Founded in 2015, Lemonade is a full-stack insurance company that now has a term life insurance offering — with coverage up to $1,500,000. It provides an easy experience with a fast digital application and several terms to choose.
North American Company for Life and Health Insurance®, which has been around for more than 130 years, issues Lemonade’s life insurance. In order to decide whether Lemonade Life is right for you, be sure to keep reading.
In order to decide whether Lemonade’s life insurance is right for you, be sure to keep reading.
Pros and Cons of Lemonade’s Term Life Offering
- Doesn’t require physical exams
- As little as five-minute digital application
- Up to $1,500,000 in term life insurance coverage
- Term options ranging from 10 to 30 years
- Policies start at $9 per month
- Doesn’t offer whole life insurance
- Not currently available in New York
What Does Lemonade Offer?
In case you’re unfamiliar with the concept, life insurance can help provide financial support to your named beneficiary in the event of your death. This “financial support” is provided by way of a death benefit, which can be used for funeral expenses, house payments, education, and anything else.
Lemonade offers term life insurance with several term options: 10, 15, 20, 25, and 30 years. Depending on your situation and needs, you might be able to qualify for coverage of up to $1,500,000. Generally speaking, Lemonade offers affordable life insurance. Several factors affect how much you ultimately pay for Lemonade’s term life offering. For example, rates vary depending on your coverage amount, term length, age, lifestyle, and location.
In order to potentially qualify for term life insurance offered by Lemonade, you need to be:
- A “generally healthy” person
- Between the ages of 18 and 60
While you can still apply for a policy offered by Lemonade if you have a history of smoking, heart disease, cancer, or other life-threatening conditions, generally healthy people are more likely to be approved for coverage.
What To Expect on the Site
Lemonade Life’s application process is completely digital. Plus, it only takes about five minutes to complete and doesn’t even require a physical exam.
Instead, Lemonade’s online application experience is straightforward and easy to follow. It asks a number of simple questions related to your health and insurance needs, including:
- What’s your height, weight, and date of birth?
- In the past 30 days, have you been diagnosed or treated by a medical professional for COVID-19?
- In the past six months, have you lost more than 10 pounds?
If you’re approved for coverage, you can then choose whether to accept your rate. After that, download Lemonade’s app to manage your policy, and get customer help.
As previously mentioned, what you pay for your life insurance depends on the coverage amount and term you choose, as well as lifestyle and health factors. Lemonade does provide some general pricing information. It says policies start at $9 per month, which is far below the national average cost of term life insurance.
Plus, Lemonade only offers term life insurance, so you don’t need to worry about your rate fluctuating once it’s locked in. For example, with a ten-year policy, your rate stays the same. So, you’ll pay the same amount in year ten as you did in year one.
If your situation changes, or you simply have a change of heart, Lemonade Life also offers full refunds to anyone who cancels their policy within the first 30 days.
The Bottom Line
Lemonade is bringing efficiency to the world of life insurance, which is not an adjective you see thrown around a lot in the space. Although they don’t offer whole life insurance, their term life insurance selection ranges from 10 to 30 years. Plus, its seamless application process takes minutes and doesn’t require a physical exam.
So, if you’re looking for a modern way to get quality life insurance, then Lemonade could be a good fit. For this reason, it’s worth checking out Lemonade’s term life offering as you compare top life insurance companies.