Lincoln Heritage Life Insurance Review

Lincoln Heritage is a very well known life insurance company that specializes in helping seniors. With that being said, they are much more expensive than other well known companies in the business, such as Mutual of Omaha, Prosperity, and Foresters.

So are they worth it?

In this article we are going to go over Lincoln Heritage’s flagship and only product, Funeral Advantage, how it works, and whether it is worth looking into or not.

Table Of Contents

Funeral Advantage

Funeral Advantage is their only product, and it is a standard whole life final expense insurance product. You can purchase up to $20,000 in coverage and rates are locked in for life once you start it.

To qualify you don’t have to do any medical exams, but you will have to answer a series of health questions. So far pretty standard in the industry.

You can only qualify for their no waiting period if you have no serious health conditions. If you do have something serious, you will only be offered their “modified” plan which they jack up in price and tack on a waiting period to your policy.

The truth is, even if you qualify for their immediate benefit plan, it is significantly more expensive than other burial insurance companies. And if you only qualify for their modified benefit, it becomes WAY more expensive.

It’s important to note that all Lincoln Heritage agents are captive agents, so they can’t find you a better priced policy with another company, especially if you have a serious health condition. You’re out of luck.

So how do they do so much business if they are so much more expensive?

Funeral Consumer Guardian Society Membership

All Lincoln Heritage policies come with a free membership in the Funeral Consumer Guardian Society. This organization basically gathers your funeral preferences and assists your family after your death.

While this is heavily marketed by Lincoln Heritage as the reason they are more expensive, you can do all of this work yourself, and make arrangements with funeral homes ahead of time.

Agents will try to sell you the benefits, but the truth is the membership is just a sales gimmick to defend their high prices. There are even other organizations like the FCGS that are free that will perform all of the same services for you.

Prices

So what exactly are their prices? It’s actually very easy to compare their prices to other companies. In fact, we can show you them all right here.

Below are some prices of Lincoln Heritage at non-tobacco rates for males with their immediate coverage plan compared to another well known company called Foresters Life. Keep in mind virtually every other company that will offer you no waiting period will give you better prices than Lincoln Heritage.

AgeLincoln Heritage – $10,000Foresters – $10,000
50$38.60$32.00
60$56.60$45.19
70$82.50$70.67
80$183.20$146.74

As you can see, you will be paying hundreds more a year for the same death benefit.

And if you only qualify for Lincoln Heritage’s modified plan with a waiting period, you’ll pay hundreds more. Fortunately, there are other carriers out there that will offer you coverage with no waiting period if Lincoln Heritage doesn’t, you just need to know where to look.

For example, if you have Cystic Fibrosis, which is not uncommon, Lincoln Heritage will only offer their modified plan at sky high rates.

But Foresters, Prosperity, and a few other well known life insurance companies accept this condition with no waiting period and level rates!

Below are some of the prices at non-tobacco rates for males with their modified plan for a health condition like Cystic Fibrosis.

AgeLincoln Heritage – $10,000Foresters – $10,000
50$88.70$32.00
60$106.70$45.19
70$145.90$70.67
80$202.80$146.74

And there may even be cheaper companies than Foresters, it just depends on your health and prescriptions.

This is the beauty of working with an independent agency or agent. They can find you the best deal, from the healthiest person to someone with cancer.

Health Conditions

Below are some health conditions that would warrant Lincoln Heritage to only offer their modified plan.

  • Heart Disease
  • Coronary Artery Disease
  • Heart Attack
  • Stroke
  • Cancer
  • Aneurysm
  • Blood Clot
  • Blood Thinners
  • COPD
  • Cystic Fibrosis
  • Kidney Disease
  • Cirrhosis
  • Complications From Diabetes
  • HIV
  • AIDS
  • Hospitalized
  • Hospice Care

As you can see, this is quite a list. In fact, chances are even if you don’t have any of these conditions, they will still only offer their modified plan depending on the prescriptions you take.

If you have one of these conditions, you will do yourself a great service by shopping elsewhere for burial life insurance.

Lincoln Heritage Financials And Customer Ratings

Lincoln Heritage has good financials, with an A.M. Best rating of A-. This is a good rating that most life insurance companies have.

You can read some sample reviews of Lincoln Heritage from BBB here.

Most of their complaints come from aggressive agents that convince seniors to invest in something that is not a good plan for them. This is true for most captive agents, as they can only sell one product and try their best for you to buy it.

How To Find The Best Rates

If you are looking for final expense life insurance on yourself or a loved one we do not recommend going with Lincoln Heritage at any time. Even if you are in perfect health, there are many companies out there that will offer you better prices for the same in payout.

If you have any serious health conditions or prescriptions, work with an independent agency like Seniors Mutual to help you find the best coverage for you. Unfortunately, many seniors buy products that don’t do what they were told they’d do, or they are paying hundreds more a year than they need to.

If you want to find the best rates in the business and save the most money, fill out our quote form, chat with a live agent, or give us a call and we will go over all of your options.

If you don’t want to answer any health questions you can go with a guaranteed acceptance carrier, but keep in mind all of those come with a two year waiting period and at slightly higher rates.

In the end, there is never a reason anyone should purchase a policy from Lincoln Heritage.