Lemonade life insurance offers fast, app-based term coverage with limits up to $100 million. And because Lemonade also offers renters, home, auto, and pet insurance, it can serve as an all-in-one, tech-friendly hub for multiple policies
Insurance expert Maryalene LaPonsie has been writing professionally for 25 years, with the past decade focused on personal finance -- insurance, investing and retirement. She is a regular contributor to U.S. News & World Report, Forbes Advisor, USA Today Blueprint and Money Talks News.
Nupur Gambhir is an insurance expert and managing editor of Insure.com. She specializes in life and health insurance content, and has experience as a marketing consultant.
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Lemonade offers term life insurance you can buy online, with coverage amounts that can go as high as $100 million for eligible applicants. While Lemonade underwrites and issues most of its own products, term life coverage is issued by partner Banner Life Insurance Company — giving you the convenience of Lemonade’s app with the backing of a long-established life insurer.
Beyond life insurance, Lemonade sells home, renters, auto and pet insurance, making it appealing if you’d like to keep all your policies in one place and potentially qualify for bundle discounts. Policies are available to applicants ages 20–75, with term lengths ranging from 10 to 40 years and coverage starting at $100,000.
With low starting premiums, a quick digital application and the ability to pair life insurance with other Lemonade products, the company is a strong fit for tech-savvy shoppers who want a streamlined experience rather than a traditional agent-driven process.
What Lemonade has to say
“Lemonade was founded with a mission to create the world’s most loved insurance brand,” according to the Lemonade website. “Everything we do revolves around you, our customer.”
Lemonade sets itself apart by trying to make insurance feel less old-school and more app-based, using technology to simplify quotes, applications, and policy management. Instead of lengthy phone calls or paperwork, most people can apply in minutes on their phone.
Our honest take
If you prefer a quick, app-driven experience, Lemonade makes buying life insurance feel refreshingly simple. You can apply in minutes, often get an instant decision, and — if you qualify — choose coverage amounts that go well beyond what most online insurers offer.
Lemonade also rewards customers who bundle multiple policies. If you already have renters, home, auto or pet insurance with the company, adding life insurance can help lower the cost of those other policies.
For younger, tech-comfortable shoppers who like managing everything in one clean, intuitive app, Lemonade offers a straightforward way to round out your coverage.
Pros:
Cons:
Trustworthiness: B- (Better Business Bureau)Lemonade earns a B- rating from the Better Business Bureau, which suggests the company may have room to improve how it responds to and resolves customer complaints. Many concerns relate to claims or service on property and casualty policies, not necessarily life insurance, but it’s still helpful context for potential buyers.
Financial strength: A+ (A.M. Best)Lemonade’s term life policies are issued by Banner Life Insurance Company, which holds an A+ (Superior) rating from A.M. Best. That indicates strong financial health and a solid ability to pay claims — an important factor when you’re relying on a policy that may not be needed for decades.
Customer complaints: 0.39 (NAIC complaint index)A 0.39 NAIC complaint index means it receives fewer complaints than the industry average, adjusted for its size. That suggests policyholders are less likely to experience major service issues or feel the need to escalate problems to state regulators.
Lemonade sells term life insurance with coverage starting at $100,000 and going up to $100 million for eligible applicants. Terms range from 10 to 40 years, policies are available to ages 20–75, and applications can often be completed online in just a few minutes. While some people can qualify without a medical exam, others may need to complete one based on their health information.
Lemonade focuses on term life insurance only. That means you’re buying coverage for a set number of years, such as 20 or 30, rather than a permanent policy that lasts your entire life. Term life is usually the most affordable way to get a large death benefit, which fits with Lemonade’s positioning as a budget-friendly, tech-driven company.
Whole life and other permanent policies are not available through Lemonade, so if you want lifetime coverage or cash value, you’ll need to look elsewhere.
Lemonade offers more flexibility than many online platforms when it comes to term length and coverage size, especially at the high end.
You can expect:
These options allow you to match your term length to major milestones — like your mortgage payoff timeline, the years your children will depend on your income, or the remaining length of your working career.
Lemonade does not guarantee no-exam coverage for everyone. While many healthy applicants may qualify based on the online questionnaire and third-party data, the company may still require a medical exam depending on your age, coverage amount and health disclosures.
That means the process can be fully digital and exam-free for some people, but not all.
The Lemonade application is designed to feel quick and mobile-first.
This makes Lemonade a good option if you’re comfortable sharing basic health and personal information online and want to avoid a lengthy phone interview with an agent.
Lemonade’s term life rates for healthy nonsmokers are generally competitive, especially for younger adults who benefit from the company’s tech-driven underwriting and wide range of term lengths. If you’re in your 20s or 30s with good health, you’re likely to see some of the lowest premiums available through Lemonade.
Your price depends on age, gender, health, term length and coverage amount, with the most affordable rates going to younger applicants buying moderate coverage. Lemonade also notes that nonsmokers aged 55 are limited to 15-year terms rather than full 20-year policies.
The table below highlights sample monthly premiums for healthy nonsmokers buying term life coverage from Lemonade.
As with most life insurers, Lemonade charges significantly higher rates for smokers because tobacco use increases the risk of serious health conditions over time. If you smoke, expect to pay a noticeable premium at every age and coverage amount compared to nonsmokers.
Rates rise especially sharply in your 40s and 50s, when health risks tied to smoking are more likely to show up in medical records. And just like nonsmokers, smokers age 55 are limited to 15-year terms rather than 20-year policies.
The table below shows sample monthly premiums for smokers buying term life coverage from Lemonade.
Lemonade’s rates tend to fall in the middle of the pack compared to other online-focused life insurers. It’s rarely the absolute cheapest option for every scenario, but it’s usually competitive — especially when you factor in its tech-forward experience and the ability to bundle other policies.
For a healthy 35-year-old buying $500,000 in coverage, Lemonade’s pricing is close to what you’ll see from platforms like Ladder, Wysh and Fabric by Gerber Life. Some competitors may beat it by a few dollars, particularly for women, while Lemonade may be stronger in certain age or coverage ranges.
If your goal is purely the lowest possible premium, it’s still worth comparing quotes from multiple companies. But if you value Lemonade’s app, bundling and overall experience, its rates remain in a reasonable range for many shoppers.
Lemonade suggests starting with a common rule of thumb: aim for a death benefit that’s 10–15 times your annual income, then adjust based on your family’s specific needs. That helps ensure your loved ones have enough money to replace your income and cover major expenses if you’re no longer there to provide it.
To tailor your coverage more precisely, think through these factors:
By looking at both your current obligations and your family’s future plans, you can choose a Lemonade coverage amount that feels realistic — not just a random round number.
Lemonade operates primarily online and through its mobile app, but you can contact the company in several ways:
Current policyholders can access additional customer service options by logging into their account on the Lemonade website or app.
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Lemonade is a compelling option if you’re looking for affordable term life insurance with a fast, digital-first application and the convenience of bundling other policies in one place. High coverage limits and an A+ rated issuing company (Banner Life) add to its appeal, especially for younger, higher-earning households.
That said, Lemonade isn’t available in New York, and coverage may be more limited or expensive for older applicants or those with health conditions. It also doesn’t offer permanent life insurance, so it won’t be the right fit if you want lifelong protection or cash value features.
If you’re a tech-comfortable shopper who likes the idea of managing all your insurance in one modern app — and you’re primarily interested in straightforward term coverage — Lemonade is worth a serious look.