Lemonade Life life insurance: who issues it and how it works

Overview

Lemonade Life is the term life insurance offering of Lemonade, the publicly traded insurtech best known for renters, homeowners, car and pet insurance. Lemonade issues those property and casualty policies itself, but not its life insurance. For life, it acts as an agency: the site disclosure says Lemonade Life Insurance Agency, LLC (LLIA) "is acting as the agent of Banner Life," whose products are underwritten and issued by Banner Life Insurance Company.

Lemonade Life launched in January 2021 as a sub-producer of Bestow's agency, with policies issued by North American Company for Life and Health Insurance and limited to $1 million and 10- or 20-year terms, according to Coverager. In early 2024 it moved to Legal & General America's Banner Life. Texas Department of Insurance records showed the Banner Life appointment as of February 28, 2024, and Coverager reported the transition took effect March 22, 2024.

Who issues the policy

The issuer, not Lemonade, pays death claims and holds the reserves behind your policy. Banner Life is rated A (Excellent) by AM Best as of March 2026, according to our Banner Life profile; it has been owned by Japan's Meiji Yasuda since February 2026. North American is rated A+ (Superior) by AM Best. Lemonade's FAQ says that once you start an application, you are transferred to Banner Life to finish it, and that later changes to coverage, beneficiaries and payments go through Banner Life. In practice, Lemonade is the front door and Banner Life is the insurer you deal with.

If you bought a Lemonade Life policy before 2024, check your policy schedule: it was likely issued by North American, and service runs through that insurer.

How buying works

You answer basic questions about yourself and your health on Lemonade's site, see an estimated quote, then finish the application with Banner Life. Lemonade's FAQ says a medical exam is required in some cases, depending on the medical information you provide, and that an exam can help Banner Life offer a better price. Lemonade's guides note that a decision after an exam can take 10 to 30 days, and extra underwriting questions two to 10 days.

There is a 30-day free-look period: cancel within the first 30 days for a full refund of your first month's premium. Lemonade says there is never a charge for canceling later. Lemonade's FAQ also says state rules prevent it from replacing an existing term policy in Florida, Georgia, Indiana, Kansas, Michigan, Nevada, Oklahoma and Wyoming.

Products and limits

• Term life only: terms of 10, 15, 20, 25, 30, 35 or 40 years, with a level premium for the whole term. Lemonade's disclosure names Banner Life's OPTerm and RiseTerm policy forms.
• Ages: 20 to 75 can apply.
• Coverage: starts at $100,000; Lemonade does not publish a fixed maximum.
• Availability: every state and Washington, D.C., except New York, because Banner Life does not do business there.

Lemonade's site advertises policies "starting from $8/mo"; that is Lemonade's undated marketing figure for its healthiest rate classes, not a typical price.

Reputation

We found no published regulatory enforcement action against Lemonade Life Insurance Agency in sources searched in October 2026. Lemonade, Inc. files reports with the SEC as a public company. For claims-paying strength, the relevant ratings are Banner Life's and North American's above. We do not repeat review-site star ratings.

Who it suits

Lemonade Life suits shoppers who want level term coverage for a long period, including 35- and 40-year terms that few online platforms offer, and who are comfortable finishing the application with Banner Life. Because it offers a single issuer, you are not comparing prices across insurers; a broker can show you how Banner's offer compares with others (see how to compare life insurance quotes fairly).

• Strengths: issued by a large term specialist; terms up to 40 years; applicants up to 75; 30-day free look.
• Weaknesses: one issuer only; not available in New York; an exam may be required; the handoff to Banner Life means two companies are involved in buying.

How to contact Lemonade Life

Lemonade's phone line is 844-733-8666, and its FAQ says to call that number to cancel a life policy. Lemonade's address is 5 Crosby St., 3rd floor, New York, NY 10013. For policy changes, payments and claims, Lemonade directs customers to Banner Life; see our Banner Life profile for its service numbers.