Quick Answer
Lumico burial insurance is no longer available to new buyers. Lumico stopped accepting new applications in late 2024 to early 2025; its Help Center gives January 8, 2025, and says existing customers are not affected. If you already own a Lumico policy, keep it in force and don’t cancel it until a replacement policy is approved and active. If you’re shopping for burial insurance now, compare plans from other insurance companies, since many of them accept a wide range of health issues.
Key Points
- Lumico stopped accepting new applications (its Help Center gives January 8, 2025); existing policies are not affected
- Lumico offered easy approval, but strict health rules limited its best plans
- Most people didn’t qualify for first-day coverage and got worse options
- Standard and modified plans come with a long 3-year waiting period
- Some medications like blood thinners triggered reduced benefit policies
- Coverage amounts are smaller and focused only on final expenses
GET MY QUOTEor call 888-862-9456
IMPORTANT: Lumico stopped accepting new applications in late 2024 to early 2025. Its Help Center says that as of January 8, 2025, Lumico is no longer accepting new applications, and that existing customers are not affected; an earlier notice to agents gave October 1, 2024 as the end of new life insurance business. The plan details below describe Lumico’s final expense plans as they were sold. They can help you understand a Lumico policy you already own, but you can’t buy a new one.
Does Lumico offer first-day coverage?
YES, while Lumico was accepting applications, its Preferred plan offered first-day coverage. Lumico no longer accepts new applications.
If you qualified, their Preferred whole life plan covered you from day one, with the full death benefit payable from the start.
Pros of Lumico burial insurance
Diabetes-friendly: accepted insulin use if you used less than 40 units daily.
Seizure friendly: seizures qualified for the preferred plan
Accepted mild mental health disorders: depression and anxiety qualified for the preferred plan
Cons of Lumico burial insurance
Strict underwriting: most health issues were not eligible for the preferred plan
3-year waiting period: standard and modified plans have a 3-year waiting period
Blood thinners were a red flag: If they found blood thinners on your prescription history, you were offered a standard plan with a 3-year waiting period
Lumico burial insurance products
Lumico Life had three burial insurance policies you could be eligible for depending on your health and age (ages 50-85; 50-80 for the Modified plan).
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 answers to the health questions determined what type of policy you could buy. Every plan had its own age availability, pricing, face amount, and payout schedule.
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 amounts sold: $5,000-$30,000
- Death benefit schedule: Instant, no waiting period effective on day one.
Applicants who qualified for preferred burial insurance got a level death benefit with no waiting period. The minimum coverage amount was $5,000 and went as high as $30,000.
LUMICO LIFE STANDARD PLAN:
- Age availability: 50-85
- Face amounts sold: $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 qualified for standard burial insurance got 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 qualified for a modified benefit plan, the maximum coverage amount was reduced to $15,000. This plan was also available only up to age 80. 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 was not suitable for everybody because it has a waiting period. It was only meant for people with certain health conditions that the modified policy accepted.
If you were healthy, this plan would cost you an arm and a leg. If your health only qualifies you for a reduced-benefit plan today, other companies may offer plans with a shorter, two-year waiting period.
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?
Lumico no longer accepts new applications, so it isn’t an option for new coverage. If you already own a Lumico Preferred plan, it gives you first-day coverage, so keep it in force.
If you own a Standard or Modified plan, remember its three-year reduced-benefit period, which is longer than the two-year waiting period many other companies use. Compare your options before making a change, and never cancel your Lumico policy until a replacement is approved and active.
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
These are the underwriting rules Lumico used while it accepted applications. A medical exam was not required to qualify for Lumico Life burial insurance coverage.
They only checked:
- Your answers in the application
- Your Medical Information Bureau file
- Your prescription history, but your answers to the health questionnaire were the most important factor in deciding your approval.
HEALTH QUESTIONS
Lumico asked 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 meant you were 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 were offered the standard plan if you said no to the knock-out questions 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 these questions qualified you for the modified plan.
The type of plan (preferred, standard, or modified) you qualified for depended on your answers to these health questions. If you said no to all of these, you were eligible for the best plan, which was preferred.
PRESCRIPTION HISTORY CHECK
Lumico electronically reviewed your prescription history to check what medications you were taking to treat any health issues. The prescription history check was used to validate what medical conditions you had been treating.
Some prescription medications were a red flag and could keep you from qualifying for the preferred plan. If you were taking prescription medications for health issues they cared about, they could respond negatively.
For example, suppose you said no to kidney failure but were taking medication to control a severe kidney condition. In that case, Lumico would 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 was available to Lumico Life when you applied.
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 applied, that could affect the kind of plan you qualified for.
Lumico pricing examples
These are monthly Preferred plan sample rates from when Lumico was selling new policies. They are shown for reference only, because Lumico no longer accepts new applications.
| 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 burial insurance
Lumico no longer accepts applications, but this is how the burial insurance application process works with other companies.
| 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 issued by Lumico Life Insurance Company (formerly known as Generation Life Insurance Company), an insurance company rather than an agency. It is owned by iptiQ Americas, part of the Swiss Re (Swiss Reinsurance Company) group. Lumico stopped accepting new applications in late 2024 to early 2025 (its Help Center gives January 8, 2025) and continues to serve existing customers.
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
In May 2024, A.M. Best affirmed Lumico Life Insurance Company’s financial strength rating of A (Excellent), downgraded its long-term issuer credit rating to “a” from “a+”, and placed its ratings under review with negative implications. Check A.M. Best for Lumico’s current rating.
Frequently asked questions
LUMICO INSURANCE COMPANY INFORMATION
Is Lumico Life Insurance still in business?
Lumico Life Insurance Company still serves its existing customers, but it stopped accepting new applications in late 2024 to early 2025 (its Help Center gives January 8, 2025).
Is Lumico Life Insurance legitimate?
Yes, Lumico Life Insurance Company is a legitimate insurance company. It was formerly known as Generation Life Insurance Company.
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?
The company was renamed Lumico Life in 2017 after Swiss Re’s iptiQ Americas unit acquired it at the end of 2016. Before that, it was Generation Life Insurance Company.
What is Lumico’s financial rating?
In May 2024, A.M. Best affirmed Lumico Life Insurance Company’s A (Excellent) financial strength rating and placed its ratings under review with negative implications. Check A.M. Best for the current rating.
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
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?
You can’t. Lumico stopped accepting new applications in late 2024 to early 2025 (its Help Center gives January 8, 2025). An independent agent can quote comparable coverage from other companies.
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 sold three final expense insurance products to seniors before it stopped accepting new applications:
- 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?
As we documented them, Lumico’s Preferred and Standard plans were available at ages 50 to 85 and its Modified plan at ages 50 to 80. Lumico no longer accepts new applications at any age.
Can you get first-day coverage with Lumico?
Their Preferred plan came with first-day coverage: the insured was covered from day one, and the beneficiary receives the full death benefit. Lumico no longer accepts new applications.
What are the pros and cons of Lumico’s final expense life insurance?
Pros:
- Diabetes-friendly: accepted insulin use if you used less than 40 units daily
- Seizure friendly: seizures qualified for the preferred plan
- Accepted mild mental health disorders: depression and anxiety qualified for the preferred plan
Cons:
- Strict underwriting: most health issues were not eligible for the preferred plan
- 3-year waiting period: standard and modified plans have a 3-year waiting period
- Blood thinners were a red flag: If they found blood thinners on your prescription history, you were offered a standard plan with a 3-year waiting period.
How much life insurance can you get with Lumico life insurance?
Lumico Life sold $5,000 to $30,000 of coverage ($5,000 to $15,000 on the Modified plan). It no longer accepts new applications.
LUMICO LIFE INSURANCE PRICING
What does Lumico life insurance cost?
Lumico’s life insurance premium varied according to age, gender, and tobacco use. These were the Preferred plan sample rates while it was selling new policies.
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?
You can no longer buy a new Lumico policy. The sample Preferred plan rates above show what Lumico charged. Prices vary by age, health, state, and plan, so compare quotes from several companies when you shop for new coverage.
LUMICO LIFE INSURANCE ELIGIBILITY
Do you need a medical exam to qualify for Lumico life insurance?
No, Lumico’s final expense insurance didn’t require a medical exam. All three final expense plans were no medical exam insurance, with no blood or urine samples. Lumico no longer accepts new applications.
Does Lumico ask health questions?
Yes, Lumico Life asked health questions as part of its 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
Final Expense Guy
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!
Final Expense Guy
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.
Final Expense Guy
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
Final Expense Guy
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
Final Expense Guy
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
Final Expense Guy
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.