However, compared to most of the other life insurance businesses we looked at, Lumico received a much higher number of complaints, which indicates that the company does not deliver a positive experience for many of its clients and beneficiaries.

Pros

• Lumia allows its customers to purchase supplemental riders for their life insurance policies. In addition, a free rider for terminal diseases is included with every life insurance policy.
• You won't have to submit to a medical exam if you acquire a life insurance policy from Lumico for term or whole-life coverage. The results of a health questionnaire will determine whether or not you are eligible for the program.
• Currently, Lumico does not provide coverage in the District of Columbia or the state of New Jersey, but it sells life insurance in all other states. On the other hand, not all life insurance plans are offered in every state.

Cons

• Because the most coverage you can acquire from Lumico is one million dollars, it is inappropriate for customers who need greater security than that amount.
• Lumia does not provide term life insurance plans that may be converted into permanent coverage. If you wish to keep your coverage once the term is finished, you will need to purchase new insurance since your current one will terminate.

Complaint Index

Lumia does not do well in terms of the experience that it provides for its customers. The NAIC Complaint Index is a measurement that determines the ratio of the number of complaints received by an insurance company to the firm's size.

Third-Party Ratings

AM Best has given Lumico an "A" rating, their highest possible grade, signifying the company has strong financial strength. Companies are given letter grade scores by the credit ratings firm AM Best based on their level of financial stability, which considers factors such as the performance of their balance sheets and their level of debt. Lumico's AM Best rating demonstrates that the firm can fulfill its responsibilities to policyholders and pay out life insurance claims.

Policies Available

Lumia allows its customers to purchase term, full, or ultimate cost life insurance. Qualified candidates may acquire same-day coverage without having to undergo a medical exam by responding to a few short questions on their health. However, remember that you need to phone an agent to acquire a price quotation, finish the application procedure, and finalize the purchase.

Term Life Insurance

A term life insurance policy is intended to cover a certain period. It offers protection for a predetermined time, often anywhere from ten to thirty years. The premiums and the death benefit of term life insurance are guaranteed to be the same regardless of how long the term of the policy is in effect. If you die within the policy period, your beneficiary will be entitled to the death benefit, which is money exempt from taxes and may be put to any use.

Complete Life Insurance Coverage

Perpetual life insurance, known as "whole life insurance," remains in force even after the policyholder has passed away. As long as you keep up with the premium payments, a whole-life policy will maintain it's level premiums and will always pay out the full death benefit. In addition, the cash value is accumulated inside a whole life insurance policy, which may be accessed or borrowed while the policyholder is still living.

Final Expense Insurance

A limited amount of coverage, provided through last-cost or burial insurance, is often used to pay for end-of-life expenses such as a funeral. A medical exam is not required for final expenditure insurance; however, depending on the underwriting utilized, the policyholder may be asked a few health-related questions. Guaranteed issue life insurance is a kind of coverage for last expenses that ensures your acceptance into the policy as long as you meet the minimum age requirements.

Available Riders

Riders, also known as endorsements, are available for purchase via Lumico's life insurance policies. These riders extend coverage to address certain risks. Some riders are not only optional but also cost additional money and will drive up your rate. Lumia provides one free rider in addition to other optional riders.

Child Term Rider

A child term rider will offer your dependant children a little amount of additional life insurance coverage. You can add this rider to your Lumico policy for your children who are eligible if they are between the ages of 15 days and 22 years old. The coverage ranges from $2,000 to $10,000, or up to the face value of the term insurance, whichever is less (whichever is less). When the kid reaches the age of 25, the coverage will no longer be valid. A rider like this may be added to a term life insurance for an additional premium.