Lincoln Heritage Life Insurance is one of the most popular final expense insurance providers on the market. They offer one final expense policy: the signature Lincoln Heritage Funeral Advantage Program. Funeral Advantage is meant to assist you in paying for your final expenses, but is it much help?
Funeral costs in the US are on the rise, often exceeding $10,000 on average. It’s a great idea to start saving up to cover your final wishes so your family isn’t left with a financial burden. We’ll show you exactly what Lincoln Heritage Life Insurance covers, how much it costs, and why we don’t recommend the Funeral Advantage Program.
As experts in the final expense insurance market, Final Expense Benefits is here to help you get the best coverage for the best price. While we believe Lincoln Heritage Life Insurance misses the mark, we work with over 20 of the best final expense insurance providers.
Call us at (866) 786-0725 from 9 a.m. to 5 p.m. ET, to speak to one of our talented agents or use our free quoting tool to start your journey to peace of mind.
Lincoln Heritage Life Insurance History
Founded by Jack Londen in 1963, Lincoln Heritage Life Insurance has operated as a family-owned company for over 60 years. A classic “All-American” success story, Lincoln Heritage grew from a humble beginning and remains in the final expense insurance space.
Lincoln Heritage remains a family-run business – Londen’s son joined in selling life insurance, and the duo acquired and consolidated over 25 life insurance companies to form the industry titan Lincoln Heritage is today.
Following this growth, Lincoln Heritage Life Insurance stands as one of the largest providers in the United States. Despite the growth, Lincoln Heritage remains a family-run business and is still owned by the Londen family, with several of his descendants in prominent positions.
Despite the wholesome and humble start, Lincoln Heritage Life Insurance has a somewhat unfavorable customer satisfaction track record and rocky reputation. It all starts with their single final expense option: Lincoln Heritage Funeral Advantage.
Lincoln Heritage Funeral Advantage Program
Lincoln Heritage’s only life insurance option is the Funeral Advantage plan, a whole life final expense insurance policy tailored towards seniors looking to cover their end-of-life expenses. These policies often have forgiving health requirements and are intended to help cover funeral, cremation, and burial plot costs.
The Lincoln Heritage Funeral Advantage plan’s tagline claims that it assists seniors. Unfortunately, we believe they aren’t a great choice for seniors due to many reasons.
The Funeral Advantage plan is quite restrictive for seniors with any existing medical conditions. This is largely due to Lincoln Heritage’s intense underwriting process, used to determine eligibility and rates. If you have almost any preexisting medical condition or are a smoker, you should expect to pay significantly more for Lincoln Heritage Funeral Advantage than other providers’ final expense options.
In addition, their plans often have a two-year waiting period, which means that if you die within the policy’s first two years, your beneficiaries may not be paid the entire tax-free death benefit. This is a standard practice in the burial insurance space, but Lincoln Heritage differs by applying this two-year wait even for those in moderate health. Most providers only enforce the waiting period for applicants in poor health.
Lincoln Heritage Funeral Advantage Plan Costs
So how much does Lincoln Heritage Life Insurance cost? You may think it’s a competitive rate – after all, their “affordable monthly rates” are one of their main selling points.
Unfortunately, Lincoln Heritage’s rates aren’t so affordable: rates average 30% higher than our top-rated competing providers. For seniors with preexisting conditions like cancer, dementia, or diabetes, Lincoln Heritage rates can be as high as 150% more than our best providers.
A healthy 60-year-old female enrolled in the Lincoln Heritage Funeral Advantage program could pay around $45 monthly for a $10,000 policy. That rate is around 26% more than the top-rated insurance providers for the same coverage.
At Final Expense Benefits, we operate with only the top rated senior life insurance companies, such as Mutual of Omaha, Aetna Accendo, and Prosperity. These carriers average around $33 for the same $10,000 coverage. Plus their underwriting processes are much more forgiving, many policies have no waiting periods, and coverage starts the next day.
Here are the rates that you can expect for healthy individuals:
Lincoln Heritage Funeral Advantage Male Rates Chart
| Male-Age | Lincoln Heritage $10,000 | Top A+ Rated Carrier $10,000 |
|---|---|---|
|
50 |
$41.16 |
$30.68 |
|
55 |
$48.36 |
$35.95 |
|
60 |
$59.26 |
$43.76 |
|
65 |
$68.06 |
$56.48 |
|
70 |
$86.46 |
$74.61 |
|
75 |
$123.56 |
$99.97 |
|
80 |
$183.26 |
$139.73 |
These figures are estimates only, based on a $10,000 final expense insurance policy with no applicant pre-existing conditions.
Lincoln Heritage Funeral Advantage Female Rates Chart
| Female-Age | Lincoln Heritage $10,000 | Top A+ Rated Carrier $10,000 |
|---|---|---|
|
50 |
$33.96 |
$24.31 |
|
55 |
$38.56 |
$27.71 |
|
60 |
$44.86 |
$32.87 |
|
65 |
$57.46 |
$41.01 |
|
70 |
$75.36 |
$53.24 |
|
75 |
$101.16 |
$72.41 |
|
80 |
$145.06 |
$98.43 |
These figures are estimates only, based on a $10,000 final expense insurance policy with no applicant pre-existing conditions.
If you’re interested in our top providers’ final expense options, call us at (866) 786-0725 or check our free online quoting tool for a personalized estimate.
Why You Pay More for Lincoln Heritage Life Insurance
The main reason why Lincoln Heritage Life Insurance is more expensive than similar policies is because of its strict underwriting process. If you have any preexisting conditions or are a smoker, rates rise significantly. If you have any of these conditions, you should look at other providers:
- Pulmonary Hypertension
- Blood Clots
- Heart Surgery
- Stroke
- Hepatitis A, B, or C
- Cirrhosis
- Kidney Disease
- Bronchitis
- Emphysema
Even if you haven’t smoked a day in your life and only have minor health issues, you’ll still find yourself paying too much for a Lincoln Heritage Life Insurance plan. If you claim any preexisting medical conditions in your application, your rates may end up more than double the cost of what other insurance carriers charge.
Funeral Consumer Guardian Society & Lincoln Heritage Life Insurance
One benefit to the Lincoln Heritage Funeral Advantage program is the included insurance rider granting membership to the Funeral Consumer Guardian Society (FCGS). The FCGS assists seniors with funeral planning and final expense insurance activation, helping to alleviate some of the mental burden of a funeral from seniors and their families. Here is a list of the services FCGS offers seniors:
- Assistance finding affordable funeral services
- Finding and comparing funeral costs to help find the most cost-effective way to honor loved ones
- Education on funeral services, etiquette, and basic costs
- Finding all available funeral options and using the FTC rule to help make informed decisions
- Funeral contract review
- Bill payment and contract verification
- Documenting final wishes
- Ensuring policyholders have the funeral and burial service they want
Lincoln Heritage Funeral Advantage’s 24-Hour Claim
Lincoln Heritage says the Funeral advantage plan will pay benefits within 24 hours after death, but how true is that claim?
The truth is that no funeral insurance company can pay death benefits in 24 hours. The earliest is normally 48 hours after death. No other senior life insurance provider like Colonial Penn 995, Mutual of Omaha, or Aetna Accendo claim to offer payouts as soon as 24 hours after death.
Why can Lincoln Heritage Life Insurance make this claim?
It’s all over Lincoln Heritage’s website and is handled as one of the biggest benefits to the Funeral Advantage plan. The secret lies in this slogan’s wording: approved.
To verify the insured person’s death and to issue payout, Lincoln Heritage Life Insurance requires a certified copy of the insured person’s death certificate and the original policy document. You will then receive the death benefit within 24 hours of them receiving and approving those documents. However, because most policyholders with Lincoln Heritage have guaranteed life insurance, this process can get complicated.
This is mainly because of the two-year waiting period. If the policyholder dies within the first two years of their Lincoln Heritage Funeral Advantage policy’s coverage, your beneficiary must submit a certified death certificate and the insured’s medical records. Reviewers warn that underwriters with Lincoln Heritage Life Insurance may claim that the policy lapsed or contest eligibility. This turns the policy into a graded death benefit that distributes a percentage of paid premiums, rather than the entire agreed death benefit.
At Final Expense Benefits, we believe your beneficiaries should get the whole payout you agreed upon at the policy’s start, not just a graded benefit or percentage of premiums. That’s why we recommend the best carriers. Contact us for a free personalized quote and to learn more about your options.
Lincoln Heritage Life Insurance Pros & Cons
Pros
- No medical exam required
While it does have a medical questionnaire to determine eligibility and rates, the Lincoln Heritage Funeral Advantage plan does not require a medical exam. Almost any applicant can get approved by answering a few medical and health questions.
- Included funeral planning assistance
- Grows in cash value
Like most whole life insurance policies, Lincoln Heritage Funeral Advantage grows in cash value across the policy’s lifetime.
Cons
- Two-year waiting period
While the Lincoln Heritage Funeral Advantage program claims no waiting period for a death benefit, that isn’t completely true for policyholders in poor health – or even those in moderate health. Lincoln Heritage underwriting is fairly strict by final expense standards. You may only qualify for a modified plan, even with middling health issues. Modified plans have a two to three year waiting period before payouts.
- No online quotes
Transparency is key in the final expense insurance market, and Lincoln Heritage fails on this front. The only way to get a quote or claim from Lincoln Heritage is to fill in their online form and wait for a phone call or in-person visit.
- In-person visits
Lincoln Heritage often offers quotes only from an in-person visit from a sales representative. However, customer reviews warn that sales agents come unannounced and without scheduling an appointment. This is an irregular sales tactic. Most reputable providers only require a phone call for an application or quote, and never send door-to-door sales representatives out for unannounced in-person visits.
- High prices
Prices for the Funeral Advantage plan are much higher than other top-rated insurers’ prices, even for the same level of coverage.
- Customer reviews
On the surface, Lincoln Heritage’s third-party and customer reviews appear to be overall positive. This is to be expected from a company of Lincoln Heritage’s size and resources. However, looking a bit below the surface reveals customer issues with sales reps’ aggressive tactics, high rates, and deceptive marketing.
- Few options
If you’re looking for any insurance other than final expense insurance, you won’t find it with Lincoln Heritage. Their signature Funeral Advantage Program is the only policy they offer. If you are looking for term life or universal life insurance, you will have to look elsewhere.
Lincoln Heritage Life Insurance Reviews: Third-Party Rating Services
Surprisingly, Lincoln Heritage has decent third-party reviews. However, their aggressive tactics, high prices, and deceptive marketing have caused their customer reviews to be lower than average, which makes it difficult to recommend this insurance company. Here’s what people are saying about Lincoln Heritage Funeral Advantage plans:
1
Lincoln Heritage NAIC Rating
The National Association of Insurance Commissioners (NAIC) tracks customer complaints on their Complaint Index with the goal of protecting consumers. Their scale ranges from 0 to 10, with 1 set as the average score. Insurers should aim to be rated below 1.
The NAIC’s rating for Lincoln Heritage is 0.63, below the national average. This is to be expected with a company of Lincoln Heritage’s size.
2
Lincoln Heritage BBB Rating
The Better Business Bureau (BBB) helps customers find trustworthy businesses, tracks customer complaints, and offers complaint resolution services for customers and businesses. Their scale ranges from F to A+.
Lincoln Heritage is BBB accredited and has an A+ rating, indicating the BBB believes Lincoln Heritage is a trustworthy company. Customer reviews on the BBB website are high as well, at 4.41 out of 5. However, with the volume of negative reviews is troubling, especially with people warning about pushy agents and issues with payouts.
3
Lincoln Heritage AM Best Rating
AM Best is a rating agency that assesses insurance providers’ credit and ability to fulfill financial obligations. Their scale ranges from A+ to F.
Lincoln Heritage is currently rated A- by AM Best, indicating a strong but imperfect financial basis.
Lincoln Heritage Life Insurance Reviews: Customers
Leticia S
Rancho Cordova, CA
1/5
Marie W
Springfield, MO
1/5
John L
Springfield, MO
1/5
How Much Does Final Expense Insurance Usually Cost?
Lincoln Heritage Life Insurance rates leave a bit to be desired, but what about our top providers?
Final expense insurance is generally intended to be used by seniors who may have some health issues. Most reputable providers’ underwriting is much less strict than that of Lincoln Heritage, allowing you to qualify for a no-wait policy or better rates much more easily.
Below are real rates from our top-rated final expense insurance providers for a $10,000 policy for a non-smoking applicant with no preexisting health concerns:
| Company |
Male 50y/o |
Female 50y/o |
Male 60y/o |
Female 60y/o |
Male 70y/o |
Female 70y/o |
|---|---|---|---|---|---|---|
|
$34 |
$27 |
$50 |
$40 |
$70 |
$56 |
|
|
$31 |
$26 |
$43 |
$35 |
$71 |
$53 |
|
|
$31 |
$24 |
$44 |
$33 |
$75 |
$53 |
|
|
$34 |
$29 |
$45 |
$35 |
$79 |
$59 |
|
|
$33 |
$26 |
$48 |
$36 |
$82 |
$58 |
These figures are estimates only, based on a $10,000 final expense insurance policy with no applicant pre-existing conditions.
Final Thoughts
Lincoln Heritage Life Insurance may be one of the most popular final expense insurance providers, but we do not believe they are the best. We can often help you get rates more than 30% less than Lincoln Heritage – and that’s if you are in the best of health. If you have any preexisting health concerns, Lincoln Heritage’s strict underwriting will drive prices way up.
Overall, customers praise Lincoln Heritage, but some complain about pushy sales agents and issues with death benefit payouts. Even if many reviews are positive, do you want to risk having issues with payouts?
With so many reputable and reliable providers in the market, you don’t have to take a gamble on your final expense insurance. Contact Final Expense Benefits and we can help connect you to a plan that’s not only less expensive than the Lincoln Heritage Funeral Advantage program, but is also more reliable.
No matter your health status or income, we can help you get approved and on a plan starting the next day. Call us at (866) 786-0725 or use our free quoting tool to receive accurate premium prices and more.
FAQ
Where is Lincoln Heritage located?
Lincoln Heritage is headquartered in Phoenix, Arizona.
Who owns Lincoln Heritage Life Insurance?
Lincoln Heritage is currently owned and operated by the Londen family, descendants of the company’s founder, Jack Londen.
Is Lincoln Heritage a pyramid scheme?
No, Lincoln Heritage is not a pyramid scheme or multi-level marketing scheme. However, customer reviews report that sales agents’ tactics are sometimes predatory or pushy.
Is Lincoln Heritage Life Insurance legit?
Yes, Lincoln Heritage Life Insurance is a legitimate life insurance provider. However, their monthly rates are over 30% higher than most final expense insurance providers, they offer only one burial insurance policy, and you’ll have to undergo a strict underwriting process before the policy is approved.
What is the main benefit to the Lincoln Heritage Funeral Advantage Program?
Every Lincoln Heritage Funeral Advantage program policy includes a free Funeral Consumer Guardian Society membership. They will help plan your funeral, aid beneficiaries with policy claims, and ensure funeral bills are addressed properly.
