Lincoln Heritage Life Insurance Review: Is It Worth Your Money?

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We collected 4,650 data points from 93 life insurance companies to measure financial stability, customer satisfaction, product and feature variety, and the overall buying experience. We then evaluated each company based on 50 metrics to develop unbiased, comprehensive reviews.

Lincoln Heritage Life Insurance is a company that specializes in final expense life insurance. The company has been in business for over 60 years and provides affordable coverage to seniors. In this Lincoln Heritage Life Insurance review, we will closely examine the company’s Funeral Advantage Program, coverage and claims, financial strength and ratings, and more.

The Funeral Advantage Program is Lincoln Heritage’s flagship product. It is designed to help families cover funeral costs and other final expenses. The program offers coverage amounts up to $20,000 and includes support for funeral service shopping. One of the program’s unique features is that it offers immediate coverage for most applicants, regardless of their health status. This means that applicants can get coverage without having to undergo a medical exam or answer any health questions.

Key Takeaways

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Overview

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Lincoln Heritage Life Insurance is a well-known company specializing in final expense life insurance. This type of insurance is designed to cover funeral expenses and other end-of-life costs. Lincoln Heritage offers permanent coverage, meaning that the policyholder is covered for their entire life as long as they continue to pay their premiums.

What is Lincoln Heritage Life Insurance?

Lincoln Heritage Life Insurance was founded in 1963 and is headquartered in Phoenix, Arizona. The company has an A- rating from A.M. Best, a strong rating that indicates financial stability and a good reputation in the industry.

Lincoln Heritage offers a variety of policies, including whole life insurance and term life insurance. Whole life insurance provides permanent coverage and builds cash value over time. Term life insurance provides coverage for a specified period of time, typically 10, 20, or 30 years.

Types of Policies Offered

Lincoln Heritage’s main product is its Funeral Advantage Program, a final expense life insurance policy. This policy covers funeral expenses and other end-of-life costs, such as medical bills and outstanding debts. The policy is available to individuals between the ages of 40 and 85 and provides coverage up to $20,000.

In addition to the Funeral Advantage Program, Lincoln Heritage also offers a variety of riders that can be added to policies to provide additional coverage. These riders include an accidental death benefit rider, which provides additional coverage in the event of accidental death, and a child rider, which provides coverage for children under 18.

The death benefit for Lincoln Heritage policies is tax-free to the policy’s beneficiaries. The company offers permanent coverage, meaning the policyholder is covered for their entire life as long as they continue to pay their premiums.

Overall, Lincoln Heritage Life Insurance is a reputable company specializing in final expense life insurance. Its policies provide permanent coverage and are designed to cover funeral expenses and other end-of-life costs. The company offers a variety of riders that can be added to policies to provide additional coverage, and its policies pay out tax-free to the policy’s beneficiaries.

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Funeral Advantage Program

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What is it?

Lincoln Heritage’s Funeral Advantage Program is a final expense life insurance policy designed to help families cover the costs of funeral services and other end-of-life expenses. It is a small death benefit whole life insurance policy that does not require a medical exam. The policy pays a cash benefit (tax-free) to your loved ones or a funeral home to cover all your funeral expenses.

Benefits

The Funeral Advantage Program offers several benefits to policyholders. These include:

  • Guaranteed issue: The policy is available to anyone between the ages of 0 and 85, regardless of their health status.
  • Fixed premiums: The premiums for the policy are fixed and will not increase over time.
  • Family support services: The policy provides access to various family support services, including grief counseling and legal advice.
  • Quick payout: The policy pays out quickly, often within 24 hours of the funeral home submitting the necessary paperwork.

Medical Exam and Health Questions

Unlike many other life insurance policies, the Funeral Advantage Program does not require a medical exam. However, policyholders will be asked a series of health questions to determine their eligibility for coverage. These questions may include:

  • Have you been diagnosed with any serious illnesses?
  • Have you been hospitalized for any reason in the past year?
  • Are you currently taking any medications?

It is important to answer these questions truthfully, as providing false information could result in the policy being voided.

Overall, the Funeral Advantage Program is a good option for those looking to ensure that their end-of-life expenses are covered. It offers several benefits and is available to many individuals, regardless of their health status.

Check Out: Analysis of Gerber Life Insurance Services

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Coverage and Claims

Regarding coverage, Lincoln Heritage Life Insurance offers final expense insurance policies that provide a death benefit to cover funeral and burial expenses. The policies are available to individuals aged 40 to 85, with coverage amounts ranging from $1,000 to $20,000. The policies are guaranteed issue, meaning no medical exams or health questions are required to qualify for coverage.

Approved Claims

Lincoln Heritage Life Insurance is known for paying out claims quickly and efficiently. According to the National Association of Insurance Commissioners (NAIC) complaint index, Lincoln Heritage has a low complaint ratio, indicating that the company has a good track record of paying claims.

Complaints

While Lincoln Heritage Life Insurance has a good reputation for paying claims, the company has received complaints about its customer service. The NAIC complaint index shows that Lincoln Heritage has a higher-than-average number of consumer complaints relative to its size. However, it is important to note that the complaint index is based on the number of complaints received by state regulators and does not necessarily reflect the company’s overall customer satisfaction.

To address these concerns, Lincoln Heritage Life Insurance has partnered with the Funeral Consumer Guardian Society (FCGS) to provide additional support to policyholders and their families. The FCGS is an independent organization that helps consumers make informed choices about funeral arrangements and related services.

AM Best Rating

Lincoln Heritage Life Insurance has an A- (Excellent) rating from AM Best, a leading credit rating agency specializing in the insurance industry. This rating indicates that the company has a strong financial position and is well-equipped to meet its obligations to policyholders.

In summary, Lincoln Heritage Life Insurance offers final insurance policies covering funeral and burial expenses. The company has a good reputation for paying claims, although some customers have expressed concerns about customer service. Lincoln Heritage is a solid choice for individuals looking for final expense insurance coverage.

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Financial Strength and Ratings

When considering a life insurance company, assessing its financial strength and ratings is important. This information can help policyholders determine the insurer’s ability to pay out claims and its overall stability as a company.

AM Best Ratings

AM Best is a credit rating agency that evaluates the financial strength of insurance companies. Lincoln Heritage Life Insurance Company has been rated by AM Best since 1976 and currently holds an A- (Excellent) rating. This rating indicates that the company can meet its ongoing insurance obligations and is financially stable.

NAIC Complaint Index

The National Association of Insurance Commissioners (NAIC) maintains a complaint index that tracks consumer complaints against insurance companies. The index is based on the number of complaints received by the NAIC relative to the size of the company.

According to the NAIC’s most recent complaint index, Lincoln Heritage has a complaint ratio of 0.34, which is lower than the national median of 1.00. This indicates that the company receives fewer complaints than the average for its size.

Overall, Lincoln Heritage Life Insurance Company has a strong financial strength rating and a low complaint index, suggesting that it is a stable and reliable insurer. However, it is important to note that these ratings are just one factor when choosing a life insurance company. When deciding, policyholders should also consider the company’s coverage options, pricing, and customer service.

Conclusion

Based on the research, Lincoln Heritage Life Insurance is a solid option for those looking for final expense insurance. The company has been in business for over 50 years and has over 1 million policyholders.

Lincoln Heritage Life Insurance offers a straightforward final expense insurance policy that can provide up to $20,000 in coverage. The company’s policy is specifically designed to cover funeral expenses, which can relieve families already dealing with the stress of losing a loved one.

One of the main benefits of Lincoln Heritage Life Insurance is the company’s fast application process. Applicants can complete the application online or over the phone, and the company promises to provide a decision within 24 hours. This can be helpful for those who need coverage quickly.

Another advantage of Lincoln Heritage Life Insurance is the company’s A- rating with A.M. Best. This rating indicates that the company is financially stable and can meet its obligations to policyholders.

Overall, Lincoln Heritage Life Insurance is a reputable company with a strong track record of providing final expense insurance. While the company only offers one type of policy, it focuses on providing fast and reliable coverage for funeral expenses.