Lincoln Heritage Life Insurance Company Review (2022)
Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance.
Not only does he strive to provide you with the …
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Written by
Jeffrey Manola
Founder & Licensed Agent
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs.
She has since used that knowledge in her more than ten years as a writer, largely in the insur…
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Reviewed by
Leslie Kasperowicz
Farmers CSR for 4 Years
UPDATED: Feb 10, 2022
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Facts You Should Know
Lincoln Heritage only offers final expense insurance
Lincoln Heritage offers several riders
Rated an A by A.M. Best
Lincoln Heritage provides final expense and burial insurance to customers throughout the United States. The policy’s maximum value is $35,000, but several riders are available. Additionally, the company has been rated an A by A.M. Best.
Knowing more about Lincoln Heritage Life Insurance will help you determine if it’s the best option.
Before jumping into this Lincoln Heritage Life Insurance review, enter your ZIP code to get free life insurance quotes in your area.
What are the average monthly Lincoln Heritage Life Insurance rates?
The monthly rates of a life insurance plan are a common concern among those seeking coverage. Life insurance companies use various factors to determine rates, including:
Age
Gender
Location
Health
Lincoln Heritage offers two final expense plans. The immediate plan offers instant acceptance. Conversely, the modified policy is for people that have been diagnosed with a condition during the past two years.
The following chart shows the average monthly affordable Lincoln Heritage Life Insurance rates for an immediate and modified plan based on age:
Average Monthly Male Lincoln Heritage Life Insurance Rates for an Immediate and Modified Policy by Age
AgeAverage Monthly Rates for a $10,000 Immediate PolicyAverage Monthly Rates for a $10,000 Modified Policy
50 years old$38.60$88.70
60 years old$56.60$106.70
70 years old$82.50$145.90
80 years old$183.20$202.80
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The following chart shows the same information for females:
Average Monthly Female Lincoln Heritage Life Insurance Rates for an Immediate and Modified Policy by Age
AgeAverage Monthly Rates for a $10,000 Immediate PolicyAverage Monthly Rates for a $10,000 Modified Policy
50 years old$31.80$76.10
60 years old$43.10$86.60
70 years old$71.90$116.80
80 years old$145.10$169.10
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As you can see, the immediate plan is cheaper than the modified plan. Additionally, females experience lower average rates than males, and rates increase as customers age.
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What coverage is offered by Lincoln Heritage Life Insurance?
Lincoln Heritage only offers one type of life insurance. The final expense plan is called Funeral Advantage and is available for customers between 50 and 80 years of age. Coverage is available up to $35,000 with no medical exam, and rates are guaranteed.
When applying for coverage, customers must answer basic questions about their health. It’s essential to answer truthfully, as inaccurate answers could result in a denial of coverage. Based on their answers, customers will qualify for one of two plans.
The immediate plan is for customers that are considered relatively healthy. These plans go into immediate effect. The modified policy is for customers with a health condition that makes them riskier to insure.
Lincoln Heritage has a list of conditions that will result in a customer qualifying for the modified plan rather than the immediate plan. The applicant’s diagnosis must occur within two years of the application. These conditions include:
Heart disease
Coronary artery disease
Cancer
Lung, liver, or kidney disease
Alzheimer’s disease, dementia, or ALS
Complications due to diabetes
As with most final expense policies, Lincoln Heritage’s plan comes with a mandatory waiting period. Customers younger than 50 years old will have a two-year waiting period, which extends to three years if the customer has reached the age of 50.
If a policyholder dies before the mandatory waiting period ends, the beneficiary will receive a limited payout. This payout equals the already completed payments plus 10% to 30% interest.
Additionally, the Lincoln Heritage Funeral Advantage plan comes with membership to the Funeral Consumer Guardian Society. This society gathers funeral preferences and assists families with arrangements. However, most families can handle these tasks without assistance.
Who doesn’t qualify for coverage?
Most people who apply for Lincoln Heritage coverage can receive the immediate or modified policy. However, the company denies coverage to people for specific situations, including:
Positive HIV test
Diagnosed with AIDS
Diagnosed with a terminal illness
Incarceration
Hospitalization
Receiving hospice care
Those who fall into one of these categories will need to look elsewhere for coverage.
Does Lincoln Heritage Life Insurance offer riders?
Most life insurance companies offer options that customers can add to a plan. These options are called riders and allow for the customization of a policy. Lincoln Heritage makes up for its lack of coverage options with several riders.
Lincoln Heritage offers various riders that allow customers to obtain more coverage than the traditional plans. Optional riders offered by Lincoln Heritage include:
Accidental death and dismemberment
Child rider
Dental, vision, and pharmacy discount
Identity theft protection
Medical bill reduction
Health care system assistance
Auto expense protection
Lincoln Heritage offers more riders than most competitors. Additionally, adding riders to a policy increases Lincoln Heritage Life Insurance quotes.
How is Lincoln Insurance rated?
Credit rating agencies regularly review and rate insurance companies based on financial strength. Customers can use these ratings to determine the likelihood of receiving a payout when they file a claim.
The Lincoln Heritage insurance company has been rated an A by A.M. Best. This rating is excellent and indicates that the company will provide a payout whenever a policyholder files a claim.
The Better Business Bureau (BBB) also rates companies based on business practices. For example, the BBB has rated Lincoln Heritage insurance an A+, indicating that the company is honest and transparent when dealing with policyholders.
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Does Lincoln Heritage Life Insurance have any complaints?
The Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) review complaints to help customers determine a company’s quality of service. Examining these ratings is an excellent way to judge a company.
At the time of this review, the BBB has received 57 complaints about Lincoln Heritage during the past three years. Most of these complaints are about its services and advertising. Lincoln Heritage has also received a customer rating of 4.49 out of five stars on the BBB website.
According to the NAIC, Lincoln Heritage has received 17 complaints. The company’s complaint index ratio is 1.40, indicating that the company has slightly more complaints than the average competitor of a similar size.
How can you buy Lincoln Heritage Life Insurance?
Lincoln Heritage only sells life insurance plans through captive agents. These representatives don’t offer coverage from any competitors and won’t help you compare the rates of multiple companies.
How can you cancel Lincoln Heritage Life Insurance?
Like many life insurance companies, Lincoln Heritage offers a 10-day free-look period. Customers can cancel a plan at any point during the 10 days and receive a full refund of any payments.
Following the free-look period, customers can still cancel a policy at any time. Doing so may result in the policyholder receiving a surrender cash value payment. However, canceling a plan might also result in a cancellation fee.
Customers who decide to cancel their policy can do so by calling 800-438-7180. Calling is the only way to cancel the policy, as the company wants the opportunity to convince you to change your mind.
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How can you make insurance payments?
Lincoln Heritage allows customers to make payments by direct bill, automatic bank draft, or credit card. Additionally, the company offers a 31 to 60 day grace period if a customer fails to make a payment, meaning that the policy won’t lapse. However, the length of the grace period depends on the state.
What are the pros and cons of Lincoln Heritage Life Insurance?
Like all companies, Lincoln Heritage has positives and negatives that customers should consider. Examining these pros and cons allows customers to determine if Lincoln Heritage meets their life insurance needs.
Positives of Lincoln Heritage include the lack of a medical exam, its financial strength, and the payment of the death benefit within 24 hours. These aspects ensure easy-to-obtain coverage, and policyholders are guaranteed to receive quick benefit payments.
Negatives of Lincoln Heritage include the company only offering one type of insurance, low coverage amounts, and no local agents. As previously mentioned, the company only provides final expenses insurance, so customers are limited in their options.
Who is Lincoln Heritage Life Insurance?
The Lincoln Heritage Life Insurance Company was founded in 1963 by Jack Londen in Colorado. The purpose was to provide quick benefit payments when it could take months to receive the death benefit from a final expense plan.
The company has grown to be one of the largest final expense-specific insurance companies in the United States, with over 1 million policyholders.
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Lincoln Heritage Life Insurance: The Bottom Line
Lincoln Heritage provides final expense life insurance to customers in all 50 states. The company only offers one type of coverage but has several riders. Additionally, the company has been rated an A by A.M. Best.
Learning more about Lincoln Heritage Life Insurance will help you determine if it’s a good choice for your needs.
Now that you know about Lincoln Heritage Life Insurance, enter your ZIP code to find free life insurance rates in your area.
