Lumico life insurance has become an increasingly visible name in the final expense and burial insurance market. If you are researching affordable life insurance options — particularly if you are a senior or someone with health conditions that make traditional underwriting difficult — Lumico Life Insurance Company deserves a close look. This comprehensive review covers everything you need to know about Lumico, including their products, costs, financial strength, application process, and how they compare to competitors so you can decide if a Lumico policy is right for your needs.
What Is Lumico Life Insurance?
Lumico Life Insurance Company is a state-licensed life insurance carrier domiciled in Austin, Texas. The company operates as a subsidiary of Prosperity Life Group (formerly S.USA Life Insurance Company) and has been issuing policies since 2018. Unlike insurance brokerages that connect you with other carriers, Lumico is an actual insurance company that underwrites and issues its own policies.
Lumico specializes in the senior market, focusing on final expense insurance, simplified issue whole life, and guaranteed issue products. The company distributes its products exclusively through a network of licensed independent insurance agents across the United States, meaning you cannot buy directly from Lumico's website. This agent-based model allows Lumico to reach consumers who prefer personalized guidance when purchasing life insurance.
The company is licensed to sell life insurance in most U.S. states and has built a growing presence in the final expense market. As a subsidiary of Prosperity Life Group — which manages over $3 billion in assets — Lumico benefits from the financial backing and operational infrastructure of a larger organization while maintaining its focus on accessible, no-exam life insurance products.
Lumico Company Background and Financial Strength
Understanding a life insurance company's financial stability is critical because you need confidence that the insurer will be around to pay claims decades from now. Lumico life insurance carries an AM Best financial strength rating of B++ (Good), which is the fifth-highest rating on the 16-point scale. This indicates that Lumico has a good ability to meet its ongoing insurance obligations.
| Company Detail | Information |
|---|---|
| Legal Name | Lumico Life Insurance Company |
| Domicile State | Texas |
| Parent Company | Prosperity Life Group |
| Year Established | 2018 |
| AM Best Rating | B++ (Good) |
| NAIC Number | 68632 |
| BBB Rating | Not BBB Accredited |
| Products Offered | Final Expense, Whole Life, Term, Annuities |
| Distribution Model | Independent Agents Only |
| States Licensed | Most U.S. states (check availability) |
It is worth noting that Lumico's B++ rating, while classified as "Good," falls below the A-range ratings carried by industry giants like Northwestern Mutual (A++), New York Life (A++), or MassMutual (A++). For consumers considering a Lumico policy, this means the company is financially stable but does not carry the highest level of financial security assurance. For smaller final expense policies in the $5,000-$40,000 range, this rating is generally considered adequate. Additionally, state guaranty associations provide a safety net of $300,000 or more in life insurance benefits per insured if an insurer becomes insolvent.
Prosperity Life Group, Lumico's parent, was originally established as S.USA Life Insurance Company. The group has grown through strategic acquisitions and now manages billions in assets. This corporate backing provides Lumico with the capital reserves and administrative infrastructure to support its growing policyholder base. You can verify Lumico's current financial status through the NAIC Consumer Information Source.
Lumico Life Insurance Products and Coverage Options
Lumico life insurance offers several product lines, each designed for specific needs and health situations. Understanding the differences between these products is essential for choosing the right coverage.
Final Expense Whole Life Insurance
Lumico's flagship product is final expense whole life insurance, designed to cover funeral costs, medical bills, and other end-of-life expenses. These policies feature coverage amounts from $5,000 to $40,000, no medical exam requirement, fixed premiums that never increase, and a cash value component that grows over time. The simplified issue version requires answering health questions but offers immediate full coverage from day one for approved applicants.
Guaranteed Issue Whole Life Insurance
For applicants who cannot qualify for simplified issue coverage due to serious health conditions, Lumico offers guaranteed issue policies. These policies have no health questions or medical underwriting — acceptance is guaranteed if you meet the age requirements (typically 50-85). The tradeoff is a graded death benefit, meaning the full face amount is not payable during the first two to three years. If death occurs during this waiting period, beneficiaries receive a return of premiums paid plus interest (usually 10%).
Term Life Insurance
Lumico also offers term life insurance for applicants who need temporary coverage at a lower cost. Term policies provide coverage for a specific period (typically 10, 15, or 20 years) without building cash value. These are priced lower than whole life policies but expire at the end of the term if not renewed or converted.
| Product | Coverage Range | Medical Exam | Health Questions | Death Benefit | Cash Value |
|---|---|---|---|---|---|
| Final Expense (Simplified Issue) | $5,000 – $40,000 | No | Yes (8-12) | Immediate full | Yes |
| Guaranteed Issue Whole Life | $5,000 – $25,000 | No | No | Graded (2-3 year wait) | Yes |
| Term Life | $25,000 – $250,000 | Varies | Yes | Immediate full | No |
| Fixed Annuities | Varies | No | No | N/A | Guaranteed interest |
Fixed Annuities
Beyond life insurance, Lumico offers fixed annuity products that provide guaranteed interest rates on deposited funds. These are retirement savings vehicles rather than life insurance and appeal to consumers seeking predictable, low-risk growth for their money. Fixed annuities can complement a life insurance policy by providing income during retirement while the life insurance covers end-of-life needs.
How Much Does Lumico Life Insurance Cost?
Lumico life insurance premiums depend on several factors including your age, gender, health status, tobacco use, coverage amount, and the specific product type. Because Lumico does not sell directly to consumers, exact pricing is provided during the agent consultation process. However, the following table provides estimated monthly premium ranges based on industry data for comparable final expense products.
| Age | $10,000 Coverage | $15,000 Coverage | $25,000 Coverage |
|---|---|---|---|
| 50 (Female, Non-Smoker) | $25 – $35/mo | $35 – $50/mo | $55 – $80/mo |
| 50 (Male, Non-Smoker) | $30 – $40/mo | $42 – $58/mo | $65 – $92/mo |
| 60 (Female, Non-Smoker) | $35 – $48/mo | $50 – $68/mo | $78 – $108/mo |
| 60 (Male, Non-Smoker) | $42 – $58/mo | $60 – $82/mo | $95 – $130/mo |
| 65 (Female, Non-Smoker) | $40 – $55/mo | $58 – $78/mo | $92 – $125/mo |
| 65 (Male, Non-Smoker) | $50 – $70/mo | $72 – $100/mo | $115 – $160/mo |
| 70 (Female, Non-Smoker) | $55 – $75/mo | $78 – $108/mo | $125 – $172/mo |
| 70 (Male, Non-Smoker) | $68 – $95/mo | $98 – $138/mo | $158 – $220/mo |
| 75 (Female, Non-Smoker) | $75 – $105/mo | $108 – $150/mo | $172 – $240/mo |
| 75 (Male, Non-Smoker) | $95 – $135/mo | $138 – $195/mo | $220 – $310/mo |
These are estimated ranges for simplified issue final expense coverage. Guaranteed issue policies cost 15-30% more due to the graded benefit and lack of health screening. Smokers should expect to pay 25-50% more than non-smoker rates. Your actual Lumico life insurance premium will be determined during the application process based on your specific health profile and the agent's underwriting assessment.
One important advantage of Lumico's pricing structure is that premiums are locked in at the time of purchase. Once your policy is issued, your monthly payment never increases regardless of changes in your health, age, or market conditions. This predictability makes budgeting for coverage straightforward, which is particularly valuable for retirees on fixed incomes.
Application Process and Underwriting
Applying for Lumico life insurance involves working with a licensed independent agent. The process is designed to be straightforward and does not require a medical exam for any of their primary products. Here is what to expect when applying.
Step 1: Find an agent. You can request a quote through Lumico's website or contact an independent insurance agent who carries Lumico products. Many online insurance brokerages also offer Lumico policies alongside options from other carriers, allowing you to compare.
Step 2: Health questionnaire (simplified issue). For simplified issue products, the agent will walk you through a series of 8-12 health questions. These typically ask about specific conditions such as cancer, heart disease, organ transplant, oxygen use, and nursing home residence. Your answers determine which rate class you qualify for — Preferred, Standard, or Modified.
Step 3: Application submission. The agent submits your application electronically. Most Lumico applications are processed quickly, with many receiving a decision the same day or within 24-48 hours. There are no blood tests, urine samples, or physical examinations required.
Step 4: Policy issuance. Once approved, your policy is issued and coverage begins. You will receive policy documents by mail, and your first premium payment is typically collected at the time of application or within the first billing cycle.
For guaranteed issue products, the process is even simpler — there are no health questions at all. If you meet the age requirements and live in a state where Lumico offers guaranteed issue coverage, you are automatically approved. The tradeoff is the graded death benefit waiting period, which means full coverage does not begin until two to three years after the policy effective date.
Lumico Life Insurance Pros and Cons
Every life insurance carrier has strengths and weaknesses. Here is an honest assessment of what Lumico does well and where the company falls short compared to competitors.
Pros
- No medical exam required for any primary product
- Guaranteed issue option available for hard-to-insure applicants
- Locked-in premiums that never increase
- Fast application processing (often same-day decisions)
- Cash value accumulation on whole life products
- Backed by Prosperity Life Group's multi-billion-dollar asset base
- Available through independent agents who can compare multiple carriers
Cons
- B++ AM Best rating is below A-rated competitors
- Cannot purchase directly online — must work with an agent
- Relatively new company (established 2018) with limited track record
- Not BBB accredited
- Guaranteed issue policies have graded death benefit (2-3 year wait)
- Limited product selection compared to larger carriers
- Pricing may not be the most competitive for healthy applicants
Lumico vs Other Life Insurance Carriers
How does Lumico life insurance stack up against other popular carriers in the final expense and senior life insurance market? The following comparison highlights key differences that can help you make an informed choice.
| Feature | Lumico | Mutual of Omaha | AIG (American General) | ANICO |
|---|---|---|---|---|
| AM Best Rating | B++ (Good) | A+ (Superior) | A (Excellent) | A (Excellent) |
| Final Expense Coverage | $5K – $40K | $2K – $40K | $5K – $25K | $5K – $30K |
| Medical Exam Required | No | No | No | No |
| Guaranteed Issue Option | Yes | Yes | Yes | Yes |
| Age Range | 50 – 85 | 45 – 85 | 50 – 80 | 45 – 85 |
| Same-Day Decisions | Yes | Yes | Sometimes | Yes |
| Cash Value | Yes | Yes | Yes | Yes |
| Distribution | Agents only | Agents + online | Agents + online | Agents only |
If financial strength is your top priority, Mutual of Omaha's A+ rating offers significantly more assurance than Lumico's B++. However, Lumico may offer competitive pricing or more lenient underwriting for certain health conditions. The best approach is to work with an independent agent who represents multiple carriers so you can compare actual quotes and coverage terms side by side, rather than relying solely on company ratings. If you are exploring other options in the final expense space, our Open Care life insurance review covers another popular option for seniors.
Customer Reviews and Complaints
Lumico Life Insurance Company has a relatively limited online review footprint compared to larger, established carriers. This is partly because the company was founded in 2018 and sells exclusively through agents, which means many consumers interact with their agent's brand rather than Lumico directly.
Common positive themes in customer feedback include quick application processing, helpful agents, and competitive pricing for applicants with health conditions. Negative themes include confusion about the graded death benefit on guaranteed issue policies, difficulty reaching Lumico directly for customer service (since agents are the primary contact), and occasional delays in claims processing.
As of early 2026, Lumico is not accredited by the Better Business Bureau (BBB), which means the company has not sought or received BBB accreditation. This is not unusual for insurance carriers that sell exclusively through agents, as consumer complaints are more likely to be directed at the selling agency rather than the underwriting carrier. You can check Lumico's complaint history through your state's department of insurance or the NAIC's complaint index.
When evaluating reviews, keep in mind that agent experience varies significantly. A positive or negative experience with a Lumico policy often reflects the quality of the agent who sold it rather than Lumico as a company. Choosing a reputable, experienced agent is just as important as choosing the right insurance carrier.
Claims Process and Payout Timeline
Understanding how the claims process works before you need it is essential for ensuring your beneficiaries receive benefits promptly. Here is what to know about filing a claim with Lumico life insurance.
To initiate a claim, beneficiaries should contact Lumico's claims department or their insurance agent. The following documents are typically required: a completed claim form (provided by Lumico), a certified copy of the insured's death certificate, the original policy document (if available), and identification of the beneficiary. Once all documentation is submitted, Lumico's standard processing time is 10-15 business days. Benefits are paid via check or direct deposit based on the beneficiary's preference.
For simplified issue policies with immediate full coverage, the full death benefit is payable from day one (assuming no material misrepresentation on the application). For guaranteed issue policies, the graded benefit schedule applies during the first two to three years. If the insured passes away during this period from natural causes, beneficiaries receive a return of all premiums paid plus 10% interest rather than the full face amount. Accidental death during the waiting period typically pays the full benefit.
To ensure a smooth claims process, keep your policy documents in an accessible location and make sure your beneficiaries know the policy exists and where to find the paperwork. Consider providing your beneficiary with your agent's contact information as well, since the agent can help guide them through the claims filing process.
Who Is Lumico Life Insurance Best For?
Lumico life insurance is not the right fit for everyone, but it serves certain market segments well. Based on their product offerings, pricing, and underwriting approach, Lumico is best suited for the following groups.
Seniors ages 50-85 seeking final expense coverage. If your primary goal is covering funeral costs, outstanding medical bills, and other end-of-life expenses, Lumico's final expense products are specifically designed for this need. Coverage amounts of $5,000-$40,000 align well with average funeral costs of $7,000-$12,000 plus additional debts.
Applicants with health conditions. If you have been declined by other carriers due to pre-existing conditions, Lumico's guaranteed issue option provides a path to coverage without any health screening. While the graded benefit is a tradeoff, having some coverage is significantly better than leaving your family unprotected.
People who prefer working with an agent. If you value personalized guidance and want someone to walk you through your options, Lumico's agent-only distribution model ensures you receive one-on-one assistance. Your agent can also compare Lumico's rates with other carriers they represent.
Lumico may not be the best choice for young, healthy individuals seeking large coverage amounts — traditional fully underwritten policies from A-rated carriers will typically offer better rates and stronger financial guarantees for this demographic. Similarly, if purchasing entirely online without agent interaction is important to you, Lumico's distribution model will not accommodate that preference. For broader coverage needs, consider exploring maximum funded indexed universal life policies, which offer both a death benefit and significant cash value growth potential.
Frequently Asked Questions
Yes, Lumico Life Insurance Company is a legitimate, state-licensed insurer domiciled in Texas. Lumico holds an AM Best financial strength rating of B++ (Good) and is regulated by state insurance departments. The company underwrites its own policies and has been operating since 2018 as a subsidiary of Prosperity Life Group.
Lumico offers several types of life insurance including final expense whole life insurance, simplified issue whole life, guaranteed issue whole life, term life insurance, and fixed annuities. Their final expense products are the most popular, with coverage amounts typically ranging from $5,000 to $40,000.
Lumico life insurance premiums vary by product type, age, health, and coverage amount. For a 65-year-old in average health, final expense coverage of $10,000 typically costs $40-$70 per month. Term life policies are generally less expensive but do not build cash value. Rates are locked in at the time of purchase and do not increase.
No, Lumico does not require a medical exam for most of their products. Their simplified issue policies use a health questionnaire with 8-12 questions instead of a physical exam. Their guaranteed issue policies have no health questions at all, making them accessible to people with serious pre-existing conditions.
Lumico life insurance is sold exclusively through licensed independent insurance agents and brokerages — you cannot purchase directly from Lumico's website. However, many agents offer phone and online consultations, making the process convenient. You can request a quote through Lumico's website and an agent will contact you.
Lumico's claims process requires beneficiaries to submit a completed claim form, a certified copy of the death certificate, and the original policy if available. Claims can be filed by phone or mail. Once all documents are received, Lumico typically processes claims within 10-15 business days. Benefits are paid by check or direct deposit.
Key Takeaways
- Lumico Life Insurance is a Texas-based carrier (subsidiary of Prosperity Life Group) specializing in final expense and senior life insurance products.
- The company holds a B++ (Good) AM Best rating — stable but below the A-range ratings of larger competitors like Mutual of Omaha or AIG.
- Lumico offers simplified issue (health questions, no exam) and guaranteed issue (no questions, graded benefit) whole life policies, plus term life and fixed annuities.
- Final expense coverage ranges from $5,000 to $40,000, with locked-in premiums that never increase once the policy is issued.
- Policies are sold exclusively through independent agents — you cannot purchase directly from Lumico's website.
- Guaranteed issue policies have a 2-3 year graded death benefit waiting period, paying only premiums plus interest if death occurs during this window.
- Lumico is best suited for seniors ages 50-85, especially those with health conditions that make traditional underwriting difficult.
- Always compare Lumico quotes with at least 2-3 other carriers through an independent agent before making a final decision.
Choosing the right life insurance is one of the most important financial decisions you can make for your family. If you are considering Lumico life insurance, work with an independent agent who can compare their products alongside options from other carriers. For related insurance topics, explore our guide to urgent care costs without insurance and our GoMyFinance credit score guide.