Lincoln Heritage Funeral Advantage Review

Lincoln Heritage Life Insurance Company has operated for over 50 years providing final expense burial insurance policies for customers in 49 states. Today they offer over 878,000 policies valued at 6.6 billion dollars. The company offers one type of life insurance, their final expense policy called Funeral Advantage.

About Lincoln Heritage Company

lincoln heritage burial insurance reviewFounded in 1963 they were created when the market took several months to pay out death benefits to policyholders. At the time they offered a 24-hour service that was incredibly unique among the life insurance Market. By 1975 the company had over 100,000 policies.

They reached over 250,000 policies by 1996. Soon the mission became to provide friendly service that was prompt and specialize in offering final protection. Today they continue to emphasize the personalized service they offer with their fast response time whether you are looking to buy a policy or make a claim.

Company Financial Rating
A.M. Best A-
Fitch N/A
Standard & Poor’s N/A

Lincoln Heritage Burial Insurance Review

Funeral Advantage

The one type of life insurance product they offer is the Funeral Advantage or final expense insurance. This is colloquially called final expense Insurance because, unlike whole or term, it is only meant to provide money for funeral or burial costs.

Cash Benefit

There are two areas built into this program. The first is a cash death benefit and this requires very little for qualifying applicants. Anyone between the ages of 40 and 85 has to answer a few health questions and fill out an application. The application form is one page. Even people who have health problems can qualify. There are no health exams necessary.

  • Cash benefits paid within 24 hours
  • Whole life benefits up to $20,000
  • No health exam
  • Single page application
  • Most people get coverage even with health issues
  • Rates and benefits stay locked in
  • $100,000 accidental death rider

Family Support Services

The second part of the program is called the Family Support Services and it is included at no extra cost. This consist of having a representative who is part of the Funeral Consumer Guardian Society (FCGS).

They show up when the policyholder passes away to help the family cope with all of the details that tend to arise after a policyholder passes away. Payment for funeral expenses, for example, can be handled at the family’s request by this representative. Advice can also be offered in order to help the family get through a challenging situation.

  • 2 page final wishes form available to help you make choices for your loved ones before you pass.
  • Your wishes remain on file with the FCGS, securely until you pass.
  • Your loved ones have a 24-hour toll-free number to call
  • The representative compares 3 funeral homes to find the best option
  • Families save an average of $1,800 on funerals and $600 on cremation.

It is important to note that this group is not affiliated with any funeral type, any cemetery, any funeral home, or any religion. Families are under no obligation to use them or buy anything the representative suggests. They are just there to help.

This is the only product offered by the company. The benefit levels cap out at $20,000 which is the high-end cost of a standard funeral today, with the average cost ranging around $9,000.

Policy Features

There are extra services included in this policy. The first benefit is that claim benefits are paid out within 24 hours of the claim being approved. Those who have health concerns can still get coverage. There are accidental death benefits which pay up to $100,000 additional in the event of an accidental death. As long as policyholders keep up to date with payments, the rates and the benefits remain the same for life.

Lincoln Heritage offers streamlined services that promote this policy. The policy itself is designed for people who are on a budget and need to cover the funeral expenses and burial cost. With a sterling reputation and Hallmark customer service, this is obviously a decent company for anyone who is looking to find a rudimentary final expense insurance policy.

Burial Insurance for Tobacco Users and Health Issues

Applicants who are tobacco users or have any type of health issue can still consider this policy. This is, of course, the only policy they offer so you can’t apply for a different policy that might have other features, better death benefits, or different riders.

However, there is no medical exam required for this policy. That means that tobacco users do not have to undergo an exam which might otherwise reveal comorbid health conditions and subsequently increase costs. It also means that no matter how good your health is, you are going to pay the same, and it is going to be more expensive than a traditional term or whole policies.

Who is Burial Insurance Best for? 

This policy is great for anyone entering their forties because the death benefits go up to $100,000 if you pass away because of an accident. This is particularly beneficial for younger people because the unexpected and accidental death of a younger person tends to leave behind a great deal of debt.

Obviously, nobody plans for an accidental death, but they especially don’t plan for it at a young age right when a mortgage has been taken out or children are living at home. This policy and the accidental death benefits could help pay off any debt and give families a financial cushion in the event of an unexpected accident.

How to Choose Your Burial Insurance Policy

Choosing your policy starts by evaluating your personal needs. You need to figure out exactly how much money your loved ones would require in the event that you passed away. This is going to change based on your age and your circumstances.

The younger you are the more coverage you might require simply because you have a spouse, children who require child care services, or a mortgage. As you get older you might have fewer dependents, but you still have a mortgage or a car loan to pay off. As you age even more you may not have any of these things, but you simply want to provide enough money to cover your final burial costs so that your family doesn’t have to.

In addition to evaluating the monetary amount of coverage you require, you need to take an honest look at your lifestyle and your health. These guaranteed burial policies are better suited to people who don’t need to undergo or want to undergo a health exam.

If you are a healthy, fit person who doesn’t use tobacco products, you might be able to find significantly more affordable options if you choose level burial insurance policies from other companies.

If you don’t want to take a health exam or you know that you have a free existing condition which might otherwise deny you coverage from another company, then the higher prices of a guaranteed policy are a great exchange for not revealing that medical data.

How Much Burial Insurance Coverage Do You Need?

The amount of coverage you need for this final expense policy is going to be contingent upon your financial needs. Obviously, the maximum afforded by the company at $20,000. Given that it is a final expense policy, your beneficiary will receive a cash lump sum or the policy death benefit.

With that money theoretically, your loved ones will use it to cover any funeral costs. But they can also use it to cover any remaining medical bills or debt. They are under no obligation to get a specific type of funeral service or pay for a specific burial.

That said, it is in your best interest to calculate the cost for the funeral you have in mind especially if you are going to use the two-page final wishes planner offered by the Family Support Services. If you anticipate any additional debt you can add this to the total amount and select a policy that provides this level of coverage.

If the coverage you need exceeds $20,000 it might be in your best interest to look at other companies that offer burial expense and final expense policies upwards of $50,000. If you can get away with a lower amount this company is one worth considering.

Lincoln Heritage Burial Insurance Review – Takeaways

Lincoln Heritage offers affordable burial insurance for 45 to 80 year olds. Thier policies offer $10,000 to $20,000 in guaranteed issue life insurance.

Their customer satisfaction speaks for itself, and their final expense insurance coverage certainly places them amongst the better providers for burial insurance.

Overall, they are a good burial insurance company that is reliable and dependable.  But, they are but one of many burial insurance companies that fit this description.

You want to be sure before making a purchasing decision that you have found the best burial insurance for your family.

How to Find the Best Burial Life Insurance Rates

Finding the best burial insurance policy comes down to being able to compare multiple policies at once.

When it comes to finding the best burial insurance policy for your needs, speaking with an independent life insurance agent is recommended.

Our agents represent some of the best burial insurance companies on the market and can work with you to find the best protection for your family.

Give us a call today, or get started online using our online quoting engine for instant burial insurance quotes from the best burial insurance companies.

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