Canceling Lumico Life Insurance: A Step-By-Step Guide

Life insurance is a crucial safety net for your loved ones, but sometimes circumstances change, and you may need to cancel your policy. Lumico offers a customer portal that makes managing your life insurance policy simple and fast. To cancel your Lumico life insurance policy, you can submit a cancellation request by phone or email. If you cancel within 45 days of your policy's issue date, Lumico will refund any payments made without questions asked. It's important to note that only the policy owner can make cancellation requests, and if the request is sent via email, the sender's email address must match the owner's email listed on the policy for security purposes. This guide will help you understand the process of cancelling your Lumico life insurance policy and answer any questions you may have about refunds or other considerations.

Cancelling within the free-look period

If you are a new Lumico customer, you can cancel your policy within 45 days of its issue date and receive a full refund. This is known as the free-look period. Lumico refers to this as a "no-questions-asked" refund. To cancel your policy, you can make your request over the phone or by email. It is important to note that only the policy owner can make the cancellation request, and if the request is sent via email, the sender's email address must match the owner's email address listed on the policy for security purposes.

To cancel your policy, you can contact Lumico's customer care team by phone at 1-866-440-4047. This phone number can also be used to ask any questions about your life insurance policy. Alternatively, you can email your cancellation request to [email protected].

If you are unable to cancel your policy within the free-look period, you may still be able to reinstate your policy by paying all outstanding balances. However, having a lapse on your record may make it harder to secure new insurance or lead to higher premiums in the future.

To avoid a lapse in your policy, Lumico recommends doing the following:

• Set up automatic payments to ensure your premiums are paid on time. You can update your payment method via Lumico's online customer portal at www.myaccount.lumico.com.
• Review your policy renewal notices and deadlines carefully.
• Contact Lumico's customer service team if you are facing financial hardship. They can help you discuss options like payment plans or adjusting your coverage.

Cancelling by phone or email

To cancel your policy, Lumico accepts cancellation requests by phone or email. If you cancel within 45 days of your policy's issue date, you will receive a full refund. Please note that cancellation requests may only be made by the policy owner, which is typically the insured unless an owner change has been specifically requested. If the request is sent via email, the sender's email address must match the owner's as listed on the policy for security purposes.

To cancel by phone, call the Customer Care team at 1-866-440-4047. This line is operational Monday to Friday, 8 am to 4:30 pm CST. You can also call 1-800-589-0087, though it is unclear whether this line has the same operating hours.

To cancel by email, send your request to [email protected].

Changing beneficiaries

A beneficiary is the person you designate to receive your policy's death benefit after you pass away. You can choose a primary beneficiary (the person who is first in line) and a contingent beneficiary (a backup person in case your primary beneficiary is no longer available). You can also decide on the percentage of the death benefit that each of your beneficiaries will receive.

If you prefer to make these updates over the phone, you can call Lumico's customer care team at 1-866-440-4047. This process should take less than two minutes via their automated system.

Additionally, you can download the necessary forms from Lumico's website and submit them via mail or fax. The forms you may need include the "Claim Form- Life Claimant Statement" and the "Affidavit Of Next Of Kin Form." The latter is a sworn written statement that identifies all blood and adopted relatives of the deceased and requires notarization.

Getting a refund on payments

To get a refund on payments made into your Lumico life insurance policy, you must request a cancellation of your policy within the free-look period. This period is typically 30 days from the start of your policy, but Lumico offers an additional buffer of up to 45 days after the policy's issue date for a full refund. After this period, refunds are not usually available.

To cancel your policy, you can make a request by phone or email. It's important to note that only the policy owner can make this request, and if sent by email, the sender's email address must match the owner's email address listed on the policy for security purposes.

If you suspect there has been an error in payment processing, you can contact Lumico by phone or email to resolve the issue. In the rare event that Lumico has charged your account erroneously, they will issue a refund to the original payment method or apply the credit to your next invoice.

Cancelling a lapsed policy

If your insurance policy has lapsed due to non-payment, you can reinstate it by paying all outstanding balances. The specific requirements for reinstatement vary depending on your location, but most states provide a Special Reinstatement Period of 30-60 days after your Grace Period ends, during which you can reinstate your policy without reapplying.

To avoid a lapsed policy, you can set up automatic payments, review your policy renewal notices, and contact Lumico's customer service team if you're facing financial hardship. They may be able to help you by adjusting your payment plan or coverage.

If you wish to cancel your policy, you can do so by phone or email. If you cancel within 45 days of your policy's issue date, Lumico will refund any payments made. Please note that cancellation requests can only be made by the policy owner, typically the insured unless an owner change has been requested. If the request is sent by email, the sender's email address must match the owner's email address as listed on the policy for security purposes.

Frequently asked questions