Lincoln Heritage Life Insurance Review
Welcome to EasyQuotes4You and thank you for visiting our page. If you landed here you must be looking for some answers about Lincoln Heritage Life Insurance.
In this article we will review Lincoln Heritage’s history, ratings, and products that are offered to consumers. We hope this answers any questions you may have.
Oh yeah, we will also include current rates for you to compare.
Lincoln Heritage Insurance Company History
Lincoln Heritage Insurance Company was founded in 1963 by Jack Londen and his wife Doris “Dodie” Londen. Jack provided final expense insurance quotes for consumers that were looking to protect there loved ones from the rising funeral costs.
During the first year, Jack was the only salesman while Dodie was the home office staff. Jack’s sons would also help by typing the first commission/claim checks. This what you refer to as a true “Mom and Pop” business.
Today Lincoln Heritage Insurance Company insures more than 1 million households and is the leader in Final Expense Life Insurance. Last year alone they paid out over 198 million in claims.
Lincoln Heritage Life Insurance Ratings
When you purchase life insurance, the company’s financial ratings should be an important part of your decision process. The reason for this is a company’s ratings gives you a clear picture into how well they will be able to pay claims.
Lincoln Heritage Life Insurance boasts an “A-” (Excellent) with A.M. Best and and “A+” with the Better Business Bureau (BBB). Lincoln Heritage is a strong financially and shouldn’t have any problems when it comes to paying claims.
Lincoln Heritage Final Expense Insurance
As we mention before, Lincoln Heritage Life Insurance Company is the leading provider in final expense life insurance in the United States.
Before reviewing Lincoln Heritage’s final expense product, we will examine what final expense insurance is.
What is Final Expense Life Insurance?
Final Expense Insurance, also referred to as burial insurance or funeral insurance, is a simplified issue whole life policy designed to cover the cost of funeral expenses and minor debt, such as medical bills.
Typically coverages are between $5,000 to $50,000 with most issue ages starting at 50. These policies are simplified issue with limited health questions.
What are the benefits of Final Expense Insurance?
- Policies are good for your WHOLE life
- Policies can’t be canceled due to your age or health
- Monthly premiums will never increase
- The death benefit will never decrease
- Policies build cash value over time
- Easy application & quick approval
Who should buy Final Expense Insurance?
Final Expense Insurance is a great option for consumers who have had health problems in the past, but needs protection from expensive funeral costs or medical bills.
If you are looking for lifetime coverage then final expense insurance is worth checking out. Premiums are guaranteed for the life of the contract and final expense insurance builds up cash value.
So if you are between the age of 50-85, have no life insurance to cover final expenses, and have no savings: final expense insurance is a good option for you.
Lincoln Heritage Funeral Advantage
Lincoln Heritage Life Insurance Company offers one final expense plan only, it is called the Funeral Advantage. The Funeral Advantage is the best selling final expense plan in America.
The Funeral Advantage is a whole life policy with face amounts up to $20,000. Issue ages are from 40-85 years old. It also provides a guaranteed premium and a cash value that grows over time.
Another major advantage to Lincoln Heritage’s Final Expense program is that the application process is simple and doesn’t require an medical exam.
The Funeral Advantage is not guaranteed issue and comes with either immediate coverage or their modified plan. You will qualify for the Funeral Advantage modified plan if you have been diagnosed or treated for the following in the past two years:
- Heart disease including Heart Attack
- Heart Surgery
- Congestive Heart Failure
- Angina Pectoris
- Alzheimer’s disease or Dementia
- Organic Brain Syndrome
- ALS
- Disease of the Circulatory System
- Stroke
- TIA
- Aneurysm
- Cancer
- Any form of Malignancy other than Basal Cell Skin Cancer
- COPD
- Emphysema
- Oxygen to assist in breathing
- Liver disease including Cirrhosis or Hepatitis C
- Kidney disease including Kidney Dialysis
- Organ Transplant
- Alcohol abuse or drug abuse
- Insulin Shock
- Amputation
- Diabetic Coma
- Blindness
- Kidney Disorder
The Funeral Advantage modified plan pays a limited death benefit the first 2 years if you are age 40-50 years old. If you are age 50-85 then the modified plan has a 3 year limited death benefit.
When we say limited death benefit, we mean:
If death occurs naturally during the limited death period, the claim paid would be premiums returned plus 10%. If death is caused by accident during the limited death period, full benefits are paid.
You can be turned down for the Funeral Advantage if you answer yes to the following questions:
1. Has the proposed insured been diagnosed, by a physician, with terminal illness or AIDS (Acquired Immune Deficiency Syndrome)?
2. Is the proposed insured currently incarcerated, hospitalized, in a care facility or receiving hospice care?
The Funeral Advantage is customizable by offering two riders that can be added to the policy. They are:
- Accidental Death Rider
- Child Rider
Funeral Consumer Guardian Society
The Funeral Consumer Guardian Society (FCGS) is a senior advocate group that helps it’s member with the planning of funeral services. They state on there website that they are not tied to any religion, cemetery, funeral home, or any particular funeral approach.
FCGS helps execute funeral wishes, helps arranging funerals, and also helps shop funeral homes for your family for the best rates.
The good news is that all Lincoln Heritage Life Insurance policies come with a FCGS membership. The bad news is it isn’t free, even if you don’t need help with funeral arrangements. It’s built into the price.
Pro’s of Lincoln Heritage Insurance Company
- The top provider in Final Expense Insurance
- Financially Strong
- Excellent Customer Service
- Specializes in Final Expense Insurance
Con’s of Lincoln Heritage Life Insurance Company
- Only one program to choose from
- Underwriting is more strict than most final expense products
- Premiums are higher than most other companies
Lincoln Heritage Life Sample Rates
As we mentioned above, one of the cons with Lincoln Heritage is that there rates tend be higher than most other final expense life insurance companies. Sample rates are below:
CHECK OUT OUR LIST OF THE TOP FINAL EXPENSE COMPANIES HERE
Male Non-Tobacco
Female Non-Tobacco
Final Thoughts
So their you have it, a detailed review of Lincoln Heritage Life Insurance Company and there product (Funeral Advantage). While Lincoln Heritage Insurance Company is the leader in final expense insurance sales, has strong ratings, and great customer service, there rates leave a little to be desired.
It’s important to always get multiple quotes from an independent agent to ensure you get the best possible policy for you and your family. Thanks for reading and if you have any questions, let us know.
Is Lincoln Heritage Life Insurance a good company?
Yes, Lincoln Heritage is a great company. They boast an A- rating with A.M. Best and an A+ rating with the BBB.
What type of products does Lincoln Heritage offer?
Lincoln Heritage only offers one type of policy, final expense life insurance. There one product offered is called the Funeral Advantage.
How long has Lincoln Heritage been in business?
Lincoln Heritage Insurance Company was founded in 1963 by Jack Londen and his wife Doris “Dodie” Londen. Jack provided final expense insurance quotes for consumers that were looking to protect there loved ones from the rising funeral costs.