Lincoln Heritage Funeral Advantage Review: 2021 Must Read

Lincoln Heritage Funeral Advantage Review
Lincoln Heritage Funeral Advantage Review: 2021 Must Read

Disclaimer: Willamette Life is a direct competitor of Lincoln Heritage. This post is written to help you make a purchasing decision and to understand your options better.

Lincoln Heritage logo

Funeral costs range from $8,000 – $12,000. This can be a financial shock to unexpecting families and can leave loved ones in a difficult financial situation. Fortunately, funeral insurance products offer permanent benefits and financial protection.

Many companies claim to have great burial insurance plans. However, before using a specific company, proper research should be done.

Our industry experts have done a full review of the Lincoln Heritage funeral insurance company.

Lincoln Heritage Funeral Advantage Review

Founded by Jack Londen in 1963, the Lincoln Heritage Life Insurance Company (LHLIC) has become a major carrier in the burial insurance market. This company focuses exclusively on final expense insurance.

Company Details

  • Established: 1963
  • A.M. Best Rating: A (excellent)
  • Headquarters: Phoenix, AZ

Plan Types

Lincoln Heritage offers two senior funeral insurance plans.

  • Plan 1: Funeral Advantage
  • Plan 2: Modified

Each plan comes with three permanent benefits, making it easy to understand how funeral insurance works.

Coverage Lock: The financial protection will never decrease. This allows seniors to know that their coverage will never expire as long as they continue making monthly premiums payments.

Price Lock: Seniors on a fixed income need to know their monthly expenses. This plan gives a guarantee that their price will never increase.

Builds Cash Value: With each monthly payment, a portion will go to the cash value account. Over time this account builds value and can be borrowed from.

Funeral Advantage

Plan 1: Funeral Advantage

The Lincoln Heritage Funeral Advantage program offers immediate coverage with additional riders and benefits available. This is a life insurance plan designed for seniors.

Quick Facts

  • Age Eligibility: 40 – 85
  • Coverage Amount: up to $20,000
  • State Availability: 49 states (excluding NY)
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: No
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: Yes

Immediate Coverage

Funeral Advantage is offered to the applicants that can qualify. Immediate coverage is defined as having full death benefit protection on the first day the policy is issued. To qualify for this plan, there is an extensive underwriting process.

Strict Application Process

Lincoln Heritage’s Funeral Advantage program has detailed underwriting, and certain health conditions will result in a denial of coverage to seniors. Compared to other carriers, Lincoln Heritage requires a more thorough underwriting process before coverage is approved.

One benefit that the Funeral Advantage and Modified plans both have is no height and weight chart requirements. This gives more applicants the chance to qualify for coverage.

Lincoln Heritage Funeral Advantage Rates

Even though immediate coverage is offered with this plan, the price point is far higher than competitors like Mutual of Omaha. The quotes shown are non-smoking rates.

$10,000 of Coverage

Monthly Premiums

Age Female Male
50 $34 $41
55 $39 $48
60 $45 $59
65 $57 $68
70 $75 $86
75 $101 $124
80 $145 $183
85 $172 $200

Lincoln Heritage Modified

Plan 2: Modified

The Modified plan has a waiting period that restricts full coverage for the first two or three policy years, depending on age.

Quick Facts

  • Age Eligibility: 40 – 85
  • Coverage Amount: up to $15,000
  • State Availability: 49 states (excluding NY)
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: Yes
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: Yes

Waiting Period

This plan has a two-year or three-year waiting period, depending on age. This is typical for a modified plan. What is unusual is that if you are under 50, the plan will not pay out the full death benefit for 3 full years from the issue date.

Payout Schedule

40-49 years old at policy acceptance:

  • Death in year one of policy- return of premiums +10 %
  • Death in year two of policy- return of premiums +20%
  • Death in year three of policy- return of premiums +30%
  • Death after year three- 100% of the policy will be paid

50-85 years old at policy acceptance:

  • Death in year one of policy- Return of premiums +10%
  • Death in year two of policy- Return of premiums +20%
  • Death after year two- 100% of the policy will be paid

Simple Qualifying Process

There are just two health questions to obtain coverage, which makes many more seniors eligible for coverage. On their website, Lincoln Heritage claims that they approve 98% of applicants for coverage.

Modified Funeral Insurance Quotes

The Modified plan from Lincoln Heritage is very overpriced and should be avoided. There are plans with the same underwriting standards for far less money. The quotes shown are non-smoking rates.

$10,000 of Coverage

Monthly Premiums

Age Female Male
50 $83 $97
55 $86 $106
60 $95 $112
65 $106 $129
70 $128 $156
75 $144 $188
80 $182 $213
85 $198 $214

women looking at insurance plan

Lincoln Heritage Life Insurance Reviews: Application & Benefits

Lincoln Heritage has a detailed underwriting process and additional funeral planning benefits that come with each policy.

Underwriting Health Questions

Answering “yes” to either of the first two questions will result in a denial of coverage.

a. Has the proposed insured been diagnosed, by a physician, with a terminal illness or AIDS or HIV?

b. Is the proposed insured currently hospitalized, bedridden, incarcerated in a care facility?

Funeral Advantage Medical Questions

a. Has the proposed insured been hospitalized two or more times in the past six months?

b. If under age 25, has the proposed insured been diagnosed with any of the following?

  • Cerebral Palsy
  • Cystic Fibrosis
  • Muscular Dystrophy
  • Multiple Sclerosis

c. In the past two years, has the proposed insured been diagnosed with, been treated for, or taken medication for any of the following conditions:

  • Alcohol abuse or drug abuse
  • ALS
  • Alzheimer’s Disease or Dementia
  • Amputation
  • Aneurysm
  • Angina Pectoris
  • Blindness
  • Cancer Malignancy other than Basal Cell Skin Cancer
  • Complications of Diabetes
  • Congestive Heart Failure
  • COPD
  • Diabetic Coma
  • Disease of the Circulatory System
  • Emphysema
  • Heart Disease including Heart Attack
  • Heart Surgery
  • Insulin Shock
  • Kidney Disease, including Kidney Dialysis
  • Kidney Disorder
  • Liver Disease, including Cirrhosis or Hepatitis C
  • Organ Transplant
  • Organic Brain Syndrome
  • Oxygen to assist in breathing
  • Stroke
  • TIA

d. Does the proposed insured need assistance performing their Activities of Daily Living, including feeding, bathing, or dressing?

e. Has the proposed insured been positively diagnosed or treated, by a physician, for HIV (Human Immunodeficiency Virus)?

f. Has the proposed insured had or been advised to have a diagnostic test for which results have not yet been received?

Funeral Consumer Guardian Society Logo

Funeral Consumer Guardian Society

The Funeral Consumer Guardian Society is provided with each policy written.

This service is known as FCGS and has multiple benefits that are offered.

  • You decide what type of service you would like
  • FCGS keeps your wishes safe and secure on file
  • There is a 24-hour toll-free service number to call
  • FCGS will then compare up to 3 different mortuaries to find the best price available

The organization says families save an average of $1,800 on traditional funeral expenses and up to $600 on cremation. Also, the FCGS says they are not affiliated with any religion, mortuary, or cemetery.

Four Benefits Offered by FCGS

Planning Assistance: This is a document that provides your family clarity once you have passed. It includes how you would like the service and ceremony to be and other specifics regarding your final wishes.

Funding Information: This is supposed to help the payout have a smooth and timely transition from the carrier to your beneficiary’s bank account.

Plan Security Service: The planning assistance document goes on a secure computer in the offices of the FCGS. When it’s time to update or retrieve the document, you or your family can call the FCGS to access this information.

Plan Activation Help: Once the policyholder passes, the FCGS assists in the process of contacting the funeral home to help with the burden your beneficiary may have. They also claim to find discounts and save the grieving family money.

Is the Funeral Consumer Guardian Society Worth it?

The Funeral Consumer Guardian Society is a fine additional benefit to a senior’s funeral insurance plan. However, this benefit does not make up for the overpriced burial insurance that is being sold.

Every senior should document their final wishes. This will give family members guidance during a time of high emotions and grief, but a funeral planning sheet can be found online through a simple web search for free.

Additional Riders

A rider is an additional benefit included with life insurance coverage. The Lincoln Heritage Funeral Advantage plan offers multiple additional riders that can be purchased when you initially take out coverage for either plan.

The most prominent and marketed rider is the Accidental Death & Dismemberment option.

Accidental Death & Dismemberment: This benefit can be added to your coverage and can provide up to $100,000 of supplemental coverage. The coverage is issued through units, and each unit will raise your monthly premium.

elderly couple reviewing papers

Lincoln Heritage Burial Insurance FAQ’s

Is Lincoln Heritage Funeral Advantage Legit?

This final expense insurance company holds an A- (excellent) financial rating from A.M. Best. Lincoln Heritage claims they will distribute the cash benefits within 24 hours once approved. The company from Phoenix, Arizona, is both legit and credible.

What is Funeral Advantage?

The Funeral Advantage plan is an immediate coverage funeral insurance option for seniors. The applicant will be required to answer a series of medical questions and, upon approval, will be awarded permanent protection.

How Long has Lincoln Heritage Been in Business?

Since 1963 the Lincoln Heritage Life Insurance company has been providing final expense insurance to seniors.

Is Lincoln Heritage a Good Insurance Company?

Lincoln Heritage Life Insurance customer service reviews are satisfactory but not competitive when it comes to price. Compared to other top funeral insurance options on the market, the Funeral Advantage and Modified plans are much more costly.

Does Funeral Advantage Have Good Pricing?

Compared to its competition, Mutual of Omaha, the Funeral Advantage plan is much higher. The quotes shown are non-smoking rates.

Female

Monthly Premiums

Age Funeral Advantage  Living Promise (Mutual of Omaha)
$10,000 of Coverage $10,000 of Coverage
50 $34 $24
55 $39 $28
60 $45 $33
65 $57 $41
70 $75 $53
75 $101 $72
80 $145 $98
85 $172 $136

Male

Monthly Premiums

Age Funeral Advantage  Living Promise (Mutual of Omaha)
$10,000 of Coverage $10,000 of Coverage
50 $41 $31
55 $48 $36
60 $59 $44
65 $68 $56
70 $86 $75
75 $124 $100
80 $183 $140
85 $200 $193

Are Lincoln Heritage Agents Captive?

The agents that partner with Lincoln Heritage are captive. There are a few major differences between a captive and an independent agent.

Captive: Lincoln Heritage agents are only allowed to sell specific burial insurance products from Lincoln Heritage. The problem with this is there are many cheaper options and underwriting that are more favorable to specific medical conditions. Working with a captive agent limits your company choices down to one.

Independent: Willamette Life is an independent agency that gives us the freedom to represent as many carriers as possible. This gives us the ability to match the applicant with the exact company for their medical history and budget.

Why Willamette Life

Our only focus is finding seniors affordable and high-quality coverage. The professionals at Willamette Life will find the best company for your pre-existing conditions.

Give us a call at 844-576-0019

senior in blue shirt

Final Thoughts

a. In this Lincoln Heritage Funeral Advantage, review we discussed the two plans offered. The Funeral Advantage coverage option is immediate protection and will be at a lower price point than the Modified plan that comes with a waiting period.

b. The price points for both the Funeral Advantage and Modified plans are much higher than their competition.

c. Lincoln Heritage agents are captive, which limits the access they have to other plans. Work with a highly respected independent agent to see what other plan options there are.

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