Our Disclaimer: We are not affiliated with Lincoln Heritage Life Insurance Company. As an insurance agency, we do review many insurance companies for the benefit of consumers and our clients alike. This review will consist of facts and opinions based on industry and professional experience and education. Interested in speaking with Lincoln Heritage directly,… they can be reached at 800-438-7180. If you are looking at Lincoln Heritage for life insurance, we do recommend that you fill out the “Final Expenses Instant Quote” tool on this page so you can quickly compare coverage with several top final expense companies. You may be quite surprised that you can get much better rates than what you may have already been quoted.
Good Day!! Here to get the scoop on the Lincoln Heritage insurance offerings? If so, you have come to the right place to get the real story. In this review, I’m going to talk specifically about Lincoln Heritage Funeral Advantage plan. You made a good decision to check into their life insurance product before buying.
Buying the wrong life insurance policy can cause financial stress for not only you, but your loved ones. There are several different Lincoln Heritage Funeral Advantage reviews out there, but after reading this article today, we are confident you will know how to proceed with making the best decision for your needs.
In this Lincoln Heritage review, I will cover roughly 5 items.
- Lincoln Heritage as a life insurance company. Who are they and where are they located?
- Is the Funeral Advantage plan the best final expense insurance for your needs?
- How the Funeral Advantage plan works.
- What makes this whole life policy different than the other guy (competitors)
- Last but not least…The price of their program. Is it affordable or not?
In this article, we will also explain how their plan works, the prices and the various ages and how their premium rates compare with the competition out there.
Finally, we are going to show you how to get final expense insurance for a considerably lower cost than what Lincoln Heritage Life will charge you.
So here we go.
Be sure to hang on because I am bringing the heat!!
Profile of Lincoln Heritage Life Insurance Company
Lincoln Heritage was founded in 1963 by Jack Londen, a life insurance agent. Growing from the first home office being in his personal residence, Lincoln Heritage has developed into a seasoned, final expense life insurance company. Their corporate headquarters are located at 4343 E Camelback Rd. Suite 400, Phoenix, AZ 85018. Their phone number is (800) 433-8181. As a company, they sell more burial insurance than any other company in the country. They can be reached on the web at www.ihlic.com, or searched out by using funeral advantage com etc. www.funeraladvantage.com should also work.
The Funeral Advantage Policy
The Funeral Advantage plan from Lincoln Heritage is a whole life insurance policy designed to pay up to $20,000 of the insureds final expenses. This policy is issued and underwritten by Lincoln Heritage Life Insurance company.
Claims are reportedly payed quickly once the death claim has been processed. Upon approval, the policy beneficiary will receive the appropriate benefit amount. The Funeral Advantage policy includes a membership to the Funeral Consumer Guardian Society. The intention of this organization is to help the loved ones arrange the funeral.
Please be mindful of the terms final expense insurance, burial policy, funeral insurance etc. They all mean the same thing. The Funeral Advantage plan is just the product name for a whole life insurance plan designed for seniors.
How Does This Policy Work?
Upon death, whether it is you or another, a certificate of death would be filed with Lincoln Heritage Insurance company on the appropriate policy number on their claim form.
Once this is received, they will process the claim. Be aware, it is standard procedure for insurance companies to investigate the cause of death.
Do not be put off. Insurance companies must rule out claims not covered under the term of the policy that the policy owner purchased.
Once the claim is found to be valid, Lincoln Heritage will promptly release the funds to the beneficiary.
As a life insurance company, they specialize in final expense coverage so naturally this is where the sales emphasis is.
Are they a large life insurance company like Transamerica or AIG?
Lincoln Heritage agents are selling this one product and that is the focus of this company.
It is important to remember that just because Lincoln Heritage may sell the most burial insurance policies does not indicate it is the best product.
Many life insurance companies just have a broader market and have several life insurance products including final expense insurance.
Take Mutual of Omaha for example…excellent provider of burial insurance and a history of very satisfied people.
What is most important to you right now?
Lincoln Heritage Life Insurance Rates
I told you earlier I was going to bring the heat.
Here is where it all starts.
The Lincoln Heritage Funeral Advantage whole life policy can be more than double the cost of the competition!
Now, maybe your thinking that I am not comparing apples to apples.
You’d be mistaken.
I am actually comparing their Funeral Advantage, whole life policy to numerous life insurance companies that offer the same product, senior whole life insurance.
We are going to put some numbers below for you to see. Be ready to be shell shocked!!
I have selected the comparison to be with Mutual of Omaha because they are a name many people are familiar with and seem to trust.
Yes, they are also very competitive. I love the company as they treat my clientele and myself, first class.
And…my favorite show as a youngster was Mutual of Omaha’s “Wild Kingdom!”
Getting back on track…
At Maple Valley Insurance Group, we work with dozens of life insurance companies.
Mutual of Omaha is not always the lowest price, but overall, quite competitive among final expense insurance companies. We would have to see if they are your best option.
The tables below have the prices shown for a non tobacco applicant. You must be able to qualify for Mutual of Omaha, but the health questions on the Lincoln Heritage policy are fairly similar.
If you wish to see how other competitors (besides Mutual of Omaha) compare to Lincoln Heritage, you can use the final expense quoting tool on the right to receive quotes from roughly 25 carriers in the funeral insurance business offering whole life insurance for seniors like the Funeral Advantage plan.
Please note that the rates provided below have qualifications:
- Rates are for a Non-Tobacco individual
- The applicant must be able to answer “No” to all of Lincoln Heritage Life’s medical questions.
- No prescription medications you take reside on their “Modified Prescription” list.
Male Rates Per Month
|Mutual Of Omaha|
|Mutual Of Omaha|
Female Rates Per Month
|Mutual Of Omaha|
|Mutual Of Omaha|
So what is your reaction to the monthly cost of the Lincoln Funeral Advantage Plan? If you did the math, it is easy to see how you could get drastically overcharged. Thousands of dollars over a few short years.
Ask yourself…is this life insurance policy really better than the same thing issued by Mutual of Omaha? I think most of us know the answer.
If you took the time to use the free final expense quote tool on this page, you found out that the vast majority of life insurance companies offering burial insurance are going to keep your extra money where it belongs…in your bank account.
Are you questioning how a life insurance company survives being so expensive like this?
Well, it comes down to aggressive marketing and persistency with it. There is a strong need for final expense insurance out there. More than likely, you are one of those people considering their plan for your own reasons. Lincoln Heritage wants to be the solution to something you want taken care of.
So, Lincoln Heritage insurance aggressively recruits salespeople to market their insurance products stressing what a market share they have for burial insurance. They train prospective sales people/agents to market their Funeral Advantage plan by selling a bonus not found in the actual policy.
So what is the “bonus” I’m talking about? Well, it is just a fancy bow on an expensive senior life insurance policy. The “bow” is a membership with the FCGS. I will discuss “the fluff” later in the article.
Let’s keep pushing forward
Lincoln Heritage Funeral Advantage Gets a Sudden 3X Pay Raise!
What if I told you that the rates you saw above are the best case scenario with life insurance from Lincoln?
Would you believe me if I told you they could go up an additional 3 times?
That’s right, multiply the above premium rate per month times 3!!
To make the situation worse, the Funeral Advantage from Lincoln Heritage could stick you with a waiting period on the policy before it will pay out the full death benefit.
You see, if you are medically diagnosed with certain medical conditions, Lincoln’s underwriting will red flag you and only offer you their Modified Whole Life insurance.
Ok. What’s so bad about that?
Here is where people get real upset. Whether they were high pressured into buying or didn’t realize all the better options available to them at the time, most people are shocked by how must they had overpaid or would have to pay for life insurance from Lincoln.
If you are tight in your budget, getting hit with costs 2 and 3 times the industry standard just isn’t going to cut it at all. Even Guaranteed Acceptance life insurance from the likes of AIG is not that expensive. That final expense product is typically used for people with very poor health, even terminally ill. It has no health questions at all.
How does the Lincoln Heritage Funeral Advantage plan help seniors on a fixed income? I’m not seeing it. Seniors I speak with on a daily basis are concerned about affordability long term. In the year 2021 we have seen massive inflation step in. No one is more impacted than those people who live on a fixed income and a tight budget.
Health Issues That Raise the Red Flags and Place You In: The Lincoln Modified Plan
If you have one of the following conditions and elect coverage with Lincoln Heritage, you will only have 1 option with them…The Modified Plan. That will result in a 2 year limited benefit period before for full coverage. You will be getting a much higher, permanent premium which I will illustrate in the table below.
Now, here are the knockout questions that the company uses to evaluate you as a risk:
- Heart Attack
- TIA (Transient Ischemic Attack) or Mini Stroke
- Circulatory Surgery (Stents, Bypass, Angioplasty)
- Blood Clots
- Heart Surgery
- Irregular Heartbeat (AFib)
- Peripheral Artery Disease
- Pulmonary Hypertension
- Blood Thinner Medication and Heart Medication (high blood pressure medication ok)
If you have had any of these conditions/medications, Lincoln Heritage life insurance is going to dip into your back pocket or purse if you want what they are offering.
All of these medical conditions above are acceptable with the companies we work with. There is no outrageous discrimination. That’s right, no two year waiting period nor a 3X payday!!
For those that clear that Lincoln Heritage screening test, here comes the next batch. You also are entitled to their Modified plan for any of these:
- Kidney Disease
- Chronic Bronchitis
- Cystic Fibrosis
- Diabetic Related Blindness
- Cirrhosis of the Liver
The list just keeps going on and on, cherry picking who isn’t going to get financially hammered!!
Will Lincoln Heritage Insurance Pay Claims in 24 Hours? That’s Really Fast.
Take a look at the first bullet point of the sales literature from above for the Funeral Advantage plan. It highlights that Lincoln will pay claims in 24 hours. That statement is followed with “once a claim is approved.”
So a consumer looks at this and says…wow…that it fast!!
We must look deeper to see the reality of the claims process.
The key phrase is… once it’s approved.
That is how life insurance works. There is an approval process at claim time. While final expense coverage is designed to move quickly, an investigation is conducted after receipt of certificate of death.
Insurance companies don’t simply send out $10,000 within 24 hours because someone makes a phone call.
All good life insurance companies pay claims promptly after the death certificate and investigation is complete to verify the terms of the policy have been met.
You’re probably clear now that there is no way a claim against this policy can be paid with 24 hours of the insured passing on.
Claims issues arise with all insurance companies even with the big companies like Transamerica. Just be aware that Lincoln’s claims process is not revolutionary. Be leary of marketing promises of a better claims process than the top life insurance companies.
Understand that the impression one may be given by the sales material on their website or verbally thru a sales agent of Lincoln Heritage is thru rose colored glasses.
Be mindful and astute here, you are being asked to pay well above the going rate for senior whole life insurance, period.
The heavy marketing is used to encourage good people to pay a much higher premium. It has no assurance or guarantee of “perceived” value beyond the whole life insurance.
A whole life insurance plan is what guarantees the money to your loved ones not the “value” bonuses that are not written inside the actual policy. This is an attempt to build outside additional value into a senior whole life insurance policy that is also offered by plenty of the top life insurance companies in the business.
The bottom line, no one told you that you that your loved ones would be paid in 24 hours did they? The marketing is trying to put a spin on the normal course of business that any reputable life insurance company uses.
Since the marketing is in no way a legal binding agreement like any life insurance policy is, what is not in written in that policy is just “talk.”
Until the marketing claims are written into their whole life insurance policy, it is nothing but an overpriced policy that is much more affordable elsewhere.
Most life insurance companies starting claims processing 24-48 hours after the necessary documentation of death has been submitted to them.
Lincoln Heritage Life Insurance Company is not doing much beyond the scope of other senior final expense insurance carriers.
Beware of old fashioned sales gimmicks as you ponder the high cost of their life insurance policy.
Lincoln Heritage Insurance Is Real Expensive Isn’t It?
In this section I am going to ask you a direct question.
I think it is clear that this carrier is not financially in any seniors best interest.
Do you still have interest in the company if they are not competitive with the top life insurance companies?
If you’re not sure and haven’t run the final expense quote tool on this page, make sure to do that now. Look at the Lincoln Heritage rates from above alongside all of the carriers that don’t apply marketing fluff.
Yes, some of them like AIG, Mutual of Omaha and Transamerica…they pull plenty of people due to the big name and good overall reputation.
Don’t be taken advantage of ladies and gentlemen.
There is a reality of what happens when a death claim is filed with any burial insurance company. No one will likely be paid in 24 hrs. by any life insurance company due to the nature of investigative process and paperwork.
The Funeral Consumer Guardian Society Membership – FCGS
As I started writing this article, I referred to the FCGS. This stands for the Funeral Consumer Guardian Society. I chose to leave this for the tail end of this Lincoln Heritage life insurance review because it really steps outside the insurance itself. It is the shiny bow to deflect the consumer from seeing the better options out there.
On the FCGS website they suggest they are an independent senior advocate organization. They have no connection with a particular religion, cemetery, funeral home etc.
Interesting, after 2015, the FCGS no longer allowed just anyone to obtain membership.
Oddly enough, the only way now to obtain membership in the FCGS is to buy a Lincoln Heritage life insurance policy.
These days, Lincoln Heritage agents are trained to pitch how great this bonus is…the FCGS.
What Are the Benefits of the FCGS?
There are four different benefits touted as part of the FCGS membership. Take a look and see what you think.
Funeral Planning Assistance
Under this benefit, you will receive a written document that lays out your wishes on how you want your funeral carried out. You loved ones will have a preset plan in place since the decisions at the time of death require snap decisions and may add to their emotional stress.
The written documents will simply question have you fill out information like:
- Would you like to have a traditional burial or be creamated?
- Would you like a viewing or not?
- What type and color of flowers do you want?
- Is a certain type of music more appropriate?
These questions from the document deal with the moving parts of planning a funeral. You complete the form and send it back to the FCGS where it is filed away
Our Feedback on this benefit…
Getting your final wishes preplanned is a good thing to do. I know it is hard for some people to really handle, but your loved ones will really appreciate it.
This is a great idea but you don’t need the FCGS. You can do this yourself.
What we have recommended for over 20 years is to take your final expense policy down to the funeral home of choice. The funeral home has all the forms needed. They will write down all the plans and wishes for you after discussing it with you. This will be attached it to your final expense policy for your beneficiary(s) benefit. Your chosen funeral home will know you have a burial policy to fund the funeral. This is a superior approach to dealing with the FCGS. The funeral home already knows what they need. The life insurance company provides the resources and the funeral homes knows where the money is coming from to cover your funeral wishes. Everybody is happy.
If you don’t want to do this with a funeral home, here are the planning docs you would need. Work at them at your leisure.
Funeral Funding Information
This benefit gives your family member or friend a contact at the FCGS when the final expense money is need to pay the funeral costs. The thing is they are just calling Lincoln Heritage instead of the person you assigned to handle your final wishes. Why not just call Lincoln Heritage directly to get it done right away? Kind of a waste of time and loved ones can’t be assured that task is done pronto.
Sorry, not a benefit at all in my opinion.
Funeral Plan Security Service
Remember the funeral planner docs from above? Well if you send the FCGS docs back to them, they will scan your plan into their computer. It will become available to your family by a special coded identification card they issue.
Sounds great doesn’t it?
What is you just went down and planned everything at the funeral home and had them attached it to your final expense policy? Wouldn’t your family have immediate and secure access to it? Heck, you could print out the documents to the planner I included above. Fill it out and attach it.
Why is the FCGS valuable here?
Funeral Plan Activation Help
The feature allows the loved one handling your funeral to notify the FCGS of death. The FCGS will notify the funeral home you chose and give them the arrangements from the planning documents that you sent back to them. The claim is that may be able to find some discounts if the costs are out of the ordinary.
One the Lincoln Heritage website, they suggest is saves the average family at $1800 on a full funeral. $600 was estimated for cremations.
This one rubs me the wrong way.
This benefit is really pushed by Lincoln Heritage agents to help build value in you paying very high insurance premiums. While they may negotiate on your families behalf, if the cost of flowers and casket are the going rate, there will be no discounts. You can do a little checking around well in advance to compare costs. Again, none of this is written in the policy. Nothing legal and binding to the Funeral Advantage plan at all. While this maybe best intentions, your family could be saving zero in reality.
So let’s us say that the FCGS saves $1800 from a full funeral that would have costed $10,000 in your state.
Would you really want to pay anywhere from 20% up to even 300% additional to possibly save $1800?
If you look at the math, it does not make sense. The high monthly premiums you pay to Lincoln Heritage Life Insurance will eat any discount the FCGS may be able to negotiate very quickly.
Why go thru all that?
Conclusion Of Our “Funeral Advantage” Review Is… Buyer Beware
So by now you’re probably a little taken back at how easy it is to get gouged with Lincoln Heritage life insurance. The Funeral Advantage plan just does not fair well against the competition on a cost basis. If you looked at the monthly rates above, imagine the difference over several years compared to Mutual of Omaha. That is huge.
The value added with the FCGS is small at best. There are other life insurance companies that pile on more bonuses that the FCGS con provide you? Everything from legal services for a living will, dental discounts and more . They are all priced better, consistently.
Is it worth overpaying hundreds or even thousands of dollars a year for the same thing from the top competitors on the market?
If you had to drop the Lincoln Funeral Advantage life insurance due to the high montly cost due to rising inflation, how does that help your loved ones?
Most people we have talked to drop life insurance over the cost, not because they don’t think they need it. Those who don’t purchase it self insure final expense costs themselves, purchased a prepayed burial or left it up to their families to figure it out.
Is it even remotely reasonable for Lincoln Heritage to expect a consumer on a fixed income to pay 2 to 3 times more money than the top life insurance companies out there?
In the humble opinion of this veteran agent, NO!! There are many excellent carriers with good service, you just need to consult with an independent life insurance agent who knows the senior market.
With the underwriting standards they expect seniors to meet while still being one of the most expensive burial insurance companies out there, I cannot give this product a thumbs up. They pay their claims like any other reputable life insurance company but that is where it ends.
We recommend that you store your own end of life plan with your life insurance policy. Have the complete funeral plan you arranged with the funeral home of choice or simply use the planner I included above.
The best “funeral advantage” plan you can can buy starts with saving money upfront. Work with your preferred funeral home and prepare the last wishes, document it and have the funeral home attach it to your whole life policy.
Sock the prepared policy and arrangements in your fire safe or a ziplock bag and place it in your freezer. Nothing is easier on your family!! It will be remember and easily found in either place.
It is done.
Those are your handmade arrangements. You were able to negotiate and pick out just what you would like rather than burdening the family with calling for help from the FCGS and hoping they would help promptly.
The FCGS is mute point if you already sat down with the funeral home years before. You saved a lot of money in the process and able to afford more life insurance to take care of your loved ones in your absence if you elect to.
Lincoln is that expensive! You can buy thousands of additional coverage for the same premium you would be paying them.
Lincoln Heritage final expense rates? The are unjustified nor competitive.
Where do you want your money to go to…the insurance company or loved ones?
With the FCGS business…Your family will lose access if you are not with Lincoln Heritage as a policy owner down the road. Store your own documents and policies in a good fire safe you can now afford by not overpaying on your coverage with Lincoln Heritage. Your loved ones will have it all organized were it needs to be to handle everything in peace. Contact numbers all in one secure box.
There are several life insurance companies which have some nice “marketing” features outside the policy itself. Features like Will preparation. Yes, some companies having legal departments that help you put a legal Will in order…for free. It is a benefit provided by the company as thanks for being a paying policyholder. Do I recommend all of my clients to this carrier because of this great feature…no.
Ladies and gentleman, I do not have an ax to grind beyond the cost versus the benefits of the Lincoln insurance, Funeral Advantage. I said early on in this Lincoln Heritage review that I was bringing the heat.
You may be wondering why I seem to know so much about Lincoln and how this all works. If you hadn’t guessed it, I used to represent the company. They came into a big independent agency I used to work for and recruited me.
My review is not hearsay or just research, it is from real experience in field.
I’ve always been an independent agent/broker, but a Lincoln recruiter asked me to give the company a chance.
I agreed, before I saw the rates.
Yes, it was a short stint.
This was probably 1999 or 2000. It has been a while so I’m not able to be specific.
I actually went out in the field with the zone manager of the company to visit people who wanted to purchase final expense insurance from their company.
On those calls, I watched him take applications from multiple seniors. Some of the applications were taken while suggesting the applicant could add more coverage in the future if their finances improved.
Why did he say they could buy more down the road? I had the same quality of insurance in my black leather bag for a much more affordable cost. They could have afforded a lot insurance thereaby taking better care of their families financial needs after they passed away.
What I promptly noticed – The cost of the benefits these applicants wanted to purchase was too expensive. In other words, instead of buying a $7,000 policy, they purchased $5,000. In some cases I saw people who just would not buy… even though the card they sent in for the Lincoln Heritage Funeral Advantage life insurance had said they had the need. They liked the idea but were just overwhelmed by the high cost of protection and/or their budget.
Sitting thru all these cases, I knew there was a real problem with Lincoln and their offering. How could I truly help my clients and their families by recommending small policies when I could offer other companies with the same insurance at a much lower cost, giving them the full protection they really wanted for their loved ones?
Most seniors on a fixed income cannot afford these kind of rates and will never be able to afford more life insurance. Your age and health are the 2 main keys to buying financial protection. Even if they can later afford more, why should they overpay when all the top competitors were much more affordable? What happens if the buyers health deteriorates and they can no longer qualify for coverage?
The frustrating part… out in the car was my good old, black, leather bag. In it, I had applications from 4 different life insurance companies that would accept all of these folks and would save them hundreds of dollars a year. Over several years, thousands. Same or better coverage too boot.
So what did I do?
Told the Lincoln Heritage zone manager that Lincoln Heritage life insurance products were not going to work out for me. He was a decent fella. Nothing against him at all. I just did not feel good about how much these people were paying for the insurance. There is nothing that stands out above the competition.
Lesson learned for me and hopefully for you today. Make sure you are doing business with an independent professional who knows this business inside and out and has access to all the best life insurance options for you.
Be very careful of marketing hype. It can cost you and your loved ones dearly. Having the right size policy amount and affordability should be your top focus. Reputable life insurance companies can typically have claims paid out within 48 hours of receiving a death claim. The funeral home can expedite the death certificate if your county is slow.
Not knowing how many Lincoln Heritage Funeral Advantage reviews you have read, I cannot give this company a thumbs up. It is simply too expensive for the extraneous benefits. This can hurt your loved ones in painful fashion if it becomes unaffordable at a later date.
Reading any Lincoln Heritage life insurance reviews on the web have likely shown the need to shop your life insurance carefully.
Hope this review of Lincoln Heritage Funeral Advantage has been insightful for you.
For further help or to know your best options…let’s talk. Phone: 269-244-3420
As always…feel free to comment below.