized brand. 

Lumico is also part of the Medical supplement  market as well.

LUMICO Life Insurance Company Life Insurance Company Ratings

The  LUMICO Life Insurance Company company received a pretty good financial stability rating from AM Best. This indicates that the company is in good position to meet its obligations going forward. However, the carrier is not covered by the other agencies.  

"A" Excellent

A.M. Best Company:   LUMICO Life Insurance Company company  rating given by A.M. Best was an A.

Moody's Ratings:  LUMICO Life Insurance Company  was not rated by Moody's. 

S&P Ratings:  LUMICO Life Insurance Company company was  not rated by S&P.

Comdex Score: n/a

Lumico Life Insurance Product Review

LUMICO Customer Service

The National Association of Insurance Commissioners reports a complaint index of 15.48 for Lumico (2018) . This is well above the national average of 1 percent. This is a RED FLAG. 

Additionally, while life of Lumico life Insurance is not rated by JD Power & Assoc., it's  has a BBB rating of B.

Lumico Life Insurance Contact Info:

Address:P.O. Box 83303
Lincoln, NE 68501

Phone:(866) 440-4047


LUMICO Term Insurance 

LUMICO offers traditional term insurance. terms of 10,15,20 and 30 years are available. However, any conversion privileges are limited as their permanent product lineup is thin. 

The term insurance offered is 'no exam" and thus, quick and convenient.

Underwriting (based on your prescription history and public data) is thought to be stricter than many of the major carriers.  

LUMICO Life Insurance Company Rates

LUMICO Life Insurance Company company  markets it's products directly though Lumico/Assurance agents.

Because LUMICO is not carried by independents at this time , you will need to go to the the LUMICO  web site and contact an agent to get a real quote. Rates are available at their instalife quote tool.

Are Lumico term Life Insurance rates competitive?

Not in our experience.

While it's hard to say without inputting every scenario into their quote tool, it is not likely. The unwillingness to allow independent quote tools to include LUMICO is a clue that they don't want to be "shopped".

Furthermore, the ages and health ratings we sampled showed Lumico to be almost  50% more than the best priced alternatives. See examples below.

53 Year Old Male Preferred Plus Health rating  seeking $250K for a 20 Year  Term











47 Year Old Female Preferred Plus Health rating  seeking $200K for a 30 Year  Term











Because  LUMICO Life Insurance Company does not make it easy for the public to compare rate information, it is difficult to make apples to apples comparisons.  

However, it has been our experience that companies (even good ones), that are not convenient with pricing, are seldom the price leaders. 

With few exceptions, the best priced carriers are willing and, in fact, eager to be compared with other carriers. Example of "price busters" are Banner Life and Protective Life.

Carriers that may cost more but are more lenient in underwriting are Prudential and Mutual of Omaha.

LUMICO Life Insurance Suicide Exclusions

The 2 year suicide clause that is part of all life insurance policies in the United States, is the same. (Note that some states use a 1 year exclusion)  

Cases Where Lumico Term Life Insurance Company Is Not A Great Choice

To be perfectly frank, it's hard to find a situation where LUMICO would be a great fit. The convenience factor of not needing a medical exam is available with more transparently available carriers.  

If you have a specific condition, you are best off speaking with an independent agent to find out which carrier will give you the best chance to get approved at a great rate.  

After all, different carriers have differing risk appetites for YOUR condition.

That being said, if you are using LUMICO for other financial services, like Medicare supplements, and you find that the rate being offered is competitive,  it may make sense to keep everything in house.   

Lumico Burial Insurance Review

Lumico's burial or "final expense product is simple with a paperless application and immediate underwriting answer. There are no medical exams and the policy can be applied for over the phone.

As with all whole life products, the policy will never expire, the rates will not increase and the benefit cannot decrease. Speaking of the death benefit, like all personal life insurance, is paid out tax free.

Lumico offers three grades of policy PreferredStandard and Modified.  Let's go over them one by one.

LUMICO Burial Insurance Classes

Preferred Class

  • Ages Offered- 50-85
  • Death Benefit- 5K- 30K
  • Payout schedule- Immediate with no waiting period

Standard Class

  • Ages Offered- 50-85
  • Death Benefit- 5K- 30K
  • Payout schedule- Before Year 1 - 25%, After Year 1- 50%, After 2 - 75%, After Year 3 -100% That's a 3 year wait to be eligible for the entire benefit!

Choosing a policy with a 3 year waiting period on a standard  burial class is a bad idea.  There are several alternative companies that will not make you wait to be eligible for the full benefit.

Modified Class

  • Ages Offered- 50-80
  • Death Benefit- 5K- 15K
  • Payout schedule- Before Year 1 Anniversary - 10%,  After year 1- 25%, After Year 2 - 50%, After Year 3 -100% Again! That's a 3 year wait to be eligible for the entire benefit!

Waiting periods are common with graded or modified policies. However, even in this case, LUMICO is less generous than most carriers. The reality is that in many cases, a guaranteed issue policy may be a better deal.

LUMICO Burial insurance underwriting

    Like nearly all burial or final expense insurers,  medical exam is not required to qualify. In fact the carriers (Lumico included) make a nearly instant decision based on 3 things:

    • Your answers in the application
    • Your prescription history
    • Your Medical Information Bureau file

    It is important to be honest, as discrepancies between your answers and your MIB report or your prescription history are generally not decided in the applicants favor. This means if you take an off-label medication, you need to be clear about what the use of the medication is being used to treat.

    Assuming that the MIB and prescript check are consistent, the decision will be based on your answers to application questions. The LUMICO policies have 2 "knock-out" questions. If you answer yes to either of these you will not be eligible. The questions are:

  • Are you currently hospitalized, requiring nursing home care, confined to a bed, or receiving hospice care?
  • Do you have a terminal condition (terminal condition means a medical condition resulting from injury or illness that is reasonably expected to result in the death of the Insured within 12 months or less)?
  • Beyond the "knockout questions, LUMICO's application features 2 sets of questions . If you answer No to all the questions, you will be offered a preferred plan.

    If you answer YES to any of the 1st set of questions you will be offered a Standard plan. These questions center around major health (and driving) issues in the last 24 months.

    If you answer YES to any of the next set of questions you will be offered a Modified plan.   These questions focus on the last 12 months and activities of daily living (ADL). 

Lumico Burial Insurance Application Questions

Knockout Questions

  • Are you currently hospitalized, requiring nursing home care, confined to a bed, or receiving hospice care?
  • Do you have a terminal condition (terminal condition means a medical condition resulting from injury or illness that is reasonably expected to result in the death of the Insured within 12 months or less)?


  • Were you diagnosed with Parkinson’s disease? Are you suffering from permanent paralysis from any disease?
  • In the previous 24 months did you have a diagnosis for any circulatory disorder such as aneurysm, heart attack, TIA attack, stroke, internal cancer, leukemia, melanoma, kidney disease, connective tissue disorder, neuromuscular disorder such as muscular dystrophy, multiple sclerosis, cerebral palsy, etc), Crohn’s disease, ulcerative colitis, any psychiatric issues that needs treatment?
  • In the past 24 months, did you have more than 4 moving violations? Did you have a DUI conviction more than once? Have you been advised to seek alcohol or drug abuse treatment? Do you have a felony conviction, incarceration, probation or parole?


  • Do you use supplementary oxygen for lung and respiratory issues?
  • Do you need hospitalizations or surgeries? Do you have diagnostic tests, that haven’t been completed yet and the results are unknown?
  • Are you requiring help in performing any daily living activities (eating, bathing, dressing, toileting, transferring, and continence)?
  • Do you have an organ or bone marrow transplant, cardiomyopathy or congestive heart failure, mental incapacity, dementia, or Alzheimer’s disease, ALS, dialysis, HIV or AIDS?
  • Do you have diabetes diagnosis before age 40?
  • Any diabetic complications resulting in heart or circulatory conditions?
  • In the last 12 months, have you been treated for a TIA attack, stroke, heart valve disorder, heart attack or heart blockage, any form of cancer, melanoma, lymphoma, leukemia, or systemic lupus, lung disease (does not include mild asthma)?

No answers to all questions will be offered a Preferred Policy

Yes to standard questions but not modified questions will result in a standad offer.

Yes to any modified questions will result in a madified offer.

LUMICO Burial insurance rates - Are Lumico  final expense policies expensive?

This is a mixed bag.

The preferred product is priced well. If not for the customer complaint index, it would be easy to recommend this product. It is priced in the same neighborhood as competitors like  Mutual of Omaha, Liberty Bankers and Royal Neighbors. 

Any reasonable analysis of the standard and modified plans would rule them out before even looking at the pricing tables. This, of course, is due to the uncompetitive  waiting periods.

Below we have compared Lumico preferred pricing with market leaders. 

63 Year Old Male Preferred Plan   Seeking $10K Burial Policy











67 Year Old Female Prefered Plan   Seeking $10K Burial Policy











As you can see, the preferred product is in the ballpark. Nonetheless we have reservations related to the NAIC complaint index referenced earlier. 

Situations where Lumico Burial insurance is not a good idea?

While we have reservations about LUMICO in general, due to the outsized consumer complaint index, we strongly recommend that you seek alternatives when offered a standard burial or modified burial policy

The waiting period required on the Standard burial product  is a terrible burden that is not required at other carriers.

The waiting period  terms on the modified plan is uncompetitive with the rest of the marketplace. 

Other Lumico  Life Insurance company Products

Lumico  is primarily a term insurance and final expense company on the life insurance side and a med supplement carrier on the health side.

Final expense insurance is generally in the form of a small whole life policy meant to cover burial costs.

Medicare supplement insurance is meant to cover Medicare copays and is very popular with more affluent seniors.

The LUMICO Life Insurance Review Final Verdict

Is LUMICO right for you? It really all depends on your situation.

If you have notable health impairment(s), you will likely be better suited by shopping around on the open market where it is convenient to make apples to apple comparisons. 

Moreover, having the use of an independent expert who can send your application to a carrier that is likely to view you in the best possible light has value that LUMICO can't offer.

However, if you happy with other services being being provided by LUMICO and in good health and require their products, it may be convenient to keep things "in house".  

Finally, we are glad about the efforts you've made on checking out for a better upgrade for your Employer Sponsored Life Insurance Plan and finally decided on Workers Bequest. We are committed to a totally transparent process (we'll even share our computer screen with you if you'd like), and making the application process as painless as possible.

Simply give us a call or send us an email so we can get you started. If you have any questions, We'd also like to hear them.

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