Top Questions About Lantern Answered

Life insurance can be confusing. We get it. With so many options out there, it’s hard to figure out where to even start. Chances are that if you’re reading this, you have questions, too. Fortunately, you don’t have to do this alone. Every day we answer phone calls and emails from customers who want to buy life insurance coverage but don’t know the best way to go about it. There’s no shame in that. There’s a reason why insurance agents and brokers need to have a license to sell policies to customers — it’s a complicated topic! Oftentimes, we hear this: “I don’t know what questions to ask.”

If that’s you, then you’re in the right place! Here, you’ll find the top questions people just like you are asking.

What Kind of Life Insurance Does Lantern Offer?

Lantern offers term life insurance. A term life policy is as easy as 1-2-3.

1. Choose a term (between 10 and 30 years, in 5-year increments),
2. Select a coverage amount up to $1.5 Million, and
3. If approved, pay a set monthly premium throughout the duration of that term.

Policies offered by Lantern have level premiums, which means your monthly premium will never change, as long as your policy is in force — no matter your term length. The longer you wait to apply, the higher your rate could be, so consider locking in your rate today!

How Do I Know I’m a Good Fit for a Policy Offered by Lantern?

If you’re in generally good health and between the ages of 18 and 60, a policy offered by Lantern might be a great fit for you. Most applicants get an instant underwriting decision, so you don’t have to wait weeks to find out whether you’re approved for coverage.

What Is the Application Process Like with Lantern?

Lantern’s 100% online application process has four simple parts:

1. Your basic identifying information: email, address, and Social Security Number.
2. Your life. This includes citizenship, medical history, lifestyle, and hobbies.
3. Beneficiaries. This is whoever would receive the death benefit in the event of the insured’s death.
4. Policy and payment details. If approved, choose the coverage amount and term length, then enter credit card info to purchase and activate the policy.

It’s as easy as that! In as little as 5 minutes, you can apply for a term life insurance policy.

Is a Medical Exam Required to Get a Policy Offered by Lantern?

A medical exam helps an insurance company double check how healthy you are. Lantern's digital underwriting engine checks your health using data and technology, which means many applicants can skip the medical exam.

How Is Lantern Different Than Other Insurance Companies?

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. We've completely re-engineered the application experience for term life insurance to be super simple and more affordable. Apply in as little as five minutes, and most applicants get an instant decision.

What is Accelerated Underwriting?

Think of this accelerated, algorithmic underwriting as our secret sauce. We use the data and technology mentioned above to quickly determine your risk and eligibility instantly.

What Determines How Much I’ll Pay For Life Insurance?

Your level of risk is what determines your premium and monthly rate. Risk is the likelihood that an insured event (in this case, death) should occur during the policy term. The higher your risk, the more you will likely pay. Life insurance risk factors include basic information about you (like your age, height, and weight) in addition to things like your medical history and lifestyle. But each insurance company has their own underwriting process — that’s the process by which an insurance company determines whether it can accept the risk of an applicant for life insurance, and if so, on what basis so that the proper premium is charged. 

What Is the 30-Day Money-Back Guarantee?

It’s a 30-day free look period to examine your life insurance policy to see if it meets your needs. If you cancel your policy within the first 30 days for any reason at all, you’ll receive a refund.

How Can I Trust You? You’re a Startup.

Lantern is part of Sammons® Financial Group, Inc., including a collection of member 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.

How Can I Trust My Beneficiary Will Get Paid?

Lantern Insurance Company is the insurance carrier and pays the claim for policies purchased through Lantern. We are here to walk whoever is making the claim through the process and answer any questions.

What Happens If I Die During My Term?

Should you pass away, your beneficiary will contact Lantern to get started on the claims process. A Customer Care Advisor will walk them through the process and answer any questions while Lantern Insurance Company processes and reviews the claim. In most cases, life insurance policies will have a two-year contestable period. If a policyholder passes away within the first two years of owning the policy, the insurance company may investigate the cause of death and review the information provided on the application (only if there’s a reason). If information is found to be false or inaccurate, the insurance company can deny the payment of the life insurance benefit. 

What Happens If I Don’t Die?

Cheers to good health! Term life insurance policies do not build cash value like a whole life policy does, so if you outlive your policy term, you won’t get anything back. Lantern term life policies do not renew. At the end of your term, you can re-apply for a new policy.

What If I Still Have Questions?

No worries. We’ve got your back. You can contact our Customer Care Team in two different ways:

• Give us a call at 800-835-8803.
• Send us an email at team@lanterninsurance.com, and a Customer Care Advisor will get back to you. Please do not include personal information, like your Social Security Number.

Or if you prefer a DIY approach, you can check out our Lantern FAQ. There’s no such thing as a silly question, so don’t hesitate to reach out. We’re happy to help.

Ready to get a quote? Apply for up to $1.5 million in term life coverage with Lantern.