Lemonade is an online-only insurance provider that first began offering term life insurance policies in 2021. Lemonade’s policies don’t require a medical exam and you can apply online in less than 10 minutes. Policies start from just $9 per month and offer up to $1.5 million in coverage. You can customize your policy term and coverage to match your budget. Policies are refundable for the first 30 days and you’re free to cancel at any time.
Lemonade is best-suited for individuals between the ages of 18-60 in search of a life insurance policy. The company’s policies are simple to understand and the online application only takes a few minutes. There’s no medical exam required. Policies start from just $9 per month, making Lemonade an affordable option for life insurance.
Lemonade is also a good option for anyone looking for instant coverage. The company does not have required waiting periods, so your coverage takes effect as you are approved and as soon as your first premium is paid.
In general, healthy individuals tend to get better rates on insurance than those that have medical issues. Since Lemonade doesn’t offer medical exams, the company may decline coverage for individuals with complex medical histories. Lemonade’s application process will walk an applicant through a series of health and lifestyle questions to determine eligibility.
Lemonade offers term life insurance policies at affordable prices. Premiums start from just $9 per month. You can customize your policy with a term from 10-30 years and with coverage from $50,000-$1.5 million. Lemonade offers a refund if you cancel your policy within the first 30 days, and you’re free to cancel your policy at any time before the end of your term.
A major benefit of Lemonade is that applying for coverage is extremely simple. The application process is entirely online and takes less than 10 minutes to complete. All you have to do is answer a few questions about your lifestyle and health history—there’s no medical exam required.
If you need help choosing a policy from Lemonade, the company offers support 5 days a week by phone, email, and live chat. It’s also worth noting that Lemonade offers renters, homeowners, car, and pet insurance, so you can manage all your insurance needs through a single company. Lemonade does not offer multi-policy discounts for life insurance policies.
Lemonade offers term life insurance policies with terms of 10, 15, 20, 25, or 30 years. You can choose your policy term and select your coverage from $50,000-$1.5 million. Eligibility for any amount of coverage will depend on your medical history and lifestyle answers in the application.
Lemonade’s term life offering is kept simple because there are no riders available. Lemonade also does not offer permanent life insurance policies, such as whole life insurance, at this time.
Anyone aged 18-60 can apply for a life insurance policy online through Lemonade’s website. It’s free to get a quote and you don’t need to register an account, although you do need to provide your name, email, and address.
Overall, Lemonade’s application process could hardly be easier. It takes less than 10 minutes to get a personalized quote and once approved only a few minutes longer to pay your first premium and activate your policy. If you get an offer but aren’t ready to sign up, you can create a Lemonade account to return to your application later.
Lemonade’s term life insurance policies are issued by the North American Company for Life and Health Insurance®, which was founded in 1886 and has an A+ financial stability rating from AM Best. Lemonade itself has earned an A (Exceptional) financial stability rating from Demotech Inc. for its Propert and Casualty lines of business.
Lemonade requires your social security number as part of your life insurance application in order to verify your identity. It is not used for a credit check.
If you want to cancel your Lemonade policy, you can do so at any time. If you cancel within the first 30 days, you can receive a full refund for your first premium.
Lemonade offers customer support by phone and email from 9am-8pm (ET) Monday-Friday. The company also has a detailed FAQs page that covers the application process and policy options.
To file a claim on your life insurance policy, one of your beneficiaries must contact the company’s customer service and provide a valid death certificate. Your claim will then be referred to and handled by North American Company for Life and Health Insurance, the issuer of the policy. You can name up to 5 beneficiaries and change the beneficiaries on your policy at any time.
Lemonade offers term life insurance policies starting from just $9 per month. You can choose your policy term from 10-30 years and your death benefit from $50,000-$1.5 million. Applying for a term life insurance policy online at Lemonade Life is very simple. There’s no medical exam required and it takes less than 10 minutes to apply. Once approved, activate coverage immediately and you’re free to cancel your policy at any time if you decide you no longer need life insurance.
Lemonade Insurance Company, 5 Crosby St., 3rd floor, New York, NY 10013
Property and casualty insurance provided by Lemonade Insurance Company, 5 Crosby St., 3rd floor, New York, NY 10013. Life Insurance provided by North American Company for Life and Health Insurance®, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193.
Lemonade Insurance Agency, LLC (LIA) is acting as the agent of Lemonade Insurance Company and Lemonade Life Insurance Agency, LLC (LLIA) is acting as the agent of North American Company for Life and Health Insurance®. Both LIA and LLIA receive compensation based on the premiums for the insurance policies each sells. Further information is available upon request.
Lemonade Life Insurance Agency is a sub-producer of Bestow Agency, LLC. Life insurance quotes provided by Bestow Agency, LLC dba Bestow Insurance Services in CA, who is the licensed agent. Term Life Insurance Policies offered by Bestow are issued on policy form LS181 and LS182, or state version including all applicable endorsements and riders, by North American Company for Life and Health Insurance®, West Des Moines, IA.. Products or issue ages may not be available in all jurisdictions. Limitations or restrictions may apply. Not available in New York. North American is rated A+ (Superior) by A.M. Best. Limitations or restrictions may apply. A+ (Superior), the second highest rating out of 15 categories, was affirmed by A.M. Best for North American Company for Life and Health Insurance as part of Sammons Financial Group on July 29, 2022. A.M. Best is a large third party independent reporting and rating company that rates an insurance company on the basis of the company’s financial strength, operating performance and ability to meet its ongoing obligations to policyholders. Our application asks about your lifestyle and health to determine eligibility in order to avoid requiring a medical exam.