Lincoln Heritage Funeral Advantage Review: 2022 Plan Details

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Updated August 8, 2022

You may have seen a Lincoln Heritage TV commercial or been prompted by another form of marketing to look into what this company has to offer.

This Lincoln Heritage Funeral Advantage review will further explain their burial insurance options.

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Lincoln Heritage logo

What Type Of Insurance Is Lincoln Heritage?

Lincoln Heritage focuses exclusively on selling burial insurance. Also known as final expense and funeral insurance, burial life insurance is designed for seniors 50 – 85 looking to prepare for funeral costs. Final expense is a type of whole life insurance coverage that can never expire, and the premiums will never increase. 

How Does Lincoln Heritage Funeral Advantage Work?

Apply by answering a series of medical questions, getting approved, and paying the monthly premiums will help you secure and maintain the Funeral Advantage whole life insurance plan. You will either qualify for burial insurance with no waiting period or be required to have a two or three-year partial benefits period. Up to $20,000 of coverage can be purchased.

When the policyholder passes away, the death benefit will be paid out to the beneficiary within days. Final expense insurance payouts are marketed for funeral costs, but the beneficiary can use the distribution for anything they deem necessary.

Lincoln Heritage Plan Comparision

Policy Name Funeral Advantage Modified
Plan Type Whole Life Whole Life
Coverage Amount Up to $20,000 Up to $15,000
Age Ranges 40 – 85 40 – 85
Waiting Period No Yes
Permanent Policy Yes Yes
Medical Questions Yes Yes
Health Exam No No
Builds Cash Value Yes Yes
Additional Riders Yes Yes

Lincoln Heritage Funeral Advantage Reviews

The Funeral Advantage plan has no waiting period and is a whole life product. This policy has standard features that all funeral insurance plans have. However, it comes at a much higher price point than the competition. If you want cheaper rates, look elsewhere than the Lincoln Heritage Funeral Advantage plan.

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

Expensive Premiums

When you take out coverage with the Lincoln Heritage Life Insurance Company, you instantly pay higher premiums than the competition offers. For example, a 65-year-old female taking out $10,000 of coverage will pay $57 per month with the Funeral Advantage plan, while that same female will pay $41 monthly from Mutual of Omaha burial insurance.

Avoid the Funeral Advantage plan, and your monthly premium will be much lower.

Common Whole Life Benefits

Funeral Advantage offers whole life benefits, which means the price will never increase, coverage will never expire, and a cash value will accumulate. These benefits and features come with every whole life burial plan on the market, making Lincoln Heritage nothing special. Seniors must go through an underwriting process to be eligible for this plan.

The Funeral Advantage plan also offers additional riders for purchase when you initially take out coverage. Lincoln Heritage Life Insurance Company has an Accidental Death & Dismemberment Rider. This benefit can be added to your policy and provides up to $100,000 in supplemental protection. The coverage is issued through units, and each unit will raise the monthly premium.

Strict Application Process

Lincoln Heritage’s Funeral Advantage program has detailed underwriting, and certain health conditions will result in a denial of coverage. Some of the conditions you will be denied immediate coverage for are COPD and stroke.

senior in blue shirt

Lincoln Heritage Insurance Modified Review

The Modified Plan has a waiting period that restricts full coverage for the first two or three policy years. If you are placed into this plan by a Lincoln Heritage Life Insurance agent, your premiums will be much higher than other final expense insurance options.

Between having a three-year waiting period and excessively high monthly premiums, the Modified plan is a bad buy and should be avoided.

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

Extremely High Premiums

This plan will unnecessarily eat into your budget every month. The Modified plan from Lincoln Heritage insurance is extremely steep in price compared to its competition. For comparison, the Modified plan charges a 70-year-old male $156 a month for $10,000 of coverage, while AIG guaranteed issue charges that same male $106.

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 three 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

Lincoln Heritage Funeral Advantage Rates

The Funeral Advantage and Modified plans’ price point is far higher than competitors. There are plans from other companies with the same underwriting standards for much less.

Lincoln Heritage Life Insurance Rates

$10,000 of Coverage
Age Female (No Waiting Period) Male (No Waiting Period) Female Modified Male Modified
50 $34 $41 $83 $97
55 $39 $48 $86 $106
60 $45 $59 $95 $112
65 $57 $68 $106 $129
70 $75 $86 $128 $156
75 $101 $124 $144 $188
80 $145 $183 $182 $213
85 $172 $200 $198 $214

Funeral Consumer Guardian Society Logo

Lincoln Heritage Insurance: 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 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 funeral homes 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.

Is the Lincoln Heritage FCGS Worth it?

The Funeral Consumer Guardian Society is an additional benefit to a senior’s funeral insurance plan. However, this benefit does not compensate for the overpriced burial insurance sold. Every senior should document their final wishes to give family members guidance during a time of high emotions and grief.

A simple and free internet search will provide the documents to satisfy your funeral planning needs.

women looking at insurance plan

Lincoln Heritage Life Insurance Company Underwriting

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, or incarcerated in a care facility?

Answering “yes” to any questions below will qualify you for the Modified plan. Responding “no” to all health questions will result in approval for the Funeral Advantage plan.

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?

elderly couple reviewing papers

FAQs – Lincoln Heritage Insurance

Is Lincoln Heritage Legit?

Lincoln Heritage is a legitimate and credible final expense life insurance company with excellent financial ratings that have been in business for 59 years. However, Lincoln Heritage has had a higher volume of customer grievances in 2021 than the industry standard. The most frequent complaints were claim handling delays and poor customer service.

The NAIC  (National Association of Insurance Commissioners) gave Lincoln Heritage a 1.75 complaint rating for individual life insurance in 2021. This is higher than the industry average, 1.0, and should be considered when purchasing a Funeral Advantage life insurance plan.

Is the Lincoln Heritage Funeral Advantage TV Commerical True?

The Lincoln Heritage tv commercial is nicely marketed, showing seniors who Lincoln Heritage has helped with their burial insurance policy. These seniors are explaining the need to cover burial costs. Everything in this commercial is true, but they ignore how much more expensive their products are compared to other insurance providers.

Does Lincoln Heritage Burial Insurance Really Payout within 24 Hours?

The approval process could take time to satisfy the insurance company’s standards. Your cash benefit will likely take more than 24 hours to payout because Lincoln Heritage must approve the payout first.

Lincoln Heritage claims “cash benefits are paid out within 24 hours once the claim is approved”. This is a great marketing tagline, but it must be approved before the claim is paid within 24 hours.

Lincoln Heritage Insurance Agents are Captive

The agencies that partner with Lincoln Heritage are captive. There are a few significant differences between captive and independent agencies.

Captive: Lincoln Heritage insurance agencies can only sell products from Lincoln Heritage.

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

Why Willamette Life

Willamette Life is an independent agency with the freedom to partner with whatever companies are best for our customers. This allows us 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.

Give us a call at 844-576-0019

Final Thoughts On Lincoln Heritage Life Insurance Review

a. Our Lincoln Heritage life insurance review shows that two plans are offered. The Funeral Advantage coverage option is immediate protection, and the Modified plan comes with a waiting period.

b. The price points for the Funeral Advantage and Modified plans are much higher than similar plans offered by other life insurance companies. It would be financially in the senior’s best interest to avoid Lincoln Heritage burial insurance plans.

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