Lemonade Life Insurance Review 2024
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Lemonade
on Nerdwallet
Financial strength rating
Online purchase
NAIC complaints
Policies offered
on Nerdwallet
Lemonade
Financial strength rating
Online purchase
NAIC complaints
Policies offered
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 Legal & General, and can go into effect on the same day.
The company doesn’t sell permanent life insurance.
» MORE: Compare life insurance quotes
Lemonade life insurance rating
Lemonade earned 4.5 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.
» MORE: Best life insurance companies
Lemonade life insurance policies
Term life insurance. Lemonade offers term life insurance lasting 10, 15, 20, 25, 30, 35 or 40 years, with coverage starting at $100,000 and going into the millions of dollars. Its instant life insurance policy is open to people ages 20 to 75, 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.
Age | Monthly rate — man | Monthly rate — woman |
|---|---|---|
20 | $18.33 | $14.99 |
30 | $18.75 | $15.82 |
40 | $29.75 | $23.93 |
50 | $69.40 | $54.46 |
60 | $199.55 | $140.44 |
Source: Insurer's site. Rates generated on 10/22/24. | ||
*Lemonade only offers 15- and 10-year term policies to applicants age 70. | ||
Lemonade customer complaints and satisfaction
Over three years, Legal & General — 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.
What it’s like to apply for a policy with Lemonade
Lemonade’s life insurance application process is set up as a Q&A with the company’s AI chatbot, Maya. She first asks for basic personal information (name, mailing address, sex, birthday) plus your height, weight, citizenship status and tobacco use. Then there’s a series of questions about your medical history.
Screenshot captured by our editorial team on October 17, 2024.
Other questions touch on criminal history, bankruptcy status and substance abuse before Maya asks how much coverage and how long a term you’d like. Finally, once you provide your phone number, the site gives you an estimated price.
Screenshot captured by our editorial team on October 17, 2024.
From there you can customize your coverage amount and term to see how it would affect your quote. You can then complete your application either online or by phone with Legal & General.
How Lemonade’s customer experience stacks up
Lemonade’s website is sleek and easy to use, with a link to the site’s main life insurance page clearly visible in the top navigation bar. You can also start a quote right from the homepage. Lemonade’s lengthy FAQ section offers useful information such as which term lengths are available and whether a medical exam is required.
Lemonade’s digital-first process emphasizes applying online but doesn’t make it quite as simple to speak with a human. The company’s phone number is buried in the site footer, and when we called it to get more information, we weren’t able to connect with anyone.
On our first attempt, the automated phone system said there wasn’t anyone available but promised a call back within a few hours. When that didn’t happen, we tried again two days later. This time we did get a call back, but it was from an automated system, saying representatives were still busy but inviting us to leave our full name and policy number so they could call us back. At that point we gave up.
If you have a Lemonade account, you can also try reaching out to the Maya chatbot for support. However, there don’t appear to be any live agents available for chatting. Instead, if you say you want to speak to a representative, the bot offers a phone number to call or promises to send your question to someone who will respond to you by email. We received emails answering both questions within a few hours.
Lemonade’s mobile app for Apple and Android generally gets high ratings, though a few reviewers complain about glitches. You can use the app to get a quote and manage your policy.
How Lemonade compares to other insurers
Lemonade | Ladder | Ethos | |
|---|---|---|---|
Star rating | |||
Financial strength | Exceptional. | Exceptional. | Strong. |
NAIC complaints | Fewer than expected. | Far more than expected. | Fewer than expected. |
Policy types offered | Term & no-exam. | Term & no-exam. | Term, permanent & no-exam. |
Read full reviews |
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:
Phone: Call 844-733-8666 Monday through Friday, 9 a.m. - 8 p.m. Eastern time.
Email: Send a message to [email protected].
Live chat: Logged-in users can interact with Maya, Lemonade’s chatbot.
Life insurance buying guide
Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.
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.
For more guidance, see our life insurance buying guide.
Methodology
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 2020-2022. 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.
DIVE EVEN DEEPER IN INSURANCE
Life Insurance Policies and Quotes for November 2024
7 Best Term Life Insurance Companies in November 2024
