All about Lemonade life insurance reviews, quotes, prices, discounts, coverages, pros and cons.
Lemonade is an American insurance company that offers renters’, homeowners’, car, pet, and term life insurance in the United States as well as contents and liability policies in Germany and the Netherlands and renters insurance in France. The company was founded in April 2015 by Daniel Schreiber and Shai Wininger. They use artificial intelligence and chatbots to process claims. The company has approximately 1.9 million customers.
Lemonade life insurance reviews in 1 minute
Lemonade Life Insurance policies offer the following benefits(1):
- No medical exam required: They offer no-medical-exam term policies for people aged 18 to 60 with terms of 10 to 30 years.
- Fast approval: The company promises approval within minutes.
- Level premium and coverage: A Lemonade life insurance policy has a level premium and coverage, meaning it will provide coverage as long as the policy is paid in full. If the insured dies while the policy is active, the death benefit will be paid to the named beneficiary or beneficiaries.
- Flexible coverage options: Term life policies include durations of 10, 15, 20, 25, and 30 years, with coverage limits of up to $1.5 million. Rates are locked in for the term.
- Charitable donations: Lemonade donates a portion of its profits to nonprofits through its Giveback program.
According to Lemonade’s life insurance reviews on Clearsurance, it has received a rating of 4.86 from its customers, with 96% of customers saying they’d recommend Lemonade to a friend. The Better Business Bureau gives them a C rating, but consumer reviewers on the site skew positive, with a score of 4.25 out of 5 stars. Trustpilot users give it a rating of 2.6 out of 5 stars. ValuePenguin states that while it is cheaper than other insurers on some levels, applicants older than 55 or those looking for more than $1 million of coverage will have to look elsewhere.
Quotes and prices
Lemonade Life Insurance is a relatively new product offered by them. It offers term policies with durations of 10, 15, 20, 25, and 30 years, with coverage limits of up to $1.5 million. The policies are designed for people in excellent health. Coverage is issued by North American Company, a Chicago-based provider of life insurance and annuities that also works with Bestow. Policies start at $9 per month.
According to ValuePenguin’s Lemonade life insurance reviews, the average cost of a 20-year term policy from them for a healthy 35-year-old applicant is $245 per month. However, rates change with age and sex. Men generally pay more than women. The healthiest individuals — those in Lemonade’s preferred plus tier — see the lowest rates. Those on the preferred tier pay 21% more than the healthiest people, and those on the regular tier pay 49% more than those classified as preferred plus
Lemonade Life insurance pros and cons
Lemonade Life Insurance offers no-medical-exam term policies for people aged 18 to 60 with terms of 10 to 30 years. The policies are designed for people in excellent health. Coverage is issued by North American Company, a Chicago-based provider of life insurance and annuities that also works with Bestow. Policies start at $9 per month.
Lemonade life insurance pros and cons: Pros
- No medical exam is required.
- Fast approval within minutes.
- Level premium and coverage, meaning it will provide coverage as long as the policy is paid in full. If the insured dies while the policy is active, the death benefit would then be paid out to the named beneficiary or beneficiaries.
- Flexible coverage options with durations of 10, 15, 20, 25, and 30 years, with coverage limits of up to $1.5 million. Rates are locked in for the term.
- Charitable donations: Lemonade donates a portion of its profits to nonprofits through its Giveback program.
Lemonade life insurance pros and cons: Cons
- No permanent policy options.
- Offers no insurance riders.
- Not available in every state.
Lemonade Life Insurance reviews
Positive reviews
- The entire process took 12 minutes to have signed docs and Life Ins in hand. I market Home Warranties for a living and I told my boss we need a customer experience like this!! I have already begun recommending Lemonade to everyone. Wow!
- Customer service could not have been better to work with! They really helped me out with a prompt notification and email when my credit card had changed and my payment didn’t go through. I appreciate it! Have and will continue to recommend to friends and family.
- Very easy, no hassle experience of buying insurance. The interface is amazing, does what it says with no clutter and no surprises. Very easy to use and informative. I hope they bring their car insurance to CA soon! Couldn’t recommend them enough!
- Thank you Lemonade for an affordable life insurance policy. You guys made the process simple and seamless. I couldn’t have asked for anything better and I will be recommending this to others. If anyone is interested in getting insurance and sees this review just go ahead and do it.
- Awesome rates and a VERY EASY Application, Took hardly any time to fill out the application submitted it, and got back the results quickly. It is a relief to have coverage for my family when I die. Wow, why can’t auto or homeowners be this simple? Thanks to all at Lemonade!!!!
- The procedure was simple. I would recommend it to a friend. The response from the support team to any questions was clear and crisp. The online application process hardly took time to complete and submit. The number of questions in the form was minimal and easier to understand.
Positive Reviews Part 2
- If interested in getting life insurance would HIGHLY recommend going with Lemonade Life, Frictionless-fast-policy easily managed from your phone.
- Just bought a new 20-year term life insurance policy from them. The process in the app was seamless (dare I say kinda fun!), & their quote was slightly more than half the cost of another I received (and turned down) from a competing insurer. Well done.
- I have been exploring various traditional and fintech companies for good-term life insurance. then I stumbled upon Lemonade through social media and was very impressed by the easy-to-follow and easy-to-complete application process. I was able to review my options and complete the whole application within 15 minutes. Highly recommend this to anyone looking for insurance. So I was also interested in applying for home insurance, but unfortunately, that was not available in our area. Will definitely keep an eye on that.
- Super fast and easy registration and approval. My 20-year policy from an old company had expired and I dreaded having to go through the process again which last time was very time-consuming and invasive. Lemonade made it so easy it was fantastic.
- We chose Lemonade originally because of its ethical investment choices (especially not having money in big oil), but that is only one benefit. From a purely practical standpoint, it sticks out for being super easy to use and comprehend. Unlike so much else in insurance, it’s clear what is under the hood.
Lemonade Life Insurance negative reviews
- Sends sensitive documents containing social security numbers, birthdates, etc… on unsecured email correspondence. When I notified their team, they ignored me. As a result, I still have unprocessed beneficiary documents. Terrible practices that require outside oversight, as this company simply ignores its obligations to do the right thing.
- Completely no human help..dishonest selling practices..fraudulent terms of service..” loss of use” will only be used in the event of collapse..with damage and/or loss of life. City verification of being inhabitable does not matter. they are just interested in taking your money not helping renters..they are ambulance Chasers of the home insurance sector
