Got questions?
You’re not alone. We get these questions all the time.
Lantern Basics
We’re honored that families trust Lantern with their life insurance needs. Lantern is part of Sammons® Financial Group, a collection of companies dedicated to helping financially protect families, with roots dating back to 1886. That’s a long history, and a lot of protection for families right when they need it most.
Nope! The amount you agree to when you purchase is the amount you will pay as long as that policy is active. If your policy expires and/or you apply for a new policy, you may see a new price at that time.
Yes. Lantern works with some of the industry’s most respected reinsurance companies.
We sure think so. Lantern's application process is entirely online. Seriously, 100%. Many companies offer an indicative quote online but then refer applicants to an agent in order to finish the application process. Other online life insurance companies may still require a medical exam for certain coverage amounts or applicants. With Lantern, everyone applies completely online and most applicants get an instant decision. Some applications are reviewed by a human, but the application process itself is all online.
Nope. When you've reached the end of your term, your coverage will simply expire.
Term life insurance is the simplest and most affordable type of life insurance protection. Should you pass away while your policy is in effect, it can help provide some financial protection to your beneficiaries, like your spouse or kids. Because it does not build a cash value, it is often the least expensive type of life insurance.
Your claim will be administered and paid by Lantern Insurance Company. To file a claim, you can contact us at 800-835-8803, M-F 8am-5pm CT, to speak with one of our Customer Care Advisors. They’ll guide you through the next steps in order to submit your claim.
Your policy will be issued by either Lantern Insurance Company or Bestow Life Insurance Company, depending on which carrier is licensed in your state.
Bestow sold Bestow Life Insurance Company to Sammons® Financial Group, who renamed it Lantern Insurance Company. While the name change is being approved by each state's regulatory board, policies may be issued by either Lantern Insurance Company or Bestow Life Insurance Company, depending on which carrier is licensed in your state. This doesn’t change existing policy contracts in any way. For more information, click here.
If you believe you’re experiencing technical issues, incidents, or a system failure, please call our customer support team at 1-800-835-8803, M-F 8am-5pm CT, or email team@lanterninsurance.com.
Death as the result of COVID-19 is not excluded from coverage under the Policy.
Currently, we offer payment by credit card and ACH. Payments will be automatically drafted every scheduled payment day until the term is done (unless the policy is canceled, or should you pass away during your term). Your recurring payment date will be the same date as the original date of purchase. Premiums for policies purchased on the 31st of a month will be due on the final day of each month.
Insurance 101
Term life insurance is life insurance that lasts for a specific period of time (that’s the term). Lantern offers terms from 10 to 30 years, in 5-year increments. You make a monthly payment (Lantern’s rates start around $11/mo.), and if you pass away while the policy is active, your chosen beneficiary (like your spouse, for example) receives your total coverage amount, usually tax-free.
At the end of a policy’s term, the policy simply expires.
Term life insurance is cheaper than whole life insurance. It provides coverage for a specific length of time (this is called a “term”) at a level premium (meaning the price doesn’t change) throughout the life of the policy. Whole life insurance covers you for life as long as you pay the premium, and includes a cash value component. Because the death benefit is guaranteed for your life, whole life is more expensive than term insurance.
Yes. Term life insurance expires at the end of the time period covered (as long as premiums are paid). For example, a 20-year term will expire 20 years from the issue date.
Your policy expires at the end of its term. If you buy a 10-year policy at the age of 53, then you would have coverage until age 63, assuming all your premiums were paid on time.
Manage Policy
Your payment information is encrypted and stored securely with Stripe, our payment processor who is leading the industry in electronic payments and security. Lantern doesn’t store your credit card information but rather utilizes a Token, a piece of computer code in layman’s terms, to securely process your payment through Stripe.
It would be wise to share with your beneficiaries that you have purchased life insurance through Lantern and named them beneficiary of your term life insurance. Upon your passing, during your term policy coverage, your beneficiary should report your passing to us.
As a life insurance policyholder, you’ll choose beneficiaries. A beneficiary is the person (or people) who will receive the death benefit payment in the event of the insured’s death. You can have up to 8 primary beneficiaries and 2 secondary (contingent) beneficiaries. The secondary beneficiaries are given the death benefit if none of the primary beneficiaries are alive. Currently, beneficiary(s) must be family, spouse, domestic partner, child, or someone with insurable interest.
Lantern understands that life happens sometimes and missing a payment shouldn’t be a big deal. That is why Lantern will allow you to make up that payment up to 60 days past the billing date. If you are unable to make the payment and 60 days pass, unfortunately, your policy will be cancelled for nonpayment. Don’t worry. We’ll mail you a reminder just in case. You can always come back and apply to reinstate your policy.
If you happen to miss a payment, your policy status will enter a 60-day grace period, during which time you'll need to pay your past-due premium(s) to keep your coverage in effect. On the 61st day your coverage will be terminated. Fortunately, our automatic billing will keep your payments up to date (so long as we have current billing information), so you can rest assured that your coverage is in effect.
Most states have adopted a law known as the Uniform Simultaneous Death Act. Under this Act, if there’s no clear evidence of who died first — you or your beneficiary — then your life insurance policy is distributed as though you survived the beneficiary, and the life insurance proceeds (death benefit) would go to your contingent beneficiaries. The claims department at the appropriate insurance company will review applicable evidence to determine whom beneficial interest shall pass to.
If you decide to cancel your policy within the first 30 days after buying your policy, your coverage will end immediately and you will receive a full refund of your first month’s premium. If you cancel at any time after the first 30 days, your policy will end at the conclusion of the current monthly billing cycle. The cancellation will put the policy in what's called a "cancellation pending status," and the policy will terminate at the next billing due date.
If you decide to cancel your policy, give us a call at 1-800-835-8803, M-F 8am-5pm CT, and a Customer Care Advisor will walk you through the process in detail. This may not apply in some states.
The most likely reason that your account was locked out is that you’ve entered an incorrect password five times. If this happens, just give us a call at 1-800-835-8803, M-F 8am-5pm CT and one of our Customer Care Advisors will be happy to help you reset it.
Give our Customer Care Advisors a call at 1-800-835-8803, M-F 8am-5pm CT, and we can get the process started.
Forgetting your password is the worst! But we’ve got you covered. Simply click the “forgot password?” link at the bottom of the login page or call 1-800-835-8803, M-F 8am-5pm CT, and we’ll be happy to help you reset your password. You’ll be emailed a link by which you can reset and create a new password.
We are so sorry for your loss. Please call 1-800-835-8803 and leave a detailed voicemail or email us at team@lanterninsurance.com and a Customer Care Advisor will get back to you as quickly as possible. You can also begin the online claim form here.
Details should include: Policy holder's name, date of death, current address, beneficiary name, and an email and phone number where you can be reached.
Once your death is reported to our customer care specialists, the beneficiary will be mailed a claim packet including a detailed list of requirements and forms to be returned. Information regarding payment of the claim is included in this packet.
A death certificate can be obtained by contacting the Office of Vital Records in the state that your loved one passed away. States may have different requirements and fees associated with obtaining a death certificate.
To file a claim, you can contact us at 1-800-835-8803, M-F 8am-5pm CT, to speak with one of our Customer Care Advisors. They’ll guide you through the next steps in order to process your claim as quickly as possible.
To sign-in to your Lantern dashboard, simply go to app.lanterninsurance.com/customer and enter the username and password that you created during the application process.
To view your billing information including payment method, and transaction history simply login to the Lantern Member Portal, and click on “Billing” on the left side navigation. To make any changes to your billing information, please call us at 1-800-835-8803, M-F 8am-5pm CT.
To log out of your Lantern Member Portal, click your name in the top right-hand corner and press the “log out” button.
You can edit your credit card information through the customer portal. Log in and click “Billing” on the left-hand navigation bar. You will be taken to the billing screen which will display the payment schedule and your current payment method. If you click the “Edit” button beneath your current payment method, you will be able to change your credit card information. Simple as that!
If you are updating your payment information due to a missed payment, please contact us at team@lanterninsurance.com or 1-800-835-8803, M-F 8am-5pm CT, once your credit card is updated to let us know we can charge your new card for the missed payment.
You can update personal information like your address or phone number at anytime from your customer portal. Simply log in to your account and click on "manage account." If you still need help, our friendly Customer Care Advisors are available M-F 8am-5pm CT by calling 1-800-835-8803.
While we would be sad to see you go, we get that sometimes it just doesn’t work out. You can cancel your policy at any time. If you need to do this, just call us at 1-800-835-8803, M-F 8am-5pm CT, and we’ll be happy to assist you. And don’t worry, we won’t guilt trip you to stay… you do you!
All of your policy information including beneficiaries, billing, and contact information is accessible in your Lantern Member Portal. Login using your username (your email address) and password that you set up in your application.
Your beneficiary does not have to live in the United States. Just make sure to finish as much of the beneficiary details as possible and make your beneficiary aware that Lantern should be contacted in the event that you pass away.
You are eligible for a full refund if you cancel within the first 30 days. After the 30-day mark you do not receive a refund but future payments are cancelled and there are no termination or early-cancellation fees.
Glossary
When shopping for life insurance, you may run into a few new-to-you terms. Trust us, it’s not all that complicated. Here, we’ve gathered some definitions for common life insurance terms.
A statement of information made by a person applying for life insurance. It helps the life insurance company assess the acceptability of risk. Statements made in the application are used to decide on an applicant’s underwriting classification and premium rates.
The process by which a life insurance company determines whether it can accept an application for life insurance, and if so, on what basis so that the proper premium is charged.
A life insurance company employee who evaluates the risks involved in each individiual application in order to determine appropriate coverage and rates.
Life insurance which pays a benefit if the insured dies during a specified period.
Part of the insurance policy that identifies the policyholder and details of the person covered, the amount of coverage, the exclusions, and the payment mode and schedule.
Even insurance companies have insurance. Reinsurers help protect insurance company finances, including helping to manage and reduce financial risk.
Restoring a lapsed policy to its original premium paying status, upon payment by the policy owner, possibly with interest, of all unpaid premiums, and presentation of satisfactory evidence of insurability by the insured.
The payment, or one of the periodic payments, a policy owner agrees to make for an insurance policy. Depending on the terms of the policy, the premium may be paid in one payment or a series of regular payments, e.g., annually or monthly.
Time period during which insurance coverage is in effect as long as payments are made.
A policy owner is typically the payor on the policy. It can be the insured, a trust, an estate, or another person. The policy owner may exercise the rights under a life insurance policy.
The printed legal document stating the terms of insurance contract that is issued to the policyowner by the insurance company.
If we learn that the age or sex of the insured has been misstated, we will adjust the face amount to the amount which would have been purchased by the most recent premium paid at the correct age or sex. Thereafter, premium due will be based upon the adjusted face amount and the insured’s correct age and sex.
Insurance that pays out a sum of money (death benefit) upon the death of an insured person in exchange for premiums.
Whether you purchased a 10, 15, 20, 25, or 30 year term, the premium (payment amount) will stay the same during that period of the term.
The termination of an insurance policy if premium is not paid by the end of the grace period.
The insurance company that contracts to take on the risk of compensating for losses in the event of death within the contract.
The person whose life is covered under the policy.
When any person would suffer a financial, emotional, or any other type of loss because of the death of the person insured. An insurable interest is required when purchasing life insurance on another person.
The value of a policy to be provided upon death of the insured, also referred to as death benefit.
The date on which the insurance coverage under your policy ends.
The length of time (60 days) after a premium is due and unpaid during which the policy remains in force.
A certain amount of time provided (usually between 10-30 days) to a policy owner in order to examine the insurance policy and if not satisfied, to return it to the company for a full refund. At Lantern, we offer a 30-day free look period.
The amount payable at the death of the insured.
A person who relies on another, especially a family member, for financial support.
The cases for which the insurance company does not provide coverage.
A statement or proof of your health, finances, or job, which helps the insurer decide if you are approved for life insurance.
The person who will receive your life insurance benefits if your primary beneficiary dies before you. This is also known as a secondary beneficiary.
A formal request to an insurance company asking for a payment based on the terms of the insurance policy.
According to the World Health Organization, BMI is a simple index of weight-for-height that is commonly used to classify underweight, overweight, and obesity in adults.
The contestable period is the 2 years between the effective date of the policy and the date of death of the Insured. Refer to the Incontestability clause in your policy for additional details.
An individual who is licensed to sell insurance policies on behalf of one or more insurance companies.
The person designated by the policy owner to receive the insurance proceeds at the death of the insured. This is also know as a primary beneficiary.
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