Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Apr 9, 2021

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The Facts of Life

  • Lumico recently changed its name from Generation Life Insurance Company
  • If you have a policy with Generation Life nothing has changed with your policy, and there is no need to worry
  • Lumico aims to provide affordable and easy-to-understand life insurance policies so life insurance can be more accessible to a wider population
  • Despite being a small insurance company in terms of market share Lumico is expanding and gaining a greater share of the life insurance market

If you’re looking for a life insurance policy you probably want two main things, a policy you can afford and a life insurance policy that you can understand. Lumico, formerly known as Generation Life, aims to provide affordable and easy-to-understand life insurance policies.

Our Lumico life insurance review will go through Lumico’s main product offerings, what consumers think about Lumico, and the overall financial strength of the company.

Life insurance is important coverage to have in the event of your death, and Lumico tries to offer easy-to-understand policies so that you can be sure your interests are protected after you pass. We’ll help you understand what Lumico has to offer below.

Are ready to buy Lumico life insurance? Enter your ZIP code above to compare affordable life insurance rates in your area.

What life insurance products does Lumico offer?

The Lumico Life Insurance Company offers three distinct life insurance products, term life insurance, whole life insurance, and final expense coverage.

Lumico life insurance offers consumers four different term lengths to choose from 10-, 15-, 20-, and 30-year terms. These term life policies have flat premiums, meaning your costs won’t go up as you age or get sick, and can be purchased with up to 1 million dollars in coverage.

Lumico says these policies are best for young families who want to cover the costs of something specific like a home mortgage or college costs. Take a look at the average costs of term life insurance by age and gender.

Average Monthly 20-Year Term Life Insurance Rates by Age, Gender, and Coverage Value
Age and Gender$250,000 Policy Average Monthly Life Insurance Rates$500,000 Policy Average Monthly Life Insurance Rates$750,000 Policy Average Monthly Life Insurance Rates$1 Million Policy Average Monthly Life Insurance Rates$2 Million Policy Average Monthly Life Insurance Rates
20-Year-Old Male$18$29$40$47$86
20-Year-Old Female$15$22$30$35$64
25-Year-Old Male$17$28$39$46$86
25-Year-Old Female$15$22$30$35$65
30-Year-Old Male$18$29$40$47$89
30-Year-Old Female$15$23$31$37$69
35-Year-Old Male$19$31$44$52$99
35-Year-Old Female$17$26$36$43$79
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Lumico’s whole life insurance policies last until the end of your life, assuming that you make your premium payments on time. The premiums on these policies also remain fixed for the duration of your policy, and they can also be purchased with a benefit of up to 1 million dollars.

Lumico’s whole life insurance policies are perfect for people looking to have guaranteed life insurance for the rest of their life plus a way to access cash should they need it. Whole life insurance policies have cash values that can be borrowed against.

Finally, Lumico’s final expense life insurance policies cover costs associated with funerals and other final arrangements. These policies also last for the duration of your life, but they can only be purchased with a maximum benefit of $30,000.

These final expense policies are best for seniors who want to ensure their kids or grandkids are not saddled with the expenses of burial and other considerations. Sometimes there is even a little bit of cash value left over that can be left to kid or grandkid.

Now that you know a little more about Lumico life insurance rates, we’ll move on to consumer reviews.

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What do consumers think of Lumico?

According to BBB consumer reviews, the consumer reception of Lumico is mixed. The company averages 2.2 stars out of 5 on the BBB website. The most common complaints people have about Lumico is that their customer service is poor and that they can take a long time to pay out benefits.

According to the NAIC (National Association of Insurance Commissioners), the complaint rate for Lumico Life Insurance company was four times the national average.

These are important complaints to keep in mind when shopping for life insurance. Smaller companies like Lumico can sometimes struggle to provide the top-notch customer service that we have all come to expect. Plus, benefit payments may be more difficult for a smaller company to make in a timely fashion.

What is the financial strength of Lumico Life Insurance?

Financial strength is an important facet of a life insurance company to consider. A life insurance company with a weak financial strength score may be unable to pay out benefits in full or in a timely fashion.

Lumico has not been reviewed by Moody’s or S&P, but they have been reviewed by A.M. Best. A.M. Best gave Lumico an A, the second-highest financial strength rating possible. This rating means the company is financially stable and should be able to pay out all benefits in a timely and full manner.

Is Lumico life insurance available near me?

Lumico is available in most states, but unfortunately, it is not available in all 50 states. Here is a list of states where Lumico insurance is not available to consumers:

  • North Dakota
  • South Dakota
  • New York
  • Maine
  • California
  • Florida
  • Montana
  • Delaware
  • Washington D.C.

Lumico should be available to you if you do not live in one of the places listed above. You can always see what life insurance companies are available in your area by speaking to a life insurance agent and comparing rates in your locality.

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Does Lumico have an easy-to-use website?

One of Lumico’s greatest assets is the easy-to-use website they have. Not only does Lumico explain every single product offering in detail and easy-to-understand language, but the website is laid out in an easy-to-read and use format that makes finding anything you need simple.

We weren’t able to access the customer side of the Lumico website, but it looks like customers are able to sign in online and manage their life insurance policies through the Lumico website.

Does Lumico sell anything else?

Besides life insurance, Lumico also sells Medicare supplemental insurance as well. You can review this offering as well as all of their life insurance offerings on their website.

Lumico Life Insurance Review: The Bottom Line

Lumico offers customers a lot of resources, but there also seems to be a high amount of complaints associated with Lumico life insurance. It is important to keep this in mind when shopping for life insurance. Affordable Lumico life insurance quotes might not be the only thing you want to look for.

Now that you’ve finished this Lumico life insurance review, enter your ZIP code below to find cheap life insurance rates from the top companies in your area.