Our take: Lemonade offers term life insurance, but it provides other types of insurance policies, too. From renters and home to auto and pet insurance — making it easy to get all of your coverage from one place and minimizing all the work it takes to get a policy. The company also offers discounts for buying more than one policy.

Lemonade offers customers a lot of flexibility. But in addition to providing a range of insurance products and discounts, Lemonade is also a certified B corp (a certification given to socially responsible companies), meaning the insurer is working to protect more than just your finances.

Pros:

  • Offers other types of insurance policies
  • Easy-to-use mobile app

Cons:

  • Can’t get a life insurance quote without going through the application process
  • Not available to applicants over 60 ½
  • Only offered in 27 states
  • No publicly available rate data

More details about Lemonade life insurance

Policies offered:

  • Life products offered: Term life

Rates:

  • Policies start at $9 a month.

Insurance partners:

  • Lemonade’s instant life insurance is offered through Bestow.

Other details:

  • Ages and coverage limits: Lemonade offers coverage from $50,000 up to $1.5 million for term lengths between 10 and 30 years. U.S. citizens, permanent residents and active visa holders are eligible.
  • Waiting Period: There is no waiting period. Once you pay your first premium, the policy becomes active immediately.
  • Medical requirements: The company offers life insurance without a medical exam, although you will be required to answer a few questions about your personal history when applying for a policy. Additionally, if you’ve been diagnosed with COVID-19 in the last 30 days, this will be taken into account.
  • Application time: The application takes about 5 to 10 minutes and you get an instant decision.



Additional product line details: Lemonade only offers one type of life insurance policy — no-med term life insurance. However, it doesn’t just offer life insurance. It also provides home, auto, renters and pet insurance for applicants with multiple financial responsibilities and obligations.

Company background: Lemonade was founded by Shai Wininger and Daniel Schreiber in 2015. Lemonade prides itself on its technology, which enables claims approval in three seconds.

Interesting tidbit: Lemonade is a B Corp and Public Benefit Corporation. Through a Giveback program, unclaimed money is donated to nonprofits chosen by its policyholders.