Choice Mutual's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
Lumico final expense insurance is a competitively priced burial insurance policy, but other providers offer the same coverage for less.
Also, specific health issues will trigger a three-year waiting period which is 50% longer than most companies.
Learn how their policy works, the cost, pros & cons, and if their coverage is worth buying.
How Does Lumico Final Expense Insurance Work?
Lumico’s final expense life insurance is a whole life insurance policy that does not require a medical exam.
To qualify, you only need to fill out a health questionnaire.
In addition, Lumico will look over your prescription history because that tells them quite a bit about your health.
Since it’s a whole life policy, the premiums will never increase, and the policy will never expire.
Also, the coverage amount won’t decrease and will build cash value.
When you die, Lumico will pay your beneficiaries cash equal to the face value of the policy (unless there’s a waiting period).
They can spend that money on anything, including funeral expenses, medical bills, or credit card debts.
If there’s money left over, your family keeps it. It does not go to the funeral home.
Lumico burial insurance has three different health ratings that you can qualify for.
- Preferred: This is their least expensive option and has no waiting period. With this plan, the full death benefit would pay out even if you died a week after the policy started. To be eligible for the preferred rating, you must be able to say no to all the health questions on the application.
- Standard: This is their second most expensive plan and has a partial waiting period. For death in the first 12 months, they will pay out 25% of the death benefit. Death in months 13-24 would yield a payout of 50%. Death in months 25-36 would yield a payout of 75%.
- Modified: This is their most expensive option and has a three-year waiting period. For death in the first 12 months, they will pay out 10% of the death benefit. Death in months 13-24 would yield a payout of 25%. Death in months 25-36 would yield a payout of 50%.
The most amount of final expense life insurance you can buy from Lumico is $35,000. However, your health and age could yield a lower maximum coverage amount.
Lumico funeral insurance is not sold directly by the company. You can only buy it from one of their licensed insurance agents.
| Coverage Details | Preferred | Standard | Modified |
|---|---|---|---|
| Policy Type | Whole Life Insurance | ||
| Policy Duration | Lifetime | ||
| Fixed Premiums | Yes | ||
| Ages of Availability For New Applicants | 50-85 | 50-80 | |
| Minimum Coverage Amount | $5,000 | ||
| Maximum Coverage Amount | $30,000 | $15,000 | |
| Available States | All Except MT & NY | ||
| Builds Cash Value | Yes | ||
| Medical Exam | No | ||
| Can Be Denied For Pre-Exisiting Conditions | Yes | ||
| Health Questions | Yes | ||
| Prescription History Check | Yes | ||
| Waiting Period | No | 1st Year: 25% payout 2nd Year: 50% payout 3rd Year: 75% payout | 1st Year: 10% payout 2nd Year: 25% payout 3rd Year: 50% payout |
| Subject To The Contestability Clause | Yes | ||
| Optional Riders At Additional Cost | Accelerated Death Benefit Rider & Accidental Death Rider | None | |
How Much Does Lumico Burial Insurance Cost?
The cost of a Lumico burial insurance policy is based on your exact age, gender, health, tobacco history, and how much coverage you select.
Below are some sample final expense insurance prices for their coverage.
All prices shown in the whole life rates chart below are for $10,000 in coverage at a non-tobacco rating.
| Age | Preferred | Standard | Modified |
|---|---|---|---|
| 50 | F: $26.08 M: $32.06 | F: $48.61 M: $62.42 | F: $69.08 M: $75.60 |
| 55 | F: $31.56 M: $42.23 | F: $55.99 M: $73.63 | F: $74.91 M: $90.76 |
| 60 | F: $35.92 M: $46.70 | F: $64.07 M: $79.38 | F: $90.69 M: $103.76 |
| 65 | F: $40.98 M: $56.36 | F: $76.17 M: $90.78 | F: $97.32 M: $108.47 |
| 70 | F: $57.43 M: $74.14 | F: $97.31 M: $116.51 | F: $127.56 M: $163.93 |
| 75 | F: $80.76 M: $107.47 | F: $124.18 M: $157.58 | F: $145.02 M: $214.97 |
| 80 | F: $120.00 M: $156.24 | F: $172.74 M: $225.46 | F: $210.51 M: $337.56 |
| 85 | F: $181.78 M: $220.23 | F: $267.57 M: $331.43 | N/A |
Pros And Cons Of Lumico Funeral Insurance
- No waiting period option
- No medical exam to qualify
- Very fast approvals
- Competitive rates for their preferred plan
- Available in most states
- Life-long coverage that never increases in cost
- Other providers are cheaper for the same coverage
- Their waiting periods are much longer than other companies
- The underwriting isn’t very favorable for most seniors, which causes a waiting period and a much higher price
- The standard and modified plans are ultra-expensive
- No guaranteed acceptance option
Is Lumico Worth Buying?
Lumico burial insurance has fair prices in line with most funeral life insurance companies.
But you can secure lower prices elsewhere.
For example, Lumcio would charge a 75-year-old male who doesn’t smoke 107.47 monthly for $10,000 in coverage (at a preferred rating).
Mutual of Omaha would only charge $99.97 per month.
So if you’re looking for the most coverage for the dollar spent, there are better carriers to pursue than Lumico Life Insurance Company.
Another issue with Lumico is their underwriting and waiting periods.
With most companies, a waiting period only last two years.
However, Lumico’s waiting periods are three years.
And their underwriting triggers a waiting period for many common health issues among seniors.
If you’re not in the best of health, Lumico is one of the most expensive options you could pursue.
Tips To Find The Best Final Expense Insurance
If you’re in the market for burial expense insurance, there are some simple steps you can take to ensure you find the best policy.
- Work with an independent agent. Make sure you expand beyond one company or an agent who can only choose from one or two companies. Work with an independent agent that represents dozens of companies. They can compare all the companies in your state to find you the best deal.
- Disregard advertisements on TV and via mail. Almost all TV and via mail ads have a two-year waiting period and are much more expensive.
- Be open to buying from unfamiliar insurance companies. There are almost 800 life insurance companies in the USA. Less than 1% advertise on a mass scale to be a household name like State Farm or Geico. The other 99% aren’t bad or untrustworthy. They just don’t advertise on TV. Be open to buying coverage with these companies because they very well could have the best final expense policy for you.
At the end of the day, if you are looking for a final expense policy, your primary objective should be to find a reputable independent agency.
Then let them compare all the companies in your state to see which one will give you the best deal.
To make it simple for yourself, you can call us.
Choice Mutual is licensed in all 50 states, including DC.
We work with over 15 highly rated companies, and final expense insurance for seniors is our specialty.
We’ll answer your questions and compare each carrier to find you the lowest possible price.
Our phone number is 1-800-644-296.
Who Is Lumico Life Insurance Company?
Lumico Life Insurance Company is owned and backed by Swiss Re, a reinsurance company based out of Zurich, Switzerland.
They provide life (final expense and term) and health insurance products across the USA.
They currently have an A (Excellent) rating with A.M. Best and an A+ rating with the Better Business Bureau.
Their home office is located in Lincoln, Nebraska, and their phone number is 1-866-440-4047.
Lumico earned 1.5 stars out of 5 for overall performance. Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, complaint data from the National Association of Insurance Commissioners, and financial strength ratings.
Learn about our rating methodology.
