Lincoln Heritage Funeral Advantage Review: 2022 Must Read

Lincoln Heritage Funeral Advantage Review
Lincoln Heritage Funeral Advantage Review: 2022 Must Read

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

Lincoln Heritage logo

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

Many life insurance companies claim to have excellent burial insurance plans. However, before moving forward with a specific company, you should do some research to ensure it is the best coverage for you.

Our industry experts have done a full Lincoln Heritage review, including both of its final expense insurance coverage options.

Lincoln Heritage Funeral Advantage Review

Founded by Jack Londen in 1963, the Lincoln Heritage Life Insurance Company (LHLIC) has become a significant carrier in the burial insurance market. LHLIC focuses exclusively on final expense insurance, also known as burial and funeral insurance.

Company Details

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

Plan Types

Lincoln Heritage Insurance Company 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 amount never decreases. This allows seniors to know that their coverage will never expire if 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 the price will never increase.

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

Funeral Advantage

Plan 1: Funeral Advantage Review

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

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 available only to the applicants that qualify. Immediate coverage is defined as having complete death benefit protection on the first day the policy is issued. Seniors must go through an underwriting process to be eligible for this plan.

Strict Application Process

Lincoln Heritage’s Funeral Advantage program has detailed underwriting, and certain health conditions will result in a denial of coverage. Compared to other carriers, Lincoln Heritage reviews applicants’ health much more thoroughly during its underwriting process.

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 because they are not required to be within a certain Body Mass Index (BMI).

Lincoln Heritage Funeral Advantage Rates

Even though this plan offers immediate coverage, the price point is far higher than competitors like Mutual of Omaha. The quotes shown are non-smoking Funeral Advantage Lincoln Heritage Life Insurance 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 Lincoln Heritage Review

The Modified plan has a waiting period that restricts full coverage for the first two or three policy years. The waiting period is dependant 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. Waiting periods are typical for a modified whole life 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 policy issue date.

Payout Schedule

40 – 49 years old at policy acceptance:

  • Death in year 1 of policy- a return of premiums +10 %
  • Death in year 2 of policy- a return of premiums +20%
  • Death in year 3 of policy- a return of premiums +30%
  • Death after year 3- 100% of the policy will be paid

50 – 85 years old at policy acceptance:

  • Death in year 1 of policy- Return of premiums +10%
  • Death in year 2 of policy- Return of premiums +20%
  • Death after year 2- 100% of the policy will be paid

Simple Qualifying Process

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

Modified Funeral Insurance Quotes

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

Lincoln Heritage Funeral Planning: Funeral Consumer Guardian Society

The Funeral Consumer Guardian Society is provided with each policy. This service is known as FCGS and has multiple benefits that are offered.

  • You decide the style and 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 claims that 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 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 contacting the funeral home to help your beneficiary with the process. 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 being sold.

Every senior should document their final wishes to give family members guidance during a time of high emotions and grief. However, you can find a funeral planning sheet online through a simple and free internet search.

Additional Riders

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

Lincoln Heritage’s 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?

Lincoln Heritage is legitimate and credible. This final expense insurance company holds an A (excellent) financial rating from AM Best, meaning they have the financial resources to pay out claims consistently and quickly. Lincoln Heritage claims to distribute the cash benefits within 24 hours of the claim being approved.

What is Funeral Advantage?

The Funeral Advantage insurance 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. Seniors must be healthy to qualify for this plan.

How Long has Lincoln Heritage Been in Business?

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

Is Lincoln Heritage a Good Insurance Company?

Lincoln Heritage customer reviews are satisfactory, but they are not competitive regarding price. Compared to other top funeral insurance options on the market, the Funeral Advantage and Modified plans are much more expensive.

Does Funeral Advantage Have Good Pricing?

Compared to its competition, the Funeral Advantage plan is priced much higher. The quotes below are non-smoking rates comparing Mutual of Omaha and Lincoln Heritage final expense insurance. As you can see, the Mutual of Omaha pricing is lower than Lincoln Heritage.

Female

$10,000 of Coverage

Monthly Premiums

Age Lincoln Funeral Advantage  Mutual of Omaha Living Promise
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

$10,000 of Coverage

Monthly Premiums

Age Lincoln Funeral Advantage  Mutual of Omaha Living Promise
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 can only sell specific burial insurance products from Lincoln Heritage. The problem with this is that cheaper options are available for specific medical conditions. Working with a captive agent limits your provider options down to one.

Independent: This type of agent is allowed to be contracted with multiple life insurance companies. By having flexibility, independent agents are not tied to a specific carrier and can compare various policies to determine which best meets the client’s needs.

Why Willamette Life

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

Our only focus is finding seniors affordable and high-quality final expense insurance coverage. The professionals at Willamette Life will help you find the best company for your health and budget requirements.

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 similar plans offered by other life insurance companies.

c. Lincoln Heritage agents are captive, limiting their access to alternate policies. Work with a highly respected independent agent to see what other life insurance options there are.

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