FAQs About
Lumico Insurance

We understand that purchasing life and health insurance can be confusing and you want to make the right choices for you and your family. Let us help. Below are answers to many commonly asked questions.

Questions About Life Insurance

Q
I feel like I "should" get life insurance, but do I really need it?
A
Whether you are 30 or 70, there are people in your life who depend on you. If these people could struggle financially if you pass away then you need life insurance. The amount of insurance you purchase depends on your individual needs including the amount of debt you have, the number of dependents you have, your income and your expected funeral costs. Learn more here.
Q
I get life insurance through my employer, do I need more?
A
The benefit of having a life insurance policy that is not through your employer is that you are certain to keep this life insurance coverage even if your employment status changes. Also, the total amount of life insurance coverage that you get through your employer might not be enough. Learn more about how much coverage you need here.
Q
How much insurance do I need?
A
Insurance should be customized for your family's specific needs – both current and future needs. The key areas to consider when figuring out the dollar amount of life insurance:
  • Income - how much income would need to be replaced?
  • Mortgage - what is the amount of your mortgage balance?
  • Debts - how much needs to be paid in outstanding debts?
  • Education of kids - how much do you want to cover of your kids' education expenses?
  • Final expenses - how much is needed for final medical, hospital and funeral costs?
  • Emergency funds - do you have enough of an emergency cushion?
  • Personal needs - do you have others to care for, such as aging parents or kids with special needs?
Q
I have heard about "Term" life insurance - but what does this actually mean for me and my family?
A
Term life insurance provides coverage that lasts for a specific period of time - most commonly for 10, 20 or 30 years. So for example, if you select a 20 year term, your family will be protected for the 20 years of the policy. This type of insurance is often used to cover specific expenses such as a 30 year mortgage and kid's college expenses.
Q
How do I make a claim?
A
Call our Customer Care team (1-866-440-40471-866-440-4047) who are there to help.
Q
How do I report a passing of a loved one?
A
Simply contact the Customer Care team (1-866-440-40471-866-440-4047) and we will walk you through what you need to do.
Q
How do I change the beneficiary on my policy?
A
You can change the beneficiary at any time if you have a "revocable" beneficiary policy (which most people do). You can call the Customer Care Team at (1-866-440-40471-866-440-4047) or you can access your account here. If you have an irrevocable beneficiary policy, your beneficiary would simply need to approve the change.
Q
How do I change the address or billing information on my policy?
A
You can call the Customer Care Team at (1-866-440-40471-866-440-4047) or you can access your account here.

Questions About Medicare Supplement Insurance

Q
What is Medicare Supplement Insurance (otherwise known as Medigap)?
A
Medicare Supplement insurance helps you pay some of the health care expenses that medicare does not cover such as co-payments or deductibles. Medicare Supplment Insurance is guaranteed renewable every year.
Q
Is anyone eligible for Medicare Supplement Insurance?
A
In order to purchase Medicare Supplement Insurance, you need to already have Medicare Part A and Part B.
Q
Does Medicare Supplement Insurance cover me and my spouse?
A
No, each individual needs to purchase a Medicare Supplement policy in order to be covered.
Q
Does Lumico Medicare Supplement insurance cover prescription drugs?
A
No, any Medicare Supplement policy that was sold after January 1, 2006 is not allowed to include prescription drug coverage.
Q
How do I check the status of a claim payment?
A
You can go to your account and you can view a specific claim or prior Explanation of Benefits statements.
Q
How do I make changes such as my address or phone number?
A
You can call the Customer Care team at 855-774-4491855-774-4491 or you can update this information online by going to your account.
Q
How do I update my payment information?
A
You can call the Customer Care team at 855-774-4491855-774-4491 or you can complete an Electronic Payment Authorization Form and return it to us by mail (PO Box 10875 Clearwater, FL 33757-8875) or fax (816-701-2549816-701-2549). You can obtain an Electronic Payment Authorization Form by going to your account and then go to the "Forms" section.
Q
How do to get a replacement card?
A
If you need a new card please call our Customer Care team at 855-774-4491855-774-4491 and they will order a new card for you. You can get a temporary card my going to your account and going to "Forms/Documents" and then to "Policy Request/Change Forms."
Q
Do I need to re-apply each year to secure my Lumico Medicare Supplement Insurance?
A
No - your policy is renewable as long as you continue to pay premiums when they are due.

Questions About Lumico

Q
There are a lot of insurance companies I can pick from, why should I choose Lumico?
A
We are committed to providing you with the insurance that you need at affordable prices plus an easier process. More than 75% of Lumico consumers say that their experience buying life insurance from Lumico was better than they expected. We aim not only to exceed your expectations but to leave you feeling confident and clear in your choice. Specifically, we
  • Offer a range mix of life and health products
  • Provide a simple, easy application process
  • Have pricing options to fit your budget and never have hidden fees
  • Use simple language and try our best to not use jargon!
Q
What insurance products does Lumico offer?
A
We offer three of the most common types of Life Insurance as well as Medicare Supplement Insurance. Specifically:

Term Life Insurance: Financial coverage for 10, 15, 20 or 30 years to protect those years when you need it most and give you peace of mind.
Whole Life Insurance: Financial coverage until the end of life. Combines life insurance with a cash value that accrues each year.
Final Expense Insurance: Financial coverage for end of life expenses such as funeral costs and medical expenses that you do not want to be a burden to you family.
Medicare Supplement Insurance: helps pay for some of the health care expenses that medicare does not cover such as co-payments or deductibles.
Q
Does Lumico sell insurance directly?
A
No, we work with carefully selected partners who sell our products directly to you.
Q
Who are the partners you select to sell your products?
A
They are another company that has been carefully selected and appointed to sell Lumico products to you directly.
Q
How do I contact Lumico?
A
For questions about life insurance call 866-440-4047866-440-4047

For questions about medicare supplement insurance call 855-774-4491855-774-4491