Lumico Life Insurance Company: History, Contacts, Partnership, Financial details, Services and Products, Benefits, Reviews and Ratings

If you are looking for a reliable and affordable life insurance company, you might want to consider Lumico Life Insurance Company.

Lumico is a relatively new name in the insurance industry, but it has a long history of providing life and health insurance products to millions of Americans.

 

Lumico Life Insurance Company
Lumico Life Insurance Company | photo courtesy | Lumico Guide

 

In this article, we will review Lumico Life Insurance Company and its services, products, benefits, and ratings.

We will also provide some tips on how to file claims and become a member of Lumico.

About Lumico Life Insurance Company

Lumico Life Insurance Company is a subsidiary of Swiss Re, one of the world’s largest reinsurance companies.

The company was formerly known as Generation Life Insurance Company, but it changed its name in 2018 to reflect its mission of making insurance clear and simple for customers.

Lumico has an “A” rating by A.M. Best, which means that it is financially stable and secure.

The company is also rated A+ by the Better Business Bureau, which shows that it is committed to providing excellent customer service and operating in a trustworthy manner.

Contacts of Lumico Life Insurance Company

If you want to contact Lumico Life Insurance Company, you can use the following information:

What are the Agents and Brokers of Lumico Life Insurance Company?

Lumico Life Insurance Company works with a network of agents and brokers who can help you find the best insurance product for your needs.

You can search for an agent or broker near you on Lumico’s website or call their customer service number.

Agents and brokers can also help you with the application process, answer your questions, and provide support throughout your policy term.

Financial details of Lumico Life Insurance Company

Lumico Life Insurance Company is a financially sound company that has the resources to pay its claims and obligations. Here are some of the financial details of Lumico:

  • Total assets: $2.4 billion (as of December 31, 2020)
  • Total liabilities: $2.1 billion (as of December 31, 2020)
  • Total surplus: $300 million (as of December 31, 2020)
  • Net income: $34 million (for the year ended December 31, 2020)

What are the Services & products of Lumico Life Insurance Company?

Lumico Life Insurance Company offers three types of life insurance products:

  1. term life
  2. whole life
  3. final expense life insurance.

Each product has its own features, benefits, and limitations.

Here is a brief overview of each product.

  • Term life insurance: This is a type of life insurance that provides coverage for a specific period of time, usually 10, 15, 20, or 30 years. Term life insurance is ideal for people who want to protect their family from financial hardship in case of their premature death. Term life insurance is usually cheaper than other types of life insurance, but it does not have any cash value or savings component. If you outlive your policy term, you will not receive any benefits from your policy.
  • Whole life insurance: This is a type of life insurance that provides coverage for your entire life, as long as you pay your premiums. Whole life insurance combines life insurance with a cash value that accrues each year. You can access your cash value through loans or withdrawals, but this will reduce your death benefit and may incur taxes and fees. Whole life insurance is more expensive than term life insurance, but it offers more security and flexibility.
  • Final expense life insurance: This is a type of life insurance that provides coverage for your end-of-life expenses, such as funeral costs, medical bills, or debts. Final expense life insurance is designed for people who are over 50 years old and have health issues that may prevent them from getting other types of life insurance. Final expense life insurance has lower coverage amounts than term or whole life insurance, but it has higher premiums and lower underwriting requirements.

Lumico also offers health insurance products, such as Medicare Supplement (Medigap) plans.

These are plans that help cover some of the out-of-pocket costs that Medicare does not pay for, such as:

  1. deductibles
  2. coinsurance
  3. copayments.

Lumico offers different Medigap plans depending on your state and eligibility.

How to File Claims with Lumico Life Insurance Company

If you need to file a claim with Generation Life Insurance Company, you can follow these steps:

How to become a member of Lumico Life Insurance Company?

If you want to become a member of Generation Life Insurance Company, you need to apply for one of their insurance products.

You can initiate this process by reaching out to a nearby agent or broker, or by completing an online application on Lumico’s official website.

As part of the application, you’ll be required to furnish personal and health details, which typically include:

  1. your name
  2. age
  3. gender
  4. smoking status
  5. medical history
  6. lifestyle habits.

The specific requirements, such as a medical examination or health-related inquiries, may vary depending on the type and coverage amount of the insurance you’re seeking.

Lumico will then evaluate your application and determine your eligibility and premium rate.

If you are approved, you will receive your policy documents and start paying your premiums.

What are the Benefits of joining Lumico Life Insurance Company?

Joining Generation Life Insurance Company has several benefits.

Such as:

Customer and Media reviews about Lumico Life Insurance Company

Generation Life Insurance Company has received mostly positive reviews from customers and media outlets. Here are some examples of what people are saying about Lumico:

“Easy to work with, agent was very knowledgeable, everything was done online.”

Gregory, Lumico policyholder

“Very easy to give you peace of mind, Lumico will walk you through the whole process, they will give you options on how to make your payments and much more.”

Julie, Lumico policyholder

“Gave me exactly what I was looking for and needed. Fast, easy, and convenient. Best decision I could have ever made.”

Donna, Lumico policyholder

“One of the best experiences I’ve had working with an insurance company thus far.”

Glen, Lumico policyholder

“Lumico was the only company I called where a human being answered the phone. There were no robotic answering services, just a helpful person that helped me and my family through this challenging period of loss.”

Lumico beneficiary

 

The table shows the Ratings of Lumico Life Insurance Company

Generation Life Insurance Company has received high ratings from various rating agencies and organizations.

Here is a table that shows some of the ratings of Lumico:

Rating Agency Rating Meaning
A.M. Best A Excellent
Better Business Bureau A+ Highest
Trustpilot 4.5/5 Excellent

 

Conclusion

Generation Life Insurance Company is a reliable and affordable life insurance company that offers a range of life and health insurance products.

The Lumico has a long history of providing insurance solutions to millions of Americans, and it has an excellent reputation and rating in the industry.

If you are looking for a simple and clear way to protect your family and your health, you might want to consider Generation Life Insurance Company.

You can contact them today to get a free quote or apply online.