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Lantern Life Insurance Review


ConsumersAdvocate.org Rating: 4.5 / 5 (Excellent)
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Lantern is a technology-focused company that offers term life insurance policies without medical exams required.

The application is submitted entirely online and a decision is made within minutes with "algorithmic underwriting." Customers ages 18 to 59 are eligible. Lantern is currently available in 49 states.
 
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How Do We Rate Lantern?

Breakdown

4.5/5
Company Stability
4.5/5
Reputation
4.6/5
Policies & Coverage

Our Overall Rating: 4.5 / 5 (Excellent)

Because of Lantern's commitment to using technology in order to make life insurance more effective, they offer consumers a unique opportunity to enjoy affordable term life insurance policies with no medical exams required.

Lantern offers policies issued by North American Company for Life and Health Insurance, which holds a Superior credit rating from A.M. Best, which means their financial strength is very good. For these reasons, Lantern is a great option for people who want to easily and quickly help to protect their dependents.

Financial Strength

Key Details

Underwriter
AM Best Financial Rating
A+
Additional Financial Information
A+ (Superior), the second highest rating out of 15 categories, was affirmed by A.M. Best for North American Company for Life and Health Insurance as part of Sammons Financial Group on August 2, 2018. A.M. Best is a large third party independent reporting and rating company that rates an insurance company on the basis of the company's financial strength, operating performance and ability to meet its ongoing obligations to policyholders.

Company Stability - 4.5 / 5

Although Lantern underwrites, insurance partner North American Company for Life and Health Insurance issues and provides the policies. Here we've provided the financial strength information of North American. The North American Company for Life and Health Insurance, holds a Superior (A+) rating from A.M. Best, a credit rating company.

This means their ability to meet claims obligations has been determined to be stable.

Reputation & Customer Experience

Customer Ratings

Trust Pilot Rating
4.8 out of 5
BBB Rating
A+
Number of BBB Positive Reviews
0
Number of BBB Neutral Reviews
0
Number of BBB Negative Reviews
0
Date Collected
2021-02-02

Reputation - 4.5 / 5

Lantern has an A rating from the Better Business Bureau, though no complaints or reviews have been posted on their profile yet.

This is probably due to the company's age, since it has only been in business since 2017.

Lantern Policies

Lantern offers customers the following life insurance policies: Term.

Term Life Insurance

Minimum Age
18
Maximum Age
59
Minimum Death Benefit
$50,000
Maximum Death Benefit
$1,500,000
Available Terms
10 year
15 year
20 year
25 year
30 year

Policies & Coverage - 4.6 / 5

As the selling agent, Lantern offers term life insurance policies at an affordable cost for people ages 18–59.

The terms available are 10, 15, 20, 25, and 30 years. Customers can select coverage from $50,000 up to $1.5 million.

Consumers don't need to undergo medical underwriting to be approved. Instead, Lantern uses a method called "algorithmic underwriting" where sophisticated software examines the applicant's profile, including health information they provide, to approve or deny the application.

A decision is made instantly online. That allows Lantern to offer some very competitive prices. Some customers may be able to buy coverage for a low as $10 per month.

It is also simpler and quicker to apply for insurance with Lantern than with traditional insurers. Lantern is currently available in all states except New York.

Flexibility and Available Riders

Flexibility & Available Riders - 4.6 / 5

Additional Company Information

Homepage URL
https://www.lanterninsurance.com/
Company Phone
(800) 835-8803
Headquarters Address
2700 Commerce St. Suite 1000
, Dallas, TX, 75226
Year Founded
2017

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Top Rated
Our Partner
  • The only 100% no medical exam term life insurance
  • Ages 18 to 60 are eligible to apply
  • Term life policies $50,000-$1.5 million in coverage
  • Company offers 10, 15, 20, 25, and 30-year terms
  • Monthly premiums as low as $10
  • Featured in WSJ, CNN, Forbes, TechCrunch & Money.com
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