Lemonade Term Life review

Lemonade Term Life is a simple way to buy a Banner Life policy through an app many families already have for renters, home, car or pet cover. Lemonade's agency sells the policy and Banner Life underwrites and issues it, using its OPTerm and RiseTerm forms, so the insurer standing behind the claim is the same carrier ranked second on this list. Lemonade publishes a starting price of $8 a month and says about 90% of applications are approved. Its page lists six underwriting classes, from preferred plus non-tobacco to standard tobacco, and notes that the application asks about lifestyle and health. Coverage is sold in 49 states and DC but not New York. The page publishes less detail on term lengths, coverage caps and riders than Banner's own site, so check those during the quote. For families who value a clean digital process and want everything in one app, it is an easy choice. We compared documented features and published prices.

Who it is for

Families who already use Lemonade or want a simple online quote with a low starting price.

Price

From $8 a month.

Starting from $8/mo
Quoted from the vendor pricing page on November 9, 2026.

Key features

• Online quote and application through the Lemonade website and app
• Policies issued by Banner Life Insurance Company (OPTerm and RiseTerm forms)
• Six underwriting classes from preferred plus to standard tobacco
• Sold in 49 states and DC
• Coverage pitched at income, mortgage, debts, college and final expenses

Strengths and weaknesses

• Strength: Low published starting price of $8 a month
• Strength: Lemonade says about 90% of applications are approved
• Strength: Backed by Banner Life as the issuing insurer
• Weakness: Not available in New York
• Weakness: Fewer published details on term lengths and limits than the carriers' own pages
• Weakness: No laddering or term stacking described on the Lemonade page

Key facts

• Starting price: $8 a month
• Approval rate: About 90% of applications (Lemonade)
• Issuing insurer: Banner Life Insurance Company
• Availability: 49 states and DC, not New York
• Buying channel: Website and app

Where it ranks

Lemonade Term Life is No. 4 in our Best Term Life Insurance verdict.