Types of Lemonade Life Insurance Policies
Lemonade specializes in term life insurance. It offers no permanent life insurance policies such as whole life insurance.
Lemonade’s Term Life Insurance
Lemonade offers simple and convenient term life insurance for healthy buyers between ages 18 and 60. With Lemonade, you can choose among term lengths of 10, 15, 20, 25 or 30 years and death benefit amounts from $50,000 to $1.5 million.
Lemonade’s digital application process makes it easy to get covered in minutes without a medical exam. You’ll answer some health questions through its online application. If approved, your policy will become effective immediately.
Lemonade’s term life policies aren’t guaranteed renewable. So if you still need coverage when your term expires you will need to shop for a new policy.
How Much Does Lemonade Life Insurance Cost?
Lemonade’s term life policy costs $155 a year for a 10-year, $250,000 policy for a healthy 30-year-old female buyer, based on Forbes Advisor’s analysis. That’s higher than many other top competitors.
Lemonade Term Life Insurance Rates vs. Top Competitors
| Company | Policy name | Cost per year: Female age 30, $250,000 for 10 years | Cost per year: Male age 30, $250,000 for 10 years |
|---|---|---|---|
| Haven Term | $100 | $110 | |
| Banner/Legal & General | OPTerm | $101 | $140 |
| SwiftTerm | $101 | $115 | |
| PL Promise Term | $102 | $115 | |
| Select-a-Term | $102 | $116 | |
| Non-Convertible Term | $102 | $116 | |
| Trendsetter Super | $103 | $118 | |
| Classic Choice | $104 | $116 | |
| Midland National | Premier Term | $113 | $125 |
| SBLI | Term Life | $113 | $131 |
| YourLife GLT | $133 | $155 | |
| Lemonade | Term | $155 | $219 |
Lemonade’s Life Insurance Riders
Lemonade doesn’t offer any life insurance riders, which are add-on options you can buy to customize a policy.
How Do I Buy Life Insurance From Lemonade?
You can apply for Lemonade life insurance on its website. You’ll select your coverage details and answer a health questionnaire. You’ll typically find out within a few minutes if you’re approved.
How to File a Claim with Lemonade
You can file a life insurance claim through the Lemonade mobile app. If your claim isn’t instantly approved, a team member will contact you for next steps. You can contact customer service by calling (844) 733-8666 or by emailing help@lemonade.com.
Lemonade’s Company History
Lemonade was founded in New York in 2015 and launched its first policies in 2016, focusing on home insurance and renters insurance. Since then, Lemonade has expanded its offerings to include term life insurance, pet insurance and car insurance.
Lemonade is a Public Benefit Corporation and a certified B-Corp, meaning it’s legally obligated and independently verified to balance profitability with having a positive social impact.
