fbpx

Lincoln Heritage Burial and Final Expense Insurance Reviews

Lincoln Heritage Insurance

Lincoln Heritage final expense insurance might bury your wallet. People who are buying final expense insurance or burial insurance are thinking of their loved ones and beneficiaries. They do not want funeral expenses to bite a big chunk out of their estate and purchase the insurance to cover the cost associated with funerals and that final goodbye. We think that buying a burial insurance policy is a sound financial idea. No one wants to have beneficiaries saddled with enormous invoices.

It is natural for a consumer to go with a big-name like Lincoln Heritage Insurance Company for a policy. Reputation and the ability to pay the death benefit are the primary reasons for doing so. However, we want to point out that bigger does not always mean better. You may be paying more than you should for a benefit that is less than you need.

Ask These Questions about Lincoln Heritage Burial Insurance Before Moving Ahead?

We suggest that you take a moment to inspect what you are getting before purchasing the Lincoln Funeral Advantage Life Insurance Policy. You may ask questions like these to make your doubts wither:

  • What does the company offer?
  • How does Lincoln Heritage funeral expense program work?
  • What are the prices, and how do they compare with other carriers?
  • Is it the best final expense insurance on the block?

With our Lincoln Heritage review, you will find the answer to all these questions and get a better view of this policy.

Before you proceed, here are some shocking truths to know:

  • Funeral Advantage is extremely expensive and may cost you 300% more than other products.
  • The underwriting of Lincoln Heritage Insurance Company is incompetent and inferior since they force the insured to pay higher premiums for some specific health conditions and put a downer with a two-year waiting period. 
  • The agents may try to sway your decisions by stating they are an FCGS member who is nothing more than a marketing tack.

How Does Funeral Advantage Work?

Lincoln Heritage Insurance Company underwrites this policy called Funeral Advantage in coordination with FCGS, Funeral Consumer Guardian Society. It helps beneficiaries deal with funeral expenses, and Lincoln assures payment of cash benefits within 24 hours after claim approvals. 

Lincoln Heritage Insurance Is Very Expensive

Lincoln Heritage insurance premium

Large companies have sizable overhead and must pay those bills. Premiums are a primary source of income for insurance companies, and it isn’t too surprising that some of the biggest life insurance companies charge hefty premiums for their policies. 

When you compare the Lincoln Heritage burial insurance to others, you may discover that it is as much is 300% more expensive than what the competition is offering for the same coverage. The overall underwriting policies of Lincoln Heritage can be brutal.For a closer look, check and compare their rates with other leading carriers. But, please consider that prices here represent non-tobacco rating, and are consistent for applicants who answer all health questions with no.

Female

AGE
Lincoln Heritage
$10,000
Mutual Of Omaha
$10,000
Lincoln Heritage
$15,000
Mutual Of Omaha
$15,000
50$33.90$24.67$49.35$35.40
51$34.80$25.45$50.70$36.58
52$35.70$25.88$52.05$37.22
53$36.70$26.62$53.55$38.33
54$37.60$27.47$54.90$39.60
55$38.50$28.40$56.25$41.00
56$39.80$29.27$58.20$42.31
57$41.00$30.06$60.00$43.48
58$42.30$30.83$61.95$44.64
59$43.50$31.70$63.75$45.95
60$44.80$32.87$65.70$47.70
61$47.30$34.51$69.45$50.17
62$49.80$36.06$73.20$52.49
63$52.40$37.72$77.10$54.98
64$54.90$39.36$80.85$57.45
65$57.40$41.01$84.60$59.91
66$61.00$43.44$90.00$63.56
67$64.60$45.86$95.40$67.19
68$68.10$48.29$100.65$70.84
69$71.70$50.81$106.05$74.61
70$75.30$53.24$111.45$78.26
71$80.50$56.63$119.25$83.34
72$85.60$60.12$126.90$88.58
73$90.80$63.93$134.70$94.29
74$95.90$67.78$142.35$100.07
75$101.10$72.41$150.15$107.01
76$109.90$78.25$163.35$115.77
77$118.70$83.51$176.55$123.66
78$127.40$88.44$189.60$131.06
79$136.20$93.41$202.80$138.52
80$145.00$98.43$216.00$146.05
81$150.30$106.21$223.95$157.72
82$155.60$113.96$231.90$169.33
83$160.90$121.31$239.85$180.36
84$166.20$128.55$247.80$191.23
85$171.50$135.90$255.75$202.25

Male

AGELincoln Heritage
$10,000
Mutual Of Omaha
$10,000
Lincoln Heritage
$20,000
Mutual Of Omaha
$20,000
50$41.10$29.16$60.15$42.13
51$42.50$30.30$62.25$43.85
52$44.00$31.12$64.50$45.08
53$45.40$32.20$66.60$46.70
54$46.90$33.61$68.85$48.81
55$48.30$35.09$70.95$51.04
56$50.50$36.45$74.25$53.08
57$52.70$37.91$77.55$55.26
58$54.80$39.27$80.70$57.30
59$57.00$40.82$84.00$59.62
60$59.20$42.76$87.30$62.53
61$61.00$45.38$90.00$66.47
62$62.70$47.90$92.55$70.25
63$64.50$50.52$95.25$74.17
64$66.20$53.14$97.80$78.11
65$68.00$55.76$100.50$82.04
66$71.70$59.35$106.05$87.42
67$75.40$62.93$111.60$92.80
68$79.00$66.53$117.00$98.19
69$82.70$70.11$122.55$103.57
70$86.40$73.70$128.10$108.95
71$93.80$78.36$139.20$115.93
72$101.20$82.92$150.30$122.78
73$108.70$88.01$161.55$130.42
74$116.10$93.16$172.65$138.13
75$123.50$99.53$183.75$147.69
76$135.40$106.87$201.60$158.70
77$147.40$113.64$219.60$168.86
78$159.30$119.86$237.45$178.18
79$171.30$126.23$255.45$187.74
80$183.20$132.65$273.30$197.38
81$186.70$143.00$278.55$212.89
82$190.30$153.54$283.95$228.71
83$193.80$163.41$289.20$243.52
84$197.40$173.28$294.60$258.32
85$200.90$183.15$299.85$273.13

The products are expensive for healthy folks, and bank-breaking for applicants with specified health conditions. 

So, What Are Your Options with Lincoln Heritage Insurance Company?

The Immediate Benefit Plan 

Assuming you qualify, Immediate Benefit Plan protects the insured from the first day. The benefit is 100% payable when the policy goes into effect. But, that’s just the marketing hook it has.
 
A Lincoln Heritage insurance policy has a 20-pay option. You will pay on the policy for 20 years, and after that, you’re finished with paying the premium, and your coverage is there for life. We would caution you that your premiums are going to be even higher. That’s because the company needs to get as much premium as possible during those years.
 You qualify for the Immediate Benefits Plan if you do not have specified medical conditions or are taking certain medications. Those who have unacceptable health conditions or take prescribed medications must settle for the Modified Plan.

The Modified Plan with Lincoln Heritage

This is the insurance option Lincoln Heritage offers to those considered high risk due to medications or specified health issues. Sadly, the older you get, the higher the chances you will develop medical conditions younger people don’t ordinarily worry about. 

Pulmonary HypertensionBlood ClotsIrregular HeartbeatCOPD, aneurysm, mini-stroke, peripheral artery disease, full-blown stroke, and Emphysema are just some health-related issues that affect the elderly. These also affect your Lincoln Heritage insurance premium. In any of these conditions, you have to take blood thinners for the rest of your life, and that’s when the company will take away your savings. 

Other health conditions that make you eligible for a Modified plan include cirrhosis, kidney disease, Hepatitis, sarcoidosis, stroke/heart attack/heart surgery in the past year, tuberculosis, and cystic fibrosis. 

What Will You Pay for This Plan?

If you have any of these conditions, you will pay up to 300% higher premiums and have a two-year waiting period. But, you may get better offers and deals from other companies. Let’s see how Lincoln Heritage Insurance Company stacks up against competitors:

Female Non Tobacco

AGE$10,000 With
Lincoln Heritage
$10,000 With
One Of Our Companies
$15,000 With
Lincoln Heritage
$15,000 With
One Of Our Companies
50$83.40$24-$27$123.60$35-$39
51$83.90$25-$28$124.35$36-$40
52$84.40$25-$28$125.10$37-$41
53$85.00$26-$29$126.00$38-$42
54$85.50$27-$30$126.75$39-$43
55$86.00$28-$31$127.50$41-$45
56$87.80$29-$32$130.20$42-$46
57$89.60$30-$33$132.90$43-$47
58$91.30$30-$33$135.45$44-$48
59$93.10$31-$35$138.15$45-$49
60$94.90$32-$37$140.85$47-$51
61$97.00$34-$38$144.00$50-$54
62$99.20$36-$40$147.30$52-$57
63$101.30$37-$41$150.45$54-$59
64$103.50$39-$43$153.75$57-$62
65$105.60$41-$45$156.90$59-$64
66$110.10$43-$47$163.65$63-$68
67$114.60$45-$49$170.40$67-$72
68$119.10$48-$52$177.15$70-$75
69$123.60$50-$54$183.90$74-$79
70$128.10$53-$58$190.65$78-$83
71$131.20$56-$61$195.30$83-$88
72$134.30$60-$65$199.95$88-$93
73$137.40$63-$68$204.60$94-$99
74$140.50$67-$72$209.25$100-$105
75$143.60$72-$77$213.90$107-$113
76$151.30$78-$84$225.45$115-$121
77$159.00$83-$89$237.00$123-$129
78$166.80$88-$94$248.70$131-$137
79$174.50$93-$99$260.25$138-$144
80$182.20$98-$105$271.80$146-$153
81$185.30$106-$113$276.45$157-$164
82$188.40$113-$120$281.10$169-$176
83$191.50$121-$128$285.75$180-$187
84$194.60$128-$135$290.40$191-$198
85$197.70$135-$142$295.05$202-$209

Male Non Tobacco

AGE$10,000 With
Lincoln Heritage
$10,000 With
One Of Our Companies
$15,000 With
Lincoln Heritage
$15,000 With
One Of Our Companies
50$97.20$29-$32$144.30$42-$46
51$99.00$30-$33$147.00$43-$47
52$100.80$31-$34$149.70$45-$49
53$102.60$32-$35$152.40$46-$50
54$104.40$33-$36$155.10$48-$52
55$106.20$35-$38$157.80$51-$55
56$107.30$36-$39$159.45$53-$57
57$108.50$37-$40$161.25$55-$59
58$109.60$39-$42$162.90$57-$61
59$110.80$40-$44$164.70$59-$63
60$111.90$42-$46$166.35$62-$66
61$115.30$45-$49$171.45$66-$70
62$118.70$47-$51$176.55$70-$75
63$122.00$50-$54$181.50$74-$79
64$125.40$53-$57$186.60$78-$83
65$128.80$55-$59$191.70$82-$87
66$134.20$59-$63$199.80$87-$95
67$139.60$62-$66$207.90$92-$97
68$145.10$66-$70$216.15$98-$103
69$150.50$70-$74$224.25$103-$108
70$155.90$73-$78$232.35$108-$113
71$162.40$78-$83$242.10$115-$121
72$168.90$82-$87$251.85$122-$128
73$175.40$88-$93$261.60$130-$136
74$181.90$93-$98$271.35$138-$144
75$188.40$99-$104$281.10$147-$153
76$193.30$106-$112$288.45$158-$164
77$198.10$113-$119$295.65$168-$174
78$203.00$119-$125$303.00$178-$184
79$207.80$126-$132$310.20$187-$183
80$212.70$132-$139$317.55$197-$204
81$212.90$143-$150$317.85$212-$217
82$213.10$153-$160$318.15$228-$235
83$213.40$163-$170$318.60$243-$250
84$203.60$173-$180$303.90$258-$265
85$213.80$183-$190$319.20$273-$280

The Underwriting With Lincoln Heritage Is Not Age-Friendly

Lincoln Heritage golden memorial

Lincoln Heritage Insurance Company is tough on health conditions. Anyone on blood thinner medication can expect to be placed in the Modified Plan that charges higher premiums than the Immediate Benefits Plan.

The older you are, the lesser insurance you can purchase. Anyone up to 80 years can apply for as much as $35,000 in the Lincoln Funeral Advantage program. However, once you pass that age, the amount of available coverage drops substantially. Someone who is 81 can get no more than $15,000 in coverage.

The Lincoln Heritage Funeral Advantage Life Insurance policy underwriting policies have some other nasty underwriting features. The biggest one is the 24-month waiting period.

It means that the policy you purchase must be in effect for 24 months before any death benefit is paid out. It means if you die within that waiting period, your beneficiaries will receive a return of all premiums +10% as interest if the death occurs in the first year and 20% interest in the second. You will have paid a hefty premium for a policy that, in the end, is almost worthless if you die before the waiting period expires.

The Lincoln Heritage Insurance Modified Plan has a few wrinkles to its waiting period. While a person who is over 50 is subject to the two-year (24 months) waiting period, anyone below 50 years must wait three years.

Does the Company Pay the Claims Within 24 Hours As It Promises?

Marketing is going to promote the sales pitch in bold, large print. The disclaimers, on the other hand, are written in small fonts. Those disclaimers are the caveats of the policy.

Lincoln Heritage Insurance Company will make a point of saying that claims are quickly paid. A consumer may believe that they can expect the payment to happen within 24 hours. That is theoretically true, but it is rarely possible.

The reason, as it is stated in a disclaimer, is the claim must be approved. It means that the claim that is submitted must be approved before Lincoln Heritage will pay it. It might take up to a month to get final approval from the company of a claim your beneficiaries submitted to them. We are a little bit skeptical, and we think there is no proof that a claim was ever paid within 24 hours of submission. The approval process takes a while.

Are There State, Age, and Face Amount Restrictions?

When you examine the policy’s language, you find out that the Lincoln Funeral Advantage program has limitations based on state, age, and the amount of benefit. It is valid for any policy issued by a life insurance company, but you should know the limitations before you start paying premiums.

The Lincoln Heritage Funeral Advantage Life Insurance is not sold in New York State due to the strict regulations that state poses on insurance. Lincoln Heritage Modified Plan is not sold in Arkansas or Montana.

We mentioned how health conditions would affect the premium you pay under the Lincoln Heritage Advantage program. Some conditions will disqualify you immediately. 

What Are the Knockout Conditions?

Lincoln Heritage final expense

If you are hospitalized, bedridden, in a care facility or hospice care, or incarcerated, you will not be eligible for a Lincoln Funeral Advantage Life Insurance policy. If you test positive for HIV or have been diagnosed with AIDS or terminal illness, you cannot apply for insurance with Lincoln Heritage.

Tobacco rates are a standard feature of life insurance policies. Lincoln Heritage Insurance Company will charge tobacco rates for those who smoke cigarettes. Still, other tobacco products, including smokeless tobacco and chew, force the user into the tobacco rates. Other insurance companies only apply tobacco rates to cigarette smokers.

Are the Policy Riders Worth the Pricing?

Lincoln Heritage Insurance Company offers an opportunity to purchase policy riders in addition to the burial insurance product.

A child writer can be purchased for children, grandchildren, stepchildren, or even great-grandchildren. The child must be no younger than 30 days old and be under 18 years of age. A unit of coverage gives $5000 for an eligible child, and the cost per unit is two dollars. Those children can convert to a permanent plan later if they are under age 25.

There is also an AD&D rider. This is a standard accidental death and dismemberment coverage a person might buy as a separate insurance policy.

These riders are nice, but their primary use is to make the burial insurance policy look more appealing. Frankly, the child rider is not the best thing to do for a juvenile. An older person might do better by setting up a plan to help with later college expenses. That would be of more significant benefit to a youngster than an insurance policy, which may or may not be converted into a permanent one. 

The same is true for the accidental death and dismemberment rider. A person can do better by buying a separate policy if this is the kind of coverage they would like to have.

What Should You Know about FCGS Membership?

Marketing can also make a big deal of something that is small potatoes. The Funeral Consumer Guardian Society is something that Lincoln Heritage Insurance Company will point to in its advertising text. The Society is a senior advocacy organization, and you can get a membership in the Society by buying a Lincoln Heritage policy.

This organization is dedicated to helping a family arrange the funeral, and the name itself suggests that the FCGS focuses on the consumer. That membership can be an additional reason why a senior citizen feels safe and secure in purchasing a Lincoln Heritage Funeral Advantage Life Insurance policy.

Are There Any Real Benefits of FCGS Membership?

Society wants to help people save on the funeral. Their objectives are commendable, but most of what is provided is something a person can do without the Society’s assistance.

Lincoln Heritage insurance company

Primarily, the Society will help document the wishes of the policyholder with Funeral Planning Assistance regarding funerals. Anyone can do that without having outside help. 

They claim the next benefit is Funeral Funding Information that they do by notifying the carrier about the insured’s death. But you can do it yourself.

Funeral Plan Security benefit is nothing more than storing the documents on a computer protected by a coded ID card. You can store these documents at your place. 

Lastly, they offer help to call the funeral home once you notify them about the insured’s passing. Through this, they claim to get you some discounts, and Lincoln Heritage pushes this point aggressively on its website. Again, it is a marketing gimmick and nothing more!

They Just Try to Justify Their Overpricing through FCGS Membership!

Lincoln Heritage funeral advantage reviews

Lincoln Heritage Insurance Company is promoting the FCGS membership to justify charging higher than regular premiums. You do not need help from the Funeral Consumer Guardian Society at all. Everything needed to be done isn’t that difficult. 

You must keep in mind that while the Society is reputable, Lincoln Heritage is using it to push the product. And that’s what we try to prove with this Lincoln Heritage review.

What Should You Choose?

Lincoln Heritage rating

Whether you want to buy a Lincoln Heritage burial insurance that costs 20-300% more or choose another carrier offering much higher coverage at a reduced cost, the choice is yours.At Insurance for Final Expense, we think it is essential to shop around for coverage, but we also know that time is precious for any consumer. We are willing to look at insurance companies and find one that may have precisely what you want and need. We think comparison shopping is an excellent idea. That is why our Lincoln Heritage agent will show you the options and let you decide what is best for you. We do not believe in pressure sales. You decide what you want, and we respect your decision.

Company Background and Rating

Lincoln Heritage insurance company

Lincoln Heritage Insurance Company is the largest seller of burial insurance in the United States, and it asserts that most claims are settled within 24 hours. That’s great since many insurance companies will issue benefits after 30 days. Lincoln Heritage is a member of the Funeral Consumer Guardian Society (FCGS). 

The company has been in existence for more than 50 years, and it specializes in burial and final expense life insurance. They have an A- rating with A.M Best and an A+BBB listing. Its financial stability speaks well for a company that relies on one primary product. There is no question but that they can pay a final benefit.

Our criticism of Lincoln Heritage Insurance Company is centered on the premium cost, which is incredibly high compared to other companies, and the underwriting of the policies. It isn’t easy to get a Lincoln Heritage product, and you will be paying a lot for the coverage. Other companies can provide the same benefits as substantially lower prices.

Gary P. Cubeta

1-800-400-8319

Insuranceforfinalexpense.com

(Serving Americans In All 50 States)