Lantern is a newer online term life insurance company that is focused on offering low cost online term life insurance in minutes. Leveraging technology, they offer a variety of term life insurance options at low cost.
Do you need life insurance? You could have a policy of $1.5 million in as little as 5 minutes when you apply through Lantern.
See why Lantern makes our list of the top online term life insurance companies here.
But before you head to the site, you need to know what you’re getting into. Below we explain what you need to know about Lantern.
Quick Summary
- Online term life insurance for a low cost
- Rates as low as $10/mo
- Up to a $1,500,000 term life insurance policy
Lantern Details | |
|---|---|
Product Name | Lantern Life Insurance |
Min Coverage | $100,000 |
Max Coverage | $1,500,000 |
Term Length | 10, 15, 20, 25, 30 Year |
Insurance Type | Term |
What Is Lantern?
Lantern is an online life insurance company that sells low-cost life insurance. People taking out a policy from Lantern will not have to take a medical exam to put a life insurance policy in force.
As such, they are one of the few providers that offer a 100% online experience.
They are currently available in every state except Florida.
What If I’m Not Perfectly Healthy?
If you’re not perfectly healthy, you may still qualify for life insurance through Lantern. The application only screens for major diseases (heart disease, cancer, HIV, etc.) however.
Can I Get the Right Kind of Insurance Through Lantern?
Lantern offers term insurance policies. These include 10, 15, 20, 25 and 30-year level term. You can get insurance if you're 18-59 years old with Lantern.
The insurance agency offers up to $1.5 million in term life insurance policies, but you may not qualify for a full $1.5 million. I initially filled out the application as a homemaker making $50,000 per year from a side hustle, with a $500,000 policy in force already. As a result, I only qualified for an additional $500,000.
Now, $1 million in total life insurance may seem like a lot, but it’s quite a bit less than I think most parents of young children should have. Simply putting all three of our kids in full-time daycare would cost $50,000 annually, not to mention the loss of wages.
Lantern recently updated their term length as well. You can get a 10, 15, 20, 25, or 30 year term policy.
If you’re a 25-year-old, a 20-year term policy will only take you to age 45. 20 years is long enough for you to lose your health, but you may not be financially independent by 45. That means you’ll need to qualify for life insurance at age 45 too.
Lantern only takes care of the level term life insurance.
How Does Lantern Compare?
Lantern differentiates itself by offering low-cost term life insurance policies that don't require a medial exam. As a result, this may not be the best choice for everyone. But if you're younger and healthy, they could be a great choice with an incredibly easy application process.
A unique feature of Lantern is their partnership with Empathy, a platform which helps families deal with loss, both emotionally and logistically.
According to a press release, "Through the partnership, Empathy's app and premium services are available to beneficiaries in 20 states at no cost—providing additional layers of emotional and administrative support when dealing with loss. Beneficiaries and up to 9 friends or family members can use Empathy's app to assist with many end-of-life tasks, including filing a life insurance claim, planning a funeral, and writing an obituary."
When comparing life insurance, make sure you shop around and see the list of the best online life insurance companies.
Check out Lantern compares:
Header |  |  |  |
|---|---|---|---|
Rating | |||
Min Coverage | $100,000 | $100,000 | $100,000 |
Max Coverage | $1,500,000 | $8,000,000 | $3,000,000 |
Terms | 10, 15, 20, 25, 30 Year | 10, 15, 20, 25, 30 Year | 10, 15, 20, 30 Year |
Types | Only Term | Only Term | Only Term |
Exam? | Not Required | Maybe | Maybe |
Cell |
Final Take on Lantern
If you’re short on time and don’t want the hassle of a doctor's visit, blood test, or medical exam apply for term life insurance through Lantern. Because they don’t require a medical exam, their rates are often very low but may not be as low as a “fully underwritten” quote from a provider which does require an exam. As long as you’re honest on the application, you may qualify for up to $1.5 million in a term life insurance policy at a great rate.
However, healthy people may find better rates elsewhere, so be sure to shop around before committing to Lantern. Other online insurers include Haven Life and Leap Life.
Lantern Features
Min Policy Amount | $100,000 |
Max Policy Amount | $1,500,000 |
Policy Terms | 10, 15, 20, 25, 30 Years |
Policy Types | Term |
Riders/Customization | No |
Medical Exam | No |
Partnership With Empathy | Empathy's app and premium services available to beneficiaries for free. Available states where Empathy is offered: AL, AR, CA, FL, GA, ID, IN, IA, KS, ME, MS, NE, NV, NH, NM, ND, OH, OR, VT, and WV. |
Online Account Management | Yes |
Policy Underwriters | Lantern Life Insurance Company |
AM Best Rating | A+ |
Availability | Nationwide, except New York |
Customer Service Phone Number | 833-300-0603 |
Customer Service Hours | 24 Hours |
Mailing Address | Lantern Inc. 750 North St. Paul Street #1900 Dallas, TX 75201 |
Promotions | None |
Policies are issued by Bestow Life Insurance Company, Dallas, TX on policy form series BLI-ITPOL. Bestow Life Insurance products may not be available in all states. Policy limitations or restrictions may apply. Not available in New York. Our application asks lifestyle and health questions to determine eligibility in order to avoid requiring a medical exam. Prices start at $10/month based on a 18-year-old male rated Preferred Plus NT for a $100k policy for a 10-year term. Rates will vary based on underwriting review.
Lantern Life Insurance Review
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Summary
Lantern is an online life insurance platform that has competitive rates and terms. They have policies starting at just $16 per month.
Pros
- Easy to apply online term life insurance
- Policies start at $16 per month
Cons
- Only offer term life insurance
- May not work for complex situations
Editor: Clint Proctor Reviewed by: Chris Huntley
Robert Farrington is the founder of The College Investor and is widely recognized as one of the nation’s leading voices on student loan debt and saving for college. He holds an MBA from UC San Diego Rady School of Management and has spent over 15 years researching, writing, and advising on student loans, 529 plans, financial aid programs, and saving and investing for young professionals.
Robert has been featured in the The New York Times, The Wall Street Journal, The Washington Post, NBC News, and Forbes, where he has been a regular personal finance contributor for over a decade. His work combines both professional expertise and personal experience – he successfully navigated his own student loan repayment journey and has helped thousands of readers do the same.
He is committed to making the intersection of personal finance and education transparent and accessible. You can learn more about Robert on the About Page or on his personal site RobertFarrington.com.