FAQ About
Life Insurance

We understand that life insurance can be confusing. Let us help—below are answers to many commonly asked questions.

WHAT is the right life insurance for me and my family?

Q
I feel like I "should" get life insurance, but do I really need it?
A
Whether you are 25 or 55, there are people in your life who rely on you. If these people could struggle financially if you pass away, then yes, you need life insurance. The amount of life insurance you purchase depends on your very personal needs and your stage of life. Learn more about the amount you need.
Q
I get life insurance through my employer, do I need more?
A
The benefit of having a life insurance policy that is independent from your employer is that you are certain that you are covered regardless of your employment status. Also, the amount of coverage under your employer might not be enough. Learn more about the amount you need.
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 10 or 20 years. So for example, if you select a 20 year term, your family will be protected for the 20 years of the policy.

WHY Lumico Life Insurance?

Q
There are a lot of insurance companies I can pick from, why should I choose Lumico?
A
At Lumico we are committed to providing you with all that you expect from life insurance – high quality product, a reasonable price, security – plus a simple approach so you can feel confident that you have selected the best protection for your family.
  • Offer the most common life insurance products
  • Give clear product pricing; no policy fees
  • Provide a convenient application process
  • Are owned by iptiQ, a subsidiary of a large, global financial services organization.
Q
What life insurance products does Lumico offer?
A
To keep it simple, we offer two of the most commonly needed types of life insurance. These straightforward, affordable products are:
  • Term Life: provides financial coverage for 10, 15, 20 or 30 years to protect those years when you need it most.
  • Final Expense: offers financial payment for end of life expenses such as funeral costs or medical expenses.
Q
Does Lumico sell life insurance directly?
A
No, we work with carefully selected partners who sell our products directly to you.
Q
What are distribution partners?
A
They are another company that sells Lumico's product to you directly. These partners are carefully selected and appointed to sell our product to you directly.

HOW do I make claims or changes once I have a policy?

Q
When and how will benefits be paid?
A
The timing of policy payout is designed to be simple and also flexible so that it is most useful to your family.
  • Immediately: the policy can be used immediately to pay for funeral costs and medical expenses.
  • Use part immediately, use part later: If deciding whether or not to use the policy is too difficult after a loved one's death, you can use part immediately and leave the rest to earn interest until you need it.
  • At any time: you are able to withdraw remaining funds.
Q
How do I report a passing of a loved one?
A
Simply contact the Consumer Care team (1-866-440-4047) 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).
If you have an irrevocable beneficiary policy, your beneficiary would simply need to approve the change.
Access your account through our Login Page.
Q
How do I change the address or billing information on my policy?
A
Here is the link to the log in page where you can get the needed forms to make these changes