The Top 5 Insurance Questions Asked by Our Members

April 05, 2023

If you have a question, chances are, someone else does too. That’s why we put together a list of our members’ most commonly asked inquiries. Take a look here—the answer may be right in front of you.

After all, at Lumico, it’s our goal to make life and health insurance policies easy to obtain, understand, and use. Insurance is meant to protect you—not confuse you.

Ready to get started? Here are the top five questions members tend to ask.

Question #1: I feel like I “should” get life insurance, but do I really need it?

Once you’re an adult, no matter your age, people depend on you. If you have a spouse or partner, or children, it’s critical to buy a life insurance policy. This way if you were to pass away, your loved ones won’t be burdened financially.

Life insurance can help cover the cost of:

Even if you’re a stay-at-home parent, purchasing life insurance is a good idea. It can help cover the cost of childcare, transportation, preparing meals, and more. If you’re no longer there, chances are, your spouse or partner would need to outsource help. Life insurance can help pay for these costs. When choosing life insurance, you have options—from small final expense policies to term life to whole life insurance that accrues cash.

Question #2: What is Medicare Supplement Insurance (otherwise known as Medigap)?

If you’re approaching age 65, you’ve probably heard of Medicare, which is government issued health insurance. The catch about Medicare is that it only covers a portion of your healthcare costs. That’s why Medicare Supplement Insurance (also known as Medigap) exists. This policy can help extend your Medicare coverage and “fill in the gaps,” so you pay less money out of pocket.

Medicare Supplement Insurance in addition to enrolling in Original Medicare Parts A and B can help make sure you can see the same doctors you already know and trust—and not worry as much about what services are covered.

Plus, when you choose a Lumico Medicare Supplement plan, you won’t face network restrictions, meaning you can see your own doctors without referrals as long as they accept Medicare patients (and most U.S. providers and hospitals do).

Question #3: I'd like to file a life insurance claim, who can I talk to?

If you just experienced the loss of a loved one, our hearts go out to you. It’s an extremely difficult time, so we want to make this process as simple and easy for you as possible.

To start your claim, call us at 1-866-440-4047 and press option 2. When you’re on the phone, be prepared to bring:

Once you start your claim, we’ll mail a claim packet to you, or you can download and print the forms yourself. It’s as simple as that.

Question #4: How long until I receive my life insurance claim payment?

If your claim doesn’t require a medical review, we’ll review your information and send a payment within seven to 10 business days once we receive all of your claim paperwork and a death certificate.

If we need more information, we may request medical records to validate the insured person’s health status. It can take us 45 days or more to conduct a medical review and pay the benefit. Throughout the process, we will send updates to you via letters in the mail.

Question #5: My life insurance payment date doesn’t work for me anymore. Can I change it?

Absolutely! If you need to make a change to your insurance payment date, we can help. You can make a permanent change to your recurring draft date if it’s within 20 days of your premium due date.

Keep in mind, if your payment isn’t received within seven days of your due date, we’re legally required to mail a past due letter. If you plan to send a payment (or if one has recently been made), feel free to toss this letter in your recycling bin!

For other common questions:

There’s more helpful information where this came from. We’ve put together an extensive Help Center where you can search for answers to commonly asked questions. Take a look. Chances are, you’ll find all the information you need. And if not, you can always call our Customer Care team at 1-866-440-4047.


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