Lumico Burial Insurance Review – Pros & Cons
last updated on December 19, 2024In this Lumico burial insurance review, we will examine Lumico’s burial insurance or final expense products.
We will examine the advantages and disadvantages of their final expense insurance products to make an informed decision.
After reading our Lumico burial insurance review, you can decide if their burial insurance plans are best for your needs.
| TABLE OF CONTENTS | |
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Does Lumico Offer First-day Coverage?
YES, Lumico Life has a burial insurance plan that offers first-day coverage, but they tend to be more expensive than other companies.
If you qualify, their Preferred whole life plan will cover you from day one. Once approved, the company will pay a 100% death benefit when you pass away.
Pros Of Lumico Burial Insurance
Diabetes-friendly – accept insulin use if you use less than 40 units daily.
Seizure friendly – seizures qualify for the preferred plan
Accepts mild mental health disorders – depression and anxiety qualify for the preferred plan
Cons Of Lumico Burial Insurance
Strict underwriting – most health issues will not be eligible for the preferred plan
3-year waiting period – standard and modified plans have a 3-year waiting period
Blood thinners are a red-flag – If they found blood thinners on your prescription history, you will be offered a standard plan with a 3-year waiting period
Lumico Burial Insurance Products
Lumico Life has three burial insurance policies you can be eligible for depending on your health and age (ages 50-85 only).
Their final expense life insurance is a “simplified issue” and does not require applicants to undergo a medical exam. You only need to answer some simple health questions.
Your answer to the health questions will determine what type of policy you can buy. Every plan has its own age availability, pricing, face amount, and payout schedules.
LUMICO BURIAL INSURANCE FEATURES
- Phone application process with an agent
- Lasts until the end of life
- Premium payment is fixed, and monthly payments won’t increase
- The policy won’t expire because of age or health condition
- Death benefits won’t decrease
- Tax-free cash benefit payout
- Coverage amount up to $30,000
LUMICO LIFE PREFERRED PLAN:
- Age availability: 50-85
- Face amount you can buy: $5,000-$30,000
- Death benefit schedule: Instant, no waiting period effective on day one.
Applicants who qualify for preferred burial insurance can expect a level death benefit with no waiting period. The minimum coverage amount is $5,000 and goes as high as $30,000.
LUMICO LIFE STANDARD PLAN:
- Age availability: 50-85
- Face amount you can buy: $5,000-$30,000
Death benefit schedule:
- First-year – 25%
- Second-year – 50%
- Third-year – 75%
- Fourth-year – 100%
Can we be honest here….waiting three years for full coverage is a terrible idea!
Especially since almost every insurance company offers the same plan with only a 2-year wait if you have significant health problems.
Applicants who will qualify for standard burial insurance will have a three-year modified death benefit or a three-year waiting period…ouch!
For example, if the insured dies in the first year of the policy, beneficiaries will receive 25% of the death benefit. If death occurs in the second year, 50% will be given, and the beneficiaries will receive 75% in the third year of the policy. After the third year and any time after, they will receive 100% of the death benefit.
LUMICO LIFE MODIFIED PLAN:
- Age availability: 50-80
- Face amount options: $5,000-$15,000
Payout schedule:
- First-year – 10%
- Second-year – 25%
- Third-year – 50%
- Fourth-year – 100%
Holy cow…there is that three-year waiting period again!
If you qualify for a modified benefit plan, the maximum coverage amount is reduced to $15,000. This plan is also available up to 80 years old only. The modified death benefit plan also has a graded death benefit with a three-year waiting period.
The death benefit will be paid as follows:
- If death occurs in the first year of the policy, the payout will be 10% of the actual death benefit.
- In the second year, 25% will be paid to the beneficiaries, and in the third year, 50%.
- After the third year and any time after, a full death benefit will be given to the beneficiaries.
Lumico’s modified plan is unsuitable for everybody because it has a waiting period. This is only suitable for those people with certain health conditions that the modified policy accepts.
If you are healthy, this plan will cost you an arm and a leg. If your health only qualifies you for this plan, we have other companies that offer a better price.
Lumico Burial Insurance Riders
Accidental Death Rider – pays out an additional lump sum if you die from an accident.
Accelerated Death Benefit Rider – accelerates a portion of the death benefit if you’re diagnosed with a terminal condition with a life expectancy of 12 months or less.
When Does Lumico Burial Insurance Make The Most Sense?
If you are healthy, Lumico’s preferred plan may make sense for some people, but better-priced plans are certainly available.
If you have a medical condition resulting in a standard or modified plan, think twice before purchasing a Lumico policy. They have a three-year waiting period that stinks compared to other companies that only have a two-year waiting period.
Again, there are lots of insurance companies that are accepting of most health issues and only have a two-year waiting period.
Lumico Underwriting Guidelines
A medical exam is not required to qualify with Lumico Life burial insurance coverage.
They will only check:
- Your answers in the application
- Your Medical Information Bureau file
- Your prescription history but the answer to the health questionnaire is the most important factor that will decide your approval.
HEALTH QUESTIONS
Lumico will ask about different medical conditions as part of their underwriting process.
PREFERRED PLAN:
The following questions are the knock-out questions. Answering “no” to these two questions on the health questionnaire and a clear prescription history check from all these medical conditions means you are eligible for Lumico’s preferred plan.
- Are you currently hospitalized, requiring nursing home care, confined to a bed, or receiving hospice care? (Yes – No)
- 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 Insured’s death within 12 months or less)? (Yes – No)
STANDARD PLAN:
- Were you diagnosed with Parkinson’s disease? Are you suffering from permanent paralysis from any disease? (Yes – No)
- 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, a neuromuscular disorder such as muscular dystrophy, multiple sclerosis, cerebral palsy, etc), Crohn’s disease, ulcerative colitis, any psychiatric issues that need treatment? (Yes – No)
- 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? (Yes – No)
You will be offered the standard plan if you say no to the knock-out question and yes to any of these questions.
MODIFIED PLAN:
- Do you use supplementary oxygen for lung and respiratory issues? (Yes – No)
- Do you need hospitalizations or surgeries? Do you have diagnostic tests that haven’t been completed yet, and the results are unknown? (Yes – No)
- Do you require help performing daily living activities (eating, bathing, dressing, toileting, transferring, and continence)? (Yes – No)
- Do you have an organ or bone marrow transplant, cardiomyopathy or congestive heart failure, mental incapacity, dementia, Alzheimer’s disease, ALS, dialysis, HIV, or AIDS? (Yes – No)
- Do you have a diabetes diagnosis before age 40? (Yes – No)
- Any diabetic complications resulting in heart or circulatory conditions? (Yes – No)
- 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, systemic lupus, or lung disease (does not include mild asthma)? (Yes – No)
Any yes answer to the following questions will qualify you for the modified plan.
The type of plan (preferred, standard, or modified) you will qualify for will depend on your answers to these health questions. If you say no to all of these, you will be eligible for the best plan, which is preferred.
PRESCRIPTION HISTORY CHECK
Lumico will electronically review your prescription history to check what medications you are taking to treat any health issues. A prescription history check will be used to validate what medical condition you’ve been treating in the past.
Some prescription medications are a red flag and can cause you to not qualify for the preferred plan. If you are taking any prescription medications for health issues they care about, they may respond negatively.
For example, suppose you say no to kidney failure but are taking medication to control a severe kidney condition. In that case, Lumico will offer you a plan consistent with someone with kidney failure.
MEDICAL INFORMATION BUREAU (MIB) REPORT
MIB provides information about previous life insurance application results.
This report is shared among insurance companies for review. If you applied for life insurance in the last six months and were denied coverage, this information will be written in your MIB file, which will be available to Lumico Life should you decide to apply.
For example, if you inform the other insurance company you applied to before that you have cancer, this information will be on your MIB report. Depending on when you last used it, that could affect the kind of plan you qualify for.
Lumico Pricing Examples
| FEMALE AGE | $5,000 | $10,000 |
|---|---|---|
| 50 | $12.79 | $25.58 |
| 55 | $14.75 | $29.49 |
| 60 | $17.43 | $34.87 |
| 65 | $20.49 | $40.98 |
| 70 | $28.15 | $56.31 |
| 75 | $38.09 | $76.18 |
| 80 | $56.60 | $113.21 |
| 85 | $82.85 | $165.69 |
| MALE AGE | $5,000 | $10,000 |
|---|---|---|
| 50 | $16.03 | $32.06 |
| 55 | $19.73 | $39.47 |
| 60 | $22.67 | $45.34 |
| 65 | $28.18 | $56.36 |
| 70 | $37.07 | $74.14 |
| 75 | $50.69 | $101.38 |
| 80 | $73.70 | $147.40 |
| 85 | $100.37 | $200.73 |
Getting Approved For Lumico Burial Insurance
| BURIAL INSURANCE APPLICATION PROCESS | |
|---|---|
| Rates & coverage | Agent can help provide help with this |
| Underwriting | Agent will help you qualify for the best plan |
| Beneficiary | You determine who will get your death benefit |
| Application | Agent submits application to insurance company |
| Approval | Congratulations on your new policy! |
| Policy start date | Policy active after 1st payment date |
| Policy delivery | 7-10 business days after first draft date |
The Best Payment Option
| PAYMENT METHOD | RECOMMENDED? |
|---|---|
| Savings Account | Best way to pay |
| Checking Account | Best way to pay |
| Cash | Not recommended |
| Money Order | Not recommended |
| Cashier's Check | Not recommended |
| Debit Card | Not recommended |
| Credit Card | Not recommended |
| Direct Express | Not recommended |
| PAYMENT FREQUENCY | RECOMMENDED | ACCEPTED BY |
|---|---|---|
| Monthly | Recommended | All Companies |
| Quarterly | Not Recommended | Some Companies |
| Semi-annually | Not Recommended | Some Companies |
| Annually | Not Recommended | Some Companies |
Lumico Company Overview
Burial insurance from Lumico is underwritten by Lumico Life Insurance Company, owned by iptiQ (formerly known as Generation Life Insurance Company). The parent company is iptiQ Americas, backed by Swiss Re (Swiss Reinsurance Company), a large global financial services company founded in 1865 and headquartered in Lincoln, NE.
Swiss Reinsurance is an old reinsurance company based out of Zurich, Switzerland. They are a financially stable company. Lumico Life Insurance Company was acquired through Swiss Reinsurer’s new iptiQ Americas, Inc. unit at the end of 2016 and re-named in 2017 Lumico Life. Lumico Life Insurance Company of New York was established and licensed in December 2018.
LUMICO LIFE INSURANCE FINANCIAL RATINGS
A.M. Best, the leading rating agency of the insurance agency in the U.S has assigned an “A” rating to Lumico Life Insurance Company. A is an excellent rating which is the second-highest of fifteen ratings that they can award. It means Lumico is financially stable and secure.
The rating reflects Lumico’s balance sheet strength, which A.M. Best considers as very strong. The company is a solid enterprise as a member of the Swiss Re group. The mother company will continue to provide reinsurance and capital support to Lumico, giving it financial stability.
How Can Funeral Funds Help Me?
If you are looking to buy burial insurance, trust an independent insurance agency like Funeral Funds to compare different life insurance companies to get the best plan.
Finding a policy without a 3-year wait needn’t be a frustrating process; working with an independent agency like Funeral Funds will make the process easier and quicker.
If you have a problem with a three-year wait, let us help you; we will work with you side by side to find a plan that fits your needs.
We will work with you every step to find the plan that fits your financial requirements and budget. You don’t have to waste your precious time searching for multiple insurance companies anymore because we will do the dirty work for you.
We will shop your case at different insurance carriers and get you the best price.
We work with many A+ rated insurance carriers that specialize in covering healthy or high-risk clients like you. We will search for all those companies to get the best rate. We will match you up with the best burial insurance company that gives the best rate.
We will assist you in securing the coverage you need at a rate you can afford. So, if you are looking for insurance, burial insurance, or final expense life insurance, we can help. Fill out our quote form on this page or call us at (888) 862-9456, and we can give you the best quotes for life insurance.
Frequently Asked Questions
LUMICO INSURANCE COMPANY INFORMATION
Is Lumico Life Insurance still in business?
Yes, Lumico Life Insurance company is still in business today. They offer term life insurance, whole life insurance, and final expense insurance in 49 states.
Is Lumico Life Insurance legitimate?
Yes, Lumico life insurance is a legitimate business. They have been providing life and health insurance since 1965.
Who owns Lumico life insurance?
Lumico Life insurance company is owned by iptiQ Americas and backed by Swiss Reinsurance Company.
How long has Lumico been in business?
Lumico Live Insurance Company has been in business for 56 years. They were founded in 1965.
What is Lumico’s financial rating?
Lumico Life Insurance is awarded an “A” (excellent) rating by A.M. Best.
What is Lumico’s website?
Lumico’s website can be found at https://lumico.com
What is Lumico life insurance phone number?
You can call Lumico Life at their telephone number: 855-774-4491
What is Lumico’s fax number?
Lumico’s fax number – 816-701-2549
What is Lumico’s customer service number?
Lumico’s Customer Care Team – 855-774-4491
What is Lumico’s email address?
customerservice@lumico.com
Where is Lumico located?
Lumico Life Insurance Company is located in Lincoln Nebraska.
What is Lumico’s mailing address?
P.O. Box 83303 Lincoln, NE 68501
Where can I find Lumico BBB reviews?
Read Lumico life insurance BBB reviews here.
How can I get a Lumico life insurance quote?
Click this link to get a free quote from Lumico.
How can I make Lumico insurance online payment?
Access Lumico online payment by logging into your account.
Where can I check Lumico’s life insurance complaints?
Check out the Better Business Bureau complaints on Lumico here.
LUMICO’S LIFE INSURANCE PRODUCTS
What are the different life insurance products offered by Lumico to seniors?
Lumico offers three final expense insurance products to seniors:
- Preferred Plan – first-day coverage
- Standard Plan – with a three-year waiting period
- Modified Plan – with a three-year waiting period
How old do you have to be to apply for Lumico insurance coverage?
You must be between 50 and 80 years old to qualify for Lumico’s final expense plans.
Can you get first-day coverage with Lumico?
Yes, their preferred plan comes with first-day coverage. You will be covered from day one, and your beneficiary will receive your full death benefit when you pass away.
What are the pros and cons of Lumico’s final expense life insurance?
Pros:
- Competitively priced – their preferred plan is comparable with other insurance companies
- Diabetes-friendly – accepting insulin use if you’re using less than 40 units daily
- Seizure friendly – seizures qualify for the preferred plan
- Accepts mild mental health disorders – depression and anxiety qualify for the preferred plan
Cons:
- Strict underwriting – most health issues will not be eligible for the preferred plan
- 3-year waiting period – standard and modified plans have a 3-year waiting period
- Blood thinners are a red-flag – If they found blood thinners on your prescription history, you will be offered a standard plan with a 3-year waiting period.
How much life insurance can you get with Lumico life insurance?
You can buy $5,000 to $30,000 coverage from Lumico Life.
LUMICO LIFE INSURANCE PRICING
What does Lumico life insurance cost?
Lumico’s life insurance premium varies according to age, gender, and tobacco use. Expect to pay this range of amounts.
Female Preferred Plan
- $5,000 coverage – up to $82.85 (depending on age and health)
- $10,000 coverage – up to $165.69 (depending on age and health)
Male – Preferred Plan
- $5,000 coverage – up to $100.37 (depending on age and health)
- $10,000 coverage – up to $200.73 (depending on age and health)
Is Lumico insurance expensive?
Lumico life insurance is competitively priced. If you qualify for their preferred plan
LUMICO LIFE INSURANCE ELIGIBILITY
Do you need a medical exam to qualify for Lumico life insurance?
No, you don’t need a medical exam to qualify for Lumico’s final expense insurance. All three final expense plans are no medical exam insurance. You don’t need to submit blood and urine samples either.
Does Lumico ask health questions?
Yes, Lumico Life asks health questions as part of their underwriting process.
LUMICO LIFE INSURANCE WAITING PERIOD
Does Lumico have a waiting period?
Yes, two of Lumico Life insurance products have a three-year waiting period. Both the standard plan and modified plan have a three-year waiting period.
What does the waiting period mean?
A waiting period is when the life insurance company will not pay the full death benefit if the policyholder dies from natural causes. Instead, they pay a fraction of the death benefit amount.
Here is the death benefit payout schedule for the Standard Plan:
- First-year – 25%
- Second-year – 50%
- Third-year – 75%
- Fourth-year – 100%
Here is the death benefit payout schedule for the Modified Plan:
- First-year – 10%
- Second-year – 25%
- Third-year – 50%
- Fourth-year – 100%
LUMICO LIFE INSURANCE BENEFITS
What benefits does Lumico offer?
Accidental Death Rider – pays out an additional lump sum if you die from an accident.
Accelerated Death Benefit Rider – accelerates a portion of the death benefit if you’re diagnosed with a terminal condition with a life expectancy of 12 months or less.
LUMICO LIFE INSURANCE LENGTH OF COVERAGE
Does Lumico life insurance expire?
No, Lumico life insurance never expires. It will be active your whole life.
LUMICO LIFE INSURANCE POLICY REPLACEMENT
How can I find a replacement for my Lumico insurance policy?
You can find a replacement for your Lumico policy by working with an independent life insurance agent who can price shop for you and recommend the best insurance policy at the best price.
Ensure your Lumico policy is still active while looking for a replacement policy. When your replacement policy is active, you can cancel your Lumico insurance by calling the customer service hotline.
How do I cancel my Lumico insurance policy?
You can cancel your Lumico life insurance by calling the customer service hotline (855)-774-4491.
12 Comments
Cathy Ward
I want to cancel my Insurance, I didn't realize It a three year wait, and I have gotten some very bad reviews
Funeral Funds
Cathy – We don't even offer plans that have 3-year waiting periods. We don't even recommend them as they are the most expensive and risky plans available. You would have to contact the company that your plan was purchased through in order to cancel your plan. If you are interested, you can get a free quote by visiting this page – https://funeralfunds.com/free-quote/
Suze
Just watched Judge Judy involving a Lumico policy. They even stone walled HER! That's what caused me to look Lumico up. I wouldn't buy a policy from them if my life depended upon it! Disgusting!
Funeral Funds
Suze – We saw that episode as well. To be clear…we don't work with or represent Lumico.
Victor Damari
I currently have a burial policy with lumico. The policy has been lost and I have been very unhappy with their service.
Funeral Funds
Victor – We are sorry to hear of your poor experience. We don't work with Lumico, so you will have to call them directly for service and help with your policy.
Jay
My mom had a policy. Simple Final Expenses. Trust me, nothing is simple about the process. Poor customer service. They have to complete a medical review due to the policy only being a little og a year old. My husband and I had to pay for everything out of pocket for the memorial services. This company sets false expectations and mis guides the elderly.
Please stay away from Lumico
Funeral Funds
Jay – As a reminder…we don't work with Lumico or represent or use them in any way. With that said, we are sorry you had such a poor customer service experience when you needed this help the most. As you found out, choosing a company with superior customer service is an important factor when you purchase your final expense policy from any company.
James Goodson
Is Lumico life insurance a rip off I have read some bad reviews I just got this insurance and they have already taken their first payment I'm thinking about canceling
Funeral Funds
Hey James – Lumico isn't an insurance company and all the insurance plans they sell are from are routed through an actual insurance company. So they are kind of a "middle-man" between you and the insurance company. With that said, we never have a problem beating their prices. Let us know if you need help with a policy in the future.
Kimberly A Colnaghi
lumico prays on the elderly. my mom paid faithfully. it's been 9 months and they still haven't paid the claim. it's a scam
Funeral Funds
Kimberly – I'm so sorry that you are having this difficulty. If you feel it would be appropriate or helpful, I'd be happy to hop on the phone with you and Lumico to identify the problem that's delaying your claim payment. Call me at (888) 862-9456 and ask for Randy.