Many insurance companies specialize in one type of insurance, such as life, home, or auto insurance.
Others, such as Lumico Life Insurance Company, try to meet a wide range of needs.
Examine Lumico Life and the services it provides to see if it is the best option for the job.
This evaluation looks into Lumico Life’s history, financial stability, and policies in depth to help you make an informed decision.
- History of Lumico Life Insurance
- Financial Wellbeing of Lumico Life Insurance
- The Benefits of Lumico Life Insurance
- The Downsides of Lumico Life Insurance
History of Lumico Life Insurance
Lumico Life Insurance Company is a life insurance and Medicare supplement company that offers term and whole life insurance, as well as final expense insurance.
On December 8, 1965, the company was formally licensed as an insurance company in Arizona.
Until 2013, it was known as Congress Life Insurance Company. In 1995, Lumico Life got partial reinsurance from Allianz Life Insurance Company.
Guarantee Life Insurance provided reinsurance for its universal life policies a year later. Security Life Insurance also provided Lumico Life with complete reinsurance.
The purchase necessitated a rebranding as well as establishing and licensing in New York.
Lumico Life’s key objective, according to its website, are to deliver simple answers to life and supplemental health insurance needs.
The mission statement emphasizes the importance of a straightforward approach and reasonable rates. As a result, Lumico Life should exceed client expectations when it comes to purchasing.
Lumico Life uses a B2B2C model, which is one of the reasons it isn’t well-known among the general public.
Lumico Life offers its goods to businesses, which then sell them to customers or employees.
Financial Wellbeing of Lumico Life Insurance
Since its beginnings, Lumico Life has experienced consistent development.
As of 2018, the company’s total assets were more than $60 million, up 15% from two years prior.
Total liabilities increased from $9.3 million to $14.1 million throughout the same time period.
The company’s asset to liability ratio is at 4.26. Lumico Life has a net surplus of almost $43 million as well.
Premiums for life and annuities have also increased significantly, quadrupling between 2016 and 2018.
The Benefits of Lumico Life Insurance
Take a peek at some of Lumico Life’s most appealing features:
Lumico Life’s economic strength is bolstered by the financial stability of its holding company, Swiss Re. Swiss Re is the world’s second-largest reinsurer, and its proximity helps Lumico Life’s financial health. A.M. Best has given Lumico Life a “A” rating.
Lumico Life offers beneficial final expense coverage if you qualify for the Preferred plan. It boasts a strong offering that includes a generous salary package and a diverse portfolio.
Lumico Life clients can also expect to pay comparatively low prices for their insurance plans. A few particular physical illnesses, such as seizures and moderate mental health disorders including anxiety and depression, are accepted by the company.
Lumico Life does not demand medical examinations as part of the application procedure, instead opting for a more straightforward questionnaire-based approach.
The Downsides of Lumico Life Insurance
Here are some of Lumico Life’s less promising aspects, in addition to those mentioned above:
Lumico Life Insurance adheres to a tight underwriting policy. Despite some of the above-mentioned permitted circumstances, the company does not provide any substantial medical caveats. If you’re taking blood thinners, for example, they’ll guide you toward the Standard plan, which isn’t in your best interests in the long run.
The company currently distributes life insurance products in 42 states. California, Montana, North Dakota, South Dakota, Florida, Delaware, New York, and Maine are among the outliers.
Lumico does a good job with its products, however it lacks a universal product. You can also explore elsewhere for more reasonable and comprehensive term life insurance.