Lemonade Review 2021: Affordable Life Insurance with Great Coverage

Amanda Hester

Lemonade offers term life insurance policies through their online application. Medical exams are not required, making it easy to apply completely online in a matter of minutes. Starting at $9/month, Lemonade offers affordable monthly premiums for up to $1,500,000 in overall coverage. Policies are issued by North American Company for Life and Health Insurance®, which has an A+ rating from AM Best.

Overall rating

4.7

Summary: Lemonade offers great options for coverage with competitive pricing that stands out from competitors.

Lemonade Life Insurance

lemonade life insurance logo

$9/month

Rates From

$1,500,000

Coverage Up To

Not Required

Medical Exam


Reviews

4

Policy Application

5

Fees, Coverage & Policies

1

Riders

5

Claim Support

5

Customer Service

5

Sae & Secure

Pros

  • Term life insurance
  • Easily submit claims
  • User friendly mobile app

Cons

  • No coverage for risky activities
  • No coverage for older adults

Best For

  • Young, healthy families
  • Low-risk individuals
  • Affordable monthly premiums

Features

HQ5 Crosby St. 3rd Floor, New York, NY, 10013
PolicyTerm life insurance
CoverageUp to $1,500,000
Term Length10, 15, 20, 25 or 30 years
Medical ExamNot Required
Issue Age18 to 60
Restricted StatesNot available in NY

In depth review on Lemonade

Lemonade life offers competitive insurance premiums for individuals between the ages of 18 to 60 years old. They base your monthly premium on health and medical data, determining which coverage options make the most sense for your individualistic needs. Lemonade offers particularly competitive coverage for younger individuals who do not engage in risky activities and are healthy with no serious pre-existing conditions. 

Lemonade is best for

  • Young, healthy families: Lemonade bases their premiums on the users’ medical history that is shared during the online application. The healthier that Lemonade determines a potential insurance user, the lower their premium.
  • Low-risk individuals: Lemonade favors users that engage in a low-risk lifestyle.
  • Affordable monthly premiums: Pricing starts at $9 a month, making policies offered by Lemonade very competitively priced.

Lemonade benefits 

  • Term life insurance: Lemonade life offers term life insurance.
  • Easy and simple: Lemonade makes it super easy to sign up and make claims.
  • Use friendly: The mobile app is easy to navigate, so you can easily add coverage, file for a claim or ask a question.

Lemonade drawbacks 

  • Risky behavior not covered: Lemonade prohibits policyholders from engaging in risky activities, such as skydiving. 
  • No coverage for older individuals: Lemonade’s offering does not cover individuals over the age of 60.

Factors contributing to the overall rating

Policy application

4

Users can apply for Lemonade’s term life insurance on their website (completely online), sharing their personal data and medical history to determine a monthly premium option. Users are not required to undergo a medical exam to potentially qualify for insurance coverage.

The entire process can take as little as about five minutes in total, and you can get same-day coverage following your confirmation of eligibility.

Fees, coverage, and policies

5

Lemonade’s term life insurance offering determines monthly premiums based on user health records. Individuals who are non-smokers, and have little to no serious medical history, will likely receive more competitive rates. Those who have pre-existing conditions at the time of application, such as diabetes or obesity, will likely be given higher monthly premiums if approved for coverage. 

Coverage is available for up to $1,500,000, with terms including 10, 15, 20, 25, and 30 years. 

Lemonade does not offer permanent life insurance options – only term insurance for up to 30 years. This can make it difficult for long-term life insurance planning if that is something specific you are looking for.

Riders

1

The policies offered by Lemonade have no riders available at this time. 

Customer service

5

Lemonade allows policyholders to contact customer service either on their mobile application or via phone. Support staff is readily available to answer any concerns you may have.

Safe and secure

5

All policies are issued by North American Company for Life and Health Insurance®, which has an A+ rating from AM Best.

Is Lemonade right for you?

Lemonade’s affordable term life insurance offering is a great potential term life option for low-risk individuals. Premiums are competitive, and are determined based on individuals’ health data and medical history. Overall, Lemonade has competitive insurance offerings that are priced affordable and flexible, making it easy to continue your use for coverage throughout your policy term.

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®, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193. 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. 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 August 19, 2020. 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. The application asks about your lifestyle and health to avoid requiring a medical exam.