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Lemonade Review

Find a customized quote easily

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Michael Graw
Michael Graw
May. 03, 20214 min read

Lemonade summary

Lemonade is an online company that enables you to purchase term life insurance with no health exam. The online application takes just 15 minutes to complete and asks about your health history and lifestyle. Depending on your answers, policies can start at just $9 per month, and you can select coverage from $50,000 to $1.5 million. Anyone between the age of 18 and 60 can apply. Lemonade offers policies with term length options from 10 to 30 years.

Pros

  • 100% digital application
  • Policies start at $9 per month
  • No medical exam needed

Cons

  • No whole life insurance policies
  • Must be under 60 years old to potentially qualify

Who Can Benefit From Lemonade?

Lemonade is suitable for anyone looking for a term life insurance policy with coverage up to $1.5 million. This offering is suited for individuals who don’t want to go through an in-person medical exam and are comfortable answering questions about their health and lifestyle online. Lemonade offers policies starting at just $9 per month, so it’s also a suitable choice for anyone looking for affordable life insurance.

Features

Lemonade’s term life offering has term lengths of 10, 15, 20, 25, and 30 years and coverage up to $1.5 million. Policies are completely customizable, so you can choose your coverage amount and term that fits your budget. Lemonade’s application process is entirely online and can be completed in about 15 minutes. There is no physical health exam required to apply.

  • Term life insurance with term options between 10-30 years
  • Anyone between 18 and 60 can apply
  • Online application only takes 15 minutes
  • Policies starting at $9 per month
  • Free refund if you cancel within 30 days

Application Process

The process of applying for a term life insurance policy through Lemonade is fully online. You’ll need to answer questions about your health history and lifestyle, as well as your age, employment status, and income. The questions are detailed, but most have yes or no answers or allow you to choose from a list of options. You have the option to choose your policy term and coverage, and if your application is accepted, Lemonade will provide a quote. Once you’ve settled on a policy, you can pay online, and your policy will take effect right away.

Policy Types and Terms

Lemonade offers term life insurance policies only—not whole life insurance policies. Terms of 10, 15, 20, 25, or 30 years are available, and coverage amounts range from $50,000 to $1.5 million. All policies issued by Lemonade are underwritten by the North American Company for Life and Health Insurance.

Policies start at $9 per month. We had one user test the experience, and after completing the Lemonade Life application, the self-described healthy 30 year-old female/male living in Washington was offered a premium of $22.46 per month for a 20-year policy term and coverage of $250,000.

  • Must be between 18 and 60 to apply
  • Individuals with a history of heart disease or cancer may not qualify

How Safe Is It?

Lemonade uses SSL (Secure Socket Layer) encryption to protect your application and payment information. 

Term life insurance policies are provided by the North American Company for Life and Health Insurance, which has been in business for 130 years.

Help & Support

Lemonade offers customer service through a form on its website. There is no phone or chat support at this time, but the Lemonade website does have an FAQ page where you can find more information about the application process and making a claim.

Bottom Line

Lemonade offers term life insurance policies with up to $1.5 million in coverage and term options from 10-30 years. The application process is fully online, and there is no health examination required. Policies can be customized to meet your needs, and premiums start from as little as $9 per month. All term life insurance policies offered by Lemonade are provided by the North American Company for Life and Health Insurance.

Physical Address

Lemonade Insurance Company, 5 Crosby St. 3rd floor, New York, NY 10013

Terms and Conditions

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. The application asks about your lifestyle and health to avoid requiring a medical exam.

Michael Graw
Written byMichael Graw

Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎

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