If you are considering the Lincoln Heritage Funeral Advantage final expense insurance policy, this review will provide detailed answers to all your questions. Before purchasing any insurance, it’s important to research what a policy offers, how it works, and how much it costs. Final expense policies are meant to cover the costs of burial or cremation, which have been rising significantly. This review will explore whether Lincoln Heritage is a good option for final expense insurance.
What is Lincoln Heritage Funeral Advantage?
The Lincoln Heritage Funeral Advantage program offers a final expense life insurance policy providing cash benefits of up to $35,000. The program also includes membership in the Funeral Consumer Guardian Society (FCGS), which assists your family with funeral planning and arrangements. This membership can help compare prices and save money on funeral expenses.
- No medical exam required during the application process.
- The policy is available for people aged 40 to 85.
- Cash value accumulation over time, which can be borrowed against.
- Benefits paid within 24 hours of claim approval.
Is Lincoln Heritage a Good Company?
Lincoln Heritage has an A- rating from A.M. Best and an A+ rating from the BBB. The company has been providing final expense insurance since 1963 and is now a leading provider in this field. Its aggressive advertising and fast payout times have made it a popular option, especially for seniors.
Lincoln Heritage Funeral Advantage Pros & Cons
Pros:
- No medical exam is required, only a few health-related questions.
- Fast and easy application process.
- Benefits are paid within 24 hours of claim approval.
- Up to $100,000 accidental death coverage can be added through riders.
- Funeral Consumer Guardian Society membership provides expert funeral guidance and price comparisons.
Cons:
- Higher premiums than some competitors, especially for people with health conditions.
- Agents can be aggressive during in-person consultations.
- The plan’s pricing may not justify the additional costs for FCGS membership.
Lincoln Heritage Funeral Advantage Riders & Add-ons
Lincoln Heritage offers various life insurance riders to enhance your coverage, such as:
- Accidental death and dismemberment coverage (up to $100,000).
- Medical bill reduction and auto expense protection.
- Vision, pharmacy, and dental discount plans.
- Identity theft protection.
The accidental death rider pays an additional $10,000 to $20,000 depending on the nature of the death, with up to five units available for purchase.
Lincoln Heritage Rates for $10,000 with Funeral Planning
Below are some sample monthly rates for seniors. As you can see, rates increase substantially the older you get. Most seniors opt to get coverage as early as possible to lock in a lower rate.
| Age | Female Monthly Rate | Male Monthly Rate |
|---|---|---|
| 50 | $25 – $40 | $30 – $48 |
| 55 | $28 – $46 | $35 – $55 |
| 60 | $33 – $52 | $43 – $67 |
| 65 | $41 – $64 | $56 – $75 |
| 70 | $53 – $82 | $74 – $93 |
| 75 | $72 – $108 | $100 – $131 |
| 80 | $93 – $152 | $126 – $190 |
Rate estimates are based on standard health and no tobacco use.
Comparison of Lincoln Heritage vs. Other Final Expense Insurers
When comparing Lincoln Heritage’s rates with other providers like Mutual of Omaha and Americo Life, it’s clear that Lincoln Heritage’s premiums are often higher. For example, a 50-year-old male non-smoker would pay $41.10 for $10,000 in coverage with Lincoln Heritage, compared to $29.16 with Mutual of Omaha.
Rates for a $10,000 Policy:
- Male (50 years old): $48 (Lincoln Heritage) vs. $29.16 (Mutual of Omaha).
- Female (50 years old): $40 (Lincoln Heritage) vs. $24.56 (Americo Life).
As you can see, the Lincoln Heritage Funeral Advantage plan can be much more expensive than other companies. Use the life insurance quoter on this page to get your free quote.
Lincoln Heritage Funeral Advantage Eligibility and Application Process
The application process is straightforward, with no medical exam required. You’ll only need to answer some basic health questions. Depending on your health conditions, you could qualify for immediate coverage or the Modified Plan.
Modified Plan
You may be eligible for the Modified Plan if, in the past two years, you’ve been diagnosed with:
- Cancer, stroke, or heart disease.
- Diabetes-related complications.
- Lung, liver, or kidney disease.
The plan includes a waiting period of two to three years, during which only limited benefits are available if the policyholder dies. This is excessive compared to other plans.
Lincoln Heritage Conclusion
The Lincoln Heritage Funeral Advantage plan offers convenience and peace of mind with its simplified application process, fast payouts, and funeral assistance services. However, its higher premiums may not be suitable for everyone, especially those on fixed incomes. Comparing it with other insurers can help you make the best choice for your final expense coverage.
FAQs
What is the Lincoln Heritage Funeral Advantage plan?
The Funeral Advantage plan is a final expense life insurance policy that offers up to $35,000 in coverage and includes membership in the Funeral Consumer Guardian Society to help with funeral planning.
How does the Funeral Consumer Guardian Society membership work?
The FCGS membership helps your family plan and arrange your funeral, providing price comparisons and saving them money on expenses.
What are the pros and cons of Lincoln Heritage Funeral Advantage?
Pros include no medical exam, fast payouts, and funeral planning assistance. Cons include higher premiums compared to other final expense insurers.
Can I apply for Lincoln Heritage Funeral Advantage if I have pre-existing conditions?
Yes, Lincoln Heritage offers a Modified Plan for those with certain pre-existing conditions like cancer, heart disease, or diabetes complications.
How does Lincoln Heritage compare to other final expense insurance companies?
Lincoln Heritage tends to have higher premiums than competitors like Mutual of Omaha, but the added funeral planning services may justify the cost for some individuals.
