How To Cancel Lemonade

Subscription in a Few Minutes

Lemonade’s  Refund Policy

When you make a cancellation request to Lemonade, they will immediately process it and refund any unused amount of your fee.

Furthermore, Lemonade prioritizes transparency and justice by refunding surplus premiums through its Annual Member Dividend.

These reimbursements are promptly paid back to your credit or debit card, resulting in a smooth, customer-focused experience.

How Much Can You Save After Canceling Your Lemonade Subscription?

Potential savings could be generated by canceling your Lemonade insurance subscription and saving the current premium payments.

Lemonade offers term life insurance rates starting from just $8 a month. This is a very small amount and may not provide complete coverage. The monthly premium depends on the coverage and the type of insurance you have chosen. 

For example, if users pay $70 per month in insurance premiums on Lemonade, they can save $840 per year by canceling the subscription.

However, they must cover the costs from their pockets after the cancellation. This freed-up cash can be redirected toward other financial priorities or investments.

Where to Invest that Amount?

The moment you've canceled your subscription to Lemonade Insurance and you have pointed out the amount saved, then think of some strategic options of investment to help you make the most out of your financial resources:

High-Yield Savings Accounts or CDs

One may want to invest their cash in high-yield savings accounts or certificates of deposit, which will earn aggressive interest rates but remain liquid.

Debt Repayment

Make prepayments on high-interest debt, which is credit card balances or personal loans, since it reduces interest expenses and, hence, improves financial health.

Investment Accounts

Utilize brokerage accounts, IRAs, and employer-sponsored retirement plans to become an investor. Through these investments, diversify the accounts by risk tolerance and financial goals.

Emergency Fund

Continue building an emergency fund so that you will have enough money in case of an emergency or lost income. Try to set aside three to six months of living expenses in a readily available savings account.

Alternatives to Lemonade

Although Lemonade offers some of the best packages for insurance, it is important to look for alternatives to get the best out of the best deals. These options can be considered after canceling the Lemonade Subscription: 

Beem

Beem is gaining popularity in the insurance industry by offering personalized insurance solutions.

Beem prioritizes transparency and customer satisfaction by offering fair prices, free from hidden charges.

They have a user-friendly platform that allows users to choose among various insurance plans easily. 

State Farm

It provides various coverage options like auto, home, renters, life, and even pet insurance. It has built a strong network of agents across the United States, providing personalized service with competitive pricing.

GEICO

Government Employees Insurance Company is one of the most well-known and top automobile insurance companies, offering very inexpensive policies.

Apart from auto insurance, GEICO also underwrites homes, renters, and many other types of insurance. Policies can be easily managed, and claims can be filed from the website or the mobile application.