Lemonade Life Insurance Review 2023
Lemonade
4.0
Lemonade sells term life insurance online, with many policies going into effect on the same day.
Financial strength rating
Exceptional
Online purchase
Yes
NAIC complaints
Fewer than expected
Policies offered
Term & no-exam
Lemonade
4.0
Lemonade sells term life insurance online, with many policies going into effect on the same day.
Financial strength rating
Exceptional
Online purchase
Yes
NAIC complaints
Fewer than expected
Policies offered
Term & no-exam
How we review life insurance companies
Founded in 2015, Lemonade offers a range of insurance products online. It sells term life insurance via a digital application, and policies are available in all states except New York. Policies are issued by the North American Company for Life and Health Insurance, and can go into effect on the same day.
The company doesn’t sell permanent life insurance.
Lemonade life insurance
4.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula incorporates consumer experience, financial strength ratings and complaint data.
Lemonade earned 4 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.
Lemonade life insurance policies
Term life insurance. Lemonade offers term life insurance lasting 10, 15, 20, 25 or 30 years, with coverage up to $1.5 million. Its instant life insurance policy is open to people ages 18 to 60, but those with a history of heart disease, cancer or major medical conditions may not qualify. The application is fully online and there’s no requirement for a life insurance medical exam.
Lemonade life insurance rates
Below are monthly rates for a 20-year, $500,000 term life insurance policy from Lemonade. These are sample rates for a nonsmoking man and woman in excellent health. The final quote you’re offered will depend on factors like your age, health, lifestyle, occupation and driving record.
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Rates generated via the insurer’s site and are valid as of 9/28/23. |
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*Lemonade only offers 10-year term policies to applicants age 60. |
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Lemonade customer complaints and satisfaction
Over three years, the North American Company for Life and Health Insurance — the company that issues Lemonade’s life insurance policies — has drawn fewer than the expected number of complaints to state regulators for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.
How Lemonade compares to other insurers
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Term, permanent, no-exam. |
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More about Lemonade
If you buy a policy with Lemonade, download the app to manage your coverage and update your contact details. The app is compatible with Apple and Android devices.
Lemonade also offers property and casualty insurance. Check out NerdWallet’s reviews to learn more:
How to contact Lemonade
Lemonade can be reached by:
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Phone: Call 844-733-8666.
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Live chat: Not available.
Life insurance buying guide
When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you’re comparing aligns with that.
Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.
Life insurance ratings methodology
NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Insurer complaints methodology
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2019-2021. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.
