Lincoln Heritage Life Insurance Company Review: Is It Any Good?

Lincoln Heritage Life Insurance Ratings at a Glance

Life insurance is a type of financial protection that can offer you peace of mind in the event that you suddenly die. Many people who are the primary breadwinners of their households choose to purchase life insurance so their loved ones will have a source of income after they die. Life insurance can also be a useful product to protect a specific financial product — like a mortgage loan or a child’s college education. 

Lincoln Heritage is a highly specific life insurance provider, limiting its offerings to a single permanent life insurance policy with a $20,000 limit. The company refers to this coverage as funeral insurance or burial insurance, indicating that the low payout threshold is intended to keep policies affordable for end-of-life considerations. While some shoppers may prefer to opt for the guaranteed protection of Lincoln Heritage’s insurance, most will find its coverage too limited and inflexible to be useful.

Lincoln Heritage Life Insurance Company Review

With about 60 years in business, Lincoln Heritage is a relatively newer company in the life insurance sphere. However, it is a legitimate provider, maintaining an A+ rating with the Better Business Bureau. It has also been rated A- Excellent from A.M. Best, indicating that the company is unlikely to be in a position where it cannot cover its claims in the near future. 

Lincoln Heritage's insurance agents are registered with the National Association of Insurance Commissioners (NAIC) and operate under registration number 65927. Reviews of the company are overall positive, and there is no state or local government with an active Lincoln Heritage lawsuit pending, according to current records. This factor may make Lincoln Heritage Life a stronger choice if you’re looking for an insurer with a well-trained customer service team.

To get a quote for Lincoln Heritage life insurance, you’ll need to connect with a representative. You can get in contact with Lincoln Heritage by calling 800-438-7180. Phone lines are actively monitored between the hours of 6:00 a.m. to 5:00 p.m. MST, Monday through Friday. You can also submit a request for a contact form through Lincoln Heritage’s website here, and a representative will reach out to you. 

If you’ve thought about purchasing life insurance in the past, you’re probably already familiar with the idea that there are multiple types of life insurance. While most insurance providers offer multiple insurance policy options, Lincoln Heritage has one permanent policy option geared towards seniors who will likely not qualify for coverage with other providers. 

This single permanent life insurance policy includes a $20,000 death benefit and is intended more as funeral and end-of-life insurance than traditional whole life insurance goals. Funeral Advantage insurance also includes complimentary funeral planning services; a representative will reach out to your loved ones after a policyholder dies to help streamline the funeral planning. If you’re shopping for insurance coverage primarily because you’re worried about hospice care or other bills that could be taken out of your estate after your death, Lincoln Heritage might be a viable choice. 

Lincoln Heritage’s policies are aimed at senior citizens who may have trouble qualifying for other types of life insurance. Unlike many other whole life insurance providers, you won’t need to take a medical exam to qualify for coverage. However, you will need to complete a short medical history questionnaire, which determines whether you qualify for coverage. You can purchase insurance up to age 80 depending on health qualifications. 

If you’re under the age of 80 and in reasonable health, you typically won’t have trouble qualifying for coverage. However, if you have a significant health item in your history (like a diagnosis of cancer or heart disease), you may be offered a modified plan. Modified Financial Advantage plans include a waiting period of up to two years, which means that beneficiaries do not receive the death benefit if the policyholder dies during this period. You may be denied coverage if your health is severely in decline — if, for example, you’ve been diagnosed with HIV or are currently hospitalized.

Lincoln Heritage offers one rider option, which is an additional $100,000 in accidental death and dismemberment insurance. If you add this rider for an extra monthly cost, your beneficiaries will receive an additional $100,000 if the policyholder dies in an accident. This coverage might be a beneficial rider if you or your spouse plan to work into retirement in a higher-risk industry. 

While not a traditional term or cash-value life insurance policy provider, Lincoln Heritage offers a specific product for a specific class of shoppers. Most shoppers will want to look beyond Lincoln Heritage to explore term policy options before settling on a life insurance plan. This is especially true if you’re shopping on a budget or you’re looking for the lowest possible pricing on your plan. However, if you’re a senior who isn’t likely to qualify for coverage elsewhere and you want to offer some type of protection for your loved ones, Lincoln Heritage might be worth investigating. 

The average price of Lincoln Heritage Funeral Advantage coverage is between $30 and $70 per month. If you’re over the age of 70, your premiums will be significantly higher, with an average price between $70 and $120 a month. Younger applicants may be able to find more affordable coverage from just $18 a month in most areas. 

Coverage pricing varies depending on: 

• Age 
• Health conditions and answers to the health questionnaire 
• Coverage rider selection
• Gender
• Location

Lincoln Heritage does not offer life insurance quotes online, which is typical for permanent life insurance policies. Begin your quote online to request contact from a local representative, who will help you finalize pricing and coverage. 

Factors to Consider

There are many factors that you’ll want to consider when you shop for life insurance. The following are some of the most important things to think about before enrolling in coverage, no matter which insurance company you decide to work with. 

Coverage Amount

The coverage amount that you select is the total payout that your beneficiaries receive if you die when the policy is active. The best beneficiary amount is a personal decision and may vary depending on premium pricing, how you’re buying insurance, tax benefits and goals for your coverage. 

While most insurance providers offer a range of death benefit coverage options to choose from, Lincoln Heritage’s benefits cap out at $20,000. Consider other providers if you’re looking for higher death benefits, as other insurers regularly offer death benefits upwards of $1 million on term life policies. 

Type of Policy

The type of policy you choose will determine when and under what circumstances your beneficiaries get the death benefit. The most common types of life insurance are term life insurance (which provides coverage for a specified period, such as 10 or 20 years) and whole life insurance, which offers lifelong coverage and accumulates a cash value over time. 

Lincoln Heritage’s Funeral Advantage coverage operates as permanent life insurance coverage. If you’re looking for more flexible and affordable coverage, consider term life options available from competitors. 

Pricing 

While it's tempting to focus solely on finding the cheapest premium when shopping for life insurance, it's crucial to strike a balance between affordability and adequate coverage. Comparing quotes from multiple insurance providers can help you identify competitive rates and ensure that the premiums are within your budget. However, it's also essential to assess the insurer's financial stability and reputation to ensure they can fulfill their obligations in the long term. 

Lincoln Heritage offers only one type of policy, which offers you fewer options to customize coverage. If you’re shopping for the cheapest coverage possible, term life insurance will usually be the best option. 

How Much Does Life Insurance for Seniors Usually Cost?

All types of life insurance are more expensive for seniors when compared to younger applicants. Most healthy men over the age of 70 will pay between $122 to $435 per month for term life insurance coverage, while women pay about $66 and $194 per month. With these high costs in mind, it makes sense that seniors are Lincoln Heritage’s target market; rates start at just $15 a month and guarantee a payout. 

Life Insurance for Burial Needs

Lincoln Heritage Life Insurance is not a pyramid scheme or a scam, as some online commentators claim it is. However, its insurance product is very niche and will not appeal to most consumers shopping for life insurance. 

Lincoln Heritage’s only product is permanent life insurance, with a maximum death benefit option of $20,000. This will make Lincoln Heritage unsuitable for those looking to supplement long-term income with a life insurance policy, safeguard a mortgage loan or provide a nest egg to children. However, if you’re a senior who may not qualify for other types of life insurance, Lincoln Heritage can provide an accessible way to protect your peace of mind. 

Frequently Asked Questions