Lincoln Heritage Life Insurance Review 2024

Since it opened its doors in 1963, Lincoln Heritage has specialized in one type of life insurance: final expense. Its Funeral Advantage policy is tailored to those who want to purchase coverage to take care of their funeral, burial and end-of-life expenses.

You can get a policy without a medical exam, and Lincoln Heritage is unique for giving all policyholders access to the Funeral Consumer Guardian Society. This organization can help you plan your funeral and compare costs for various services.

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Lincoln Heritage life insurance rating

Lincoln Heritage earned 2.5 out of 5 stars for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.

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Lincoln Heritage life insurance policies

Final expense life insurance. Lincoln Heritage sells one final expense policy: Funeral Advantage. Available to anyone 85 years old or younger, Funeral Advantage is a permanent policy that’s designed to help your family cover your funeral, burial and end-of-life costs. You can buy up to $20,000 of coverage without a medical exam, and the premiums never change.

To apply, you’ll need to fill out a form on the website. You will also need to complete a health questionnaire.

There are three possible outcomes:

You’ll be approved for coverage. If you’re relatively healthy, you should be approved.

You’ll be offered a “modified plan.” If you have a history of serious health conditions like heart disease or cancer, you might be eligible for a modified plan. This plan is more expensive and has a three-year waiting period for those under 50 years of age and a two-year waiting period for those between 50 and 85. If you die before the waiting period is over, your life insurance beneficiaries won’t receive the full payout. Instead, the insurer will reimburse them for the premiums you paid.

You’ll be denied coverage. You might be denied coverage if you have certain pre-existing conditions.

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Lincoln Heritage life insurance riders

Lincoln Heritage allows you to add up to $100,000 in accidental death and dismemberment insurance to your policy. With this rider, your beneficiaries will receive an additional payout if you die in an accident, and you’ll receive a lump sum if you’re seriously injured in an accident.

Lincoln Heritage customer complaints

Over three years, Lincoln Heritage has drawn more than the expected number of complaints to state regulators for a company of its size, according to NerdWallet’s analysis of data from the National Association of Insurance Commissioners.

What Reddit users say about Lincoln Heritage

Reddit is an online forum where users share their thoughts in “threads” on various topics. The popular site includes plenty of discussion on financial subjects like life insurance, so we sifted through Reddit forums to get a pulse check on how users feel about insurers. People post anonymously, so we cannot confirm their individual experiences or circumstances.

Most comments on Reddit about Lincoln Heritage are about working for the company, rather than customer experiences with its policies. Redditors point out that the company is known for burial insurance (the only policy it sells), and some say its products are overpriced.

Questions from Reddit: Our experts answer

Who needs final expense insurance?

Also known as burial insurance, final expense insurance is designed to ease the burden of funeral costs for your family after you die. It can be a good choice if you’re a senior who simply wants to cover your own end-of-life expenses, or if you have a pre-existing condition that makes it difficult to qualify for other types of life insurance. But because it tends to be expensive, you may also want to look into other options, like term life insurance. See how to use burial insurance to pay for final expenses.

How much does final expense insurance cost?

Because final expense insurance is generally sold to older consumers and doesn’t require a medical exam, it typically costs more than other types of life insurance. For a $10,000 guaranteed issue policy, a 50-year-old man could pay $40 per month, according to 2024 data from Choice Mutual. For a 50-year-old woman, the average rate for the same policy is $30 per month. You can expect to pay higher rates if you’re older or want more coverage.

More about Lincoln Heritage

Lincoln Heritage has a network of life insurance agents across the country.

You can manage your policy through the online portal. And when you die, your beneficiaries can file a claim over the phone or by mail, fax or email. The insurer says it typically pays out approved claims within 24 hours.

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