Lincoln Heritage Funeral Advantage Review: 2020 Must Read

Lincoln Heritage Funeral Advantage Review Life Insurance Blue background

Lincoln Heritage Funeral Advantage Review: 2020 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 better understand your options.

Lincoln Heritage Funeral Advantage Review logo green and black

Once we start thinking about death or a family member’s passing it is very natural to be curious about the process that takes place.

  • How are final arrangements paid for?
  • Who helps facilitate the process?
  • Is there any way to prepay for this emotional time of a family’s life?

This is typically the questions we field when someone is curious about acquiring a policy for these end of life expenses. If you watch television on a semi-regular basis then you most definitely have seen a commercial or received marketing material that has been sent to your mailbox explaining the benefits to a funeral insurance plan.

For your benefit, we have done a full review of the largest carrier that operates in this niche.

Lincoln Heritage Funeral Advantage Review

When it comes to funeral policies Lincoln Heritage Life Insurance is a powerhouse in the industry. This is for multiple reasons but at the top of the list is they currently sell the most Funeral Insurance policies year in and year out over any other carrier.

There are different theories of how they are able to accomplish this feat but the fact is all of the company’s focus and resources are on one singular product.

Some may say this must make them the best, right? We will let you be the judge of that but one thing is for sure, our job is to lay all the facts out and show you what they offer. Once we do that you will have the critical policy information needed before moving forward.

Company Details

  • Established- 1963
  • A.M. Best Company Financial Rating- A-
  • Headquarters- Phoenix, AZ

The company has a tagline “your policy will be paid out in 24 hours”.

How do they do this?

Let’s start with the basics.

Plan Types

There are two plan types this carrier offers

  • Plan 1- Funeral Advantage
  • Plan 2- Modified

Lincoln Heritage Funeral Advantage Review Funeral Advantage Plan green and tan

Plan 1: Funeral Advantage

Quick Facts about this plan

  • No medical exam
  • No waiting period
  • One page application with a few health questions
  • States that offer coverage: 49 states (NY excluded)
  • Age Eligibility: 40-85
  • Coverage amount: up to $20,000
  • tax-free lump-sum
  • Premiums are locked in
  • Coverage is locked in
  • No height and weight chart
  • $100,000 available in addition riders
  • Cash benefits are paid within 24 hours *once a claim is approved

What does it take to qualify?

The first qualifying metric is a series of yes or no health questions to determine your initial eligibility.

Once this has been completed a prescription history check will be done to confirm your answers to the health questions.

If you are able to answer no to the six questions you will be eligible for the top product offered.

Medical Questions

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

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

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

3. 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 abuseLincoln Heritage Funeral Advantage Review heart white and green
  • 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

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

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

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

Lincoln Heritage Funeral Advantage Review Doctor with white jacket

3 things to know

Coverage is locked in

This is typical when it comes to an end of life expense plan and is essential. The reason someone would buy this product is to not leave a financial burden for loved ones once they pass.

Believe it or not, some products are advertised as an “end of life” plan but terminates when you reach a certain age, typically 80 and sometimes 90. Fortunately, this product is not one of those plans. Rest assured your money will be there when it’s needed.

Prices are locked in

Again, another essential thing to understand. There are products on the market that raise the price of your coverage every five years. AARP and Globe life are some of the bigger companies that have products that do this. To the credit of this carrier they do not play these games. The price will be the same on day one as it will be 20 or 30 years from now.

Strick Underwriting 

This company is sensitive to certain health conditions compared to other carriers in the industry. For example, when it comes to heart conditions or blood thinner medication, you are almost guaranteed to be bumped into a lower more expensive plan that does not offer day one coverage.

Sample quotes and comparisons:


$10,000 Coverage

AgeLincoln HeritageMutual of OmahaForesters FinancialRoyal Neighbors 



$10,000 Coverage

AgeLincoln HeritageMutual of OmahaForesters FinancialRoyal Neighbors 

*Premiums above are non-smoking rates. Tobacco and nicotine users will pay a higher monthly rate. 

Should I apply for the Funeral Advantage plan?

When it comes to benefits and features Lincoln Financial is very comparable to other top-rated competitors and even has a program that will help you plan your final arrangements.

Where the company from Phoenix, AZ struggles is on price. If you search quotes on our website we have a handful of carriers that will beat this price point.

The added service and benefits offered are respectable but is it worth paying a higher monthly premium?

We will discuss this further in the article.

There are cheaper options and you can do better!

Lincoln Heritage Funeral Advantage Review modified Green and tan

Plan 2: Modified

Quick Facts about this plan

  • No medical exam
  • 2-3 year waiting period depending on age
  • One page application with a few health questions
  • States that offer coverage: 49 states (NY excluded)
  • Age Eligibility: 40-85
  • Coverage amount: up to $15,000
  • Premiums are locked in
  • Coverage is locked in
  • No height and weight chart
  • Cash benefits are paid within 24 hours *once a claim is approved

What does it take to qualify medically?

The only reason you would attempt to qualify for this policy would be because you answered yes to one of the health questions on the previous plan we reviewed.

One of the representatives associated with the company would then deem you ineligible to qualify for their top tier product and pivot you into this plan.

When we look at this modified product there are just two simple questions to get you qualified.

Medical Questions

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

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

If you can say no to these questions then you would be eligible for coverage.

*As stated earlier there will be an extensive prescription history check for each product you apply for. This will be done to verify all of your answers to health questions.

Lincoln Heritage Funeral Advantage Review medication in someones hand

The real question you need to ask yourself is “do I even want this modified product?”

Or are there better options elsewhere?

3 things to know

This plan has a two-three year waiting period. *Depending on age

This is typical for a modified plan or graded plan. What is unusual is that if you are under the age of 50 the plan will not pay out the full death benefit for 3 full years from the issue date.

The payout schedule is as follows

*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

While this may seem like a minimal amount when it comes to the return of the premium interest rate, this is higher than the industry average.

Most carriers offer return of premiums +10% interest.

Two simple health questions to obtain coverage.

On their website, they have said that they approve 98% of applicants for coverage. When you have a product with two simple health questions you will be able to approve more people.

The question that needs to be asked is why do they approve so many people?

We now need to dig into the price to find that question!

Prices are higher, much higher…

The prices are higher than other options you can find on the open market. When we look at the prices side by side with other comparable products it’s not that close.

This product lags significantly with other competitors in the same product health category.

Sample quotes and comparisons:


$10,000 Coverage

AgeLincoln HeritageGuaranteed Trust LifeAIG
Royal Neighbors 



$10,000 Coverage

AgeLincoln HeritageGuaranteed Trust LifeAIGRoyal Neighbors 

*Premiums above are non-smoking rates. Tobacco and nicotine users will pay a higher monthly rate. 

Should I apply for the modified plan?

When we look at what the modified plan is offering you can do much better than this. This is not an indictment on the company but it is very important to know how carriers view different health conditions.

In the world of this type of product, many carriers offer products to cover niche health conditions.

Each company has different standards and risks they are willing to take to insure an applicant. But the only way you will know if you can qualify for a different plan is to compare different companies.

You can do much better than this product and price point!

Funeral Consumer Guardian Society

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

This service is known as FCGS and here are a few benefits that this society offers.

  • 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.

Lincoln Heritage Funeral Advantage Review FCGS Logo green and yellow

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

So all of these things sound very helpful and needed to a beneficiary who just lost a loved one and does not know the next steps in the death process. But let’s take a closer look and see if this is a large enough benefit that offsets the higher prices that they charge.

One of the major claims that are made by the carrier is that they can assist with end of life planning.

This may be true through a partnership with the FCGS but the two main questions are the following:

  • Does this service offset the higher monthly premiums that are being charged?
  • Do you even want someone else other than family to manage your final arrangments?

Let’s look at the four services they say are provided.

Lincoln Heritage Funeral Advantage Review 4 benefits tan and green

4 benefits offered.

Planning Assistance
This is a document that provides your family clarity once you have passed. This helps determine how much you would like the service and ceremony to cost and 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
Once you fill out the document that provides your loved ones with the direction of what you would like for your final wishes, the report goes on a secure computer in the offices of the FCGC. When its time to update or retrieve the document there is a simple secure way for your family to do this.

Plan Activation Help
Once the policyholder passes, they assist in the process of contacting the mortuary to help plan and assist with the burden your beneficiary or loved ones may have. They also claim to find discounts and save the grieving family money.

Is this worth paying more?

Simply put you should document your end of life wishes. This will take any stress off siblings, parents, or friend’s shoulders. If there is no plan for a group of people to follow this usually leads to confusion, frustration, and disagreement because every decision costs money.

To that fact, I applaud the FCGC. But that is not the question at hand here.

The question is, does this service make the overly priced product worth it?

For a few simple reasons No it does not!

If you do a simple google search you should be able to find a free planning guide for your end of life service.

Also, a huge benefit that they claim to offer is they will negotiate different prices associated with end of life services for your family.

This is wonderful in theory but what is the metric used?

The claim is that they save the average family $1,800 on traditional services and $600 on a cremation. The statistics and website are not clear on how this is done and the cold hard facts about the process.

Even if they were able to save your family the amount of money that they negotiate for, you would still easily be able to find a cheaper monthly policy.

That plan would cost less each month and you could either put the savings in your pocket or use the saved money to acquire much more in coverage than the money they say they would save you.

Lincoln Heritage Funeral Advantage Review Independent vs captive

Captive Vs Independent

There are two types of agents you can buy your policy from.

Captive– You are only allowed to sell one companies products.

Independent– Compare and shop around to get your client the best price for their health conditions.

There is absolutely not a one size fits all company to insure you. Every carrier has a different risk tolerance when it comes to niche health conditions. This is why it is crucial to use an independent agent who can look at multiple policies and find a product tailored to you.

Lincoln Heritage Agents are only able to sell you the two products that they offer. So if this product is being presented to you it’s important to know that this very well not be even close to your best option in the market place today.

Always choose independent!

Final Thoughts

a. You are buying a more expensive policy with features and benefits attached to it. It is important to know if those features and benefits are worth the more expensive product.

After taking a deep dive into this Lincoln Heritage Funeral Advantage Review we have concluded: No it is not worth it!

b. This is a very reputable company with a long history and track record of success. But when you choose to buy your policy from a captive agent you are buying from someone who will not be able to show you other companies or prices.

As explained earlier if someone is selling you this product that means via a contract as a captive agent they cannot show you another company even if it is a cheaper price.

Here at Willamette Life, we will make sure funeral insurance is a good idea for you. We are able to look through many different carriers and find a policy for any specific health condition you may have at a price point that is best for you.

Call us at 833-518-0080

Jake Irving

Jake Irving
I’m the owner and founder of Willamette Life Insurance. Willamette Life specializes in Final Expense Insurance. We compare prices with different insurance carriers while finding the perfect match for your health and budget. This company was started to help educate the public on why Final Expense Insurance could be a great option for them and their family. We strive to be friendly, informative, and always have the client’s best interest as our top priority. Everything in this article is my own professional opinion and experiences I have had during my time in helping clients.

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