Lemonade Life Insurance Reviews

Lemonade’s term life insurance is issued by Legal & General America and underwritten by Banner Life Insurance Company, which operates in 49 states and Washington, D.C. (excluding New York). Lemonade Life Insurance Agency, LLC (LLIA) acts as the agent for these policies. Coverage amounts go up to $5 million, with term lengths available in 10-, 15-, 20-, 25-, 30-, 35- and 40-year options. These policies are designed to provide straightforward financial protection for your loved ones if you pass away during the term.

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Applying for term life insurance at Lemonade is quick and seamless. Lemonade offers an online process through its website and mobile app. If you’re between the ages of 20 and 75, you can apply by going to Lemonade’s website and chatting with a bot regarding your health, lifestyle and demographic information. Then, you’ll get a monthly cost estimate based on Lemonade’s recommended amount for your income and term selection. You can adjust the payout amount and term length to see alternate pricing options.  You’ll need to complete your sign-up with a phone call once you’re satisfied with your estimate.

People with histories of cancer, heart disease or life-threatening conditions may be ineligible for life policies.

Lemonade offers 10-, 15-, 20-, 25-, 30-, 35- and 40-year term policies with locked rates, which means premium prices won’t change for the policyholder over the course of the policy term length. It helps cover you and your loved ones if you die. You can cancel at any time and receive a full refund within 30 days of purchase.

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Lemonade offers policies that start as low as $8 a month. Individuals must be between 20 and 75 years of age to apply. Premiums are based on age, location, coverage amount, term length and health and lifestyle factors. Other variables that increase premiums can include whether you smoke or use drugs, your level of recreational and travel activity and family history of disease.

To get a quick estimate, apply through Lemonade’s bot, Maya, which can answer your questions in about five minutes. On May 25, 2025, ConsumerAffairs requested life insurance quotes from Lemonade for a fictional 30-year-old woman living in Houston, Texas. We used the following profile:

• Height: 5 feet, 3 inches
• Weight: 175 pounds
• Nicotine use: No
• U.S. citizen: Yes
• History of heart disease, HIV, liver disease, cancer or organ transplants? No
• Diagnosed in the last 10 years with Alzheimer’s, dementia, kidney disease, Parkinson’s, multiple sclerosis, a muscle or nerve disease, cirrhosis, hepatitis, emphysema or COPD: No
• Taking two or more medications for a mental health condition: No
• Substance abuse or alcoholism: No
• Currently facing bankruptcy: No
• Any felony charges or convictions: No
• Annual household income: $50,001–$100,000

The table below shows the monthly premium estimates based on this profile.

Using the same profile, but changing the gender to male, Lemonade provided these estimates:

Note that Lemonade claims it provides payouts up to $100 million, but the highest selectable option is $5,000,000-plus through the online system. All policy finalizations require a phone call with a representative.

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Lemonade term life insurance may be worth it for those who want a fast application process, no required medical exam in most cases and rates starting at $8 a month. Coverage ranges from $100,000 to $100 million with term lengths from 10 to 40 years in five-year increments. It could be a good fit if you're looking for affordable, tax-free financial protection for your loved ones.