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Lincoln Heritage Life Insurance Review
By Victor Rosario MONEY RESEARCH COLLECTIVE
Final expense insurance is a type of whole life insurance that offers a death benefit to cover the funeral and other costs after you die.
Lincoln Heritage Life Insurance Company offers this type of life insurance; in fact, it’s the only type of policy it offers. Here’s more information about Lincoln Heritage and its Funeral Advantage plan.
Table of contents
- Lincoln Heritage overview
- Lincoln Heritage’s services
- Lincoln Heritage’s credentials
- Lincoln Heritage’s accessibility
- Lincoln Heritage’s customer satisfaction
- Lincoln Heritage FAQs
- How we evaluated Lincoln Heritage
Lincoln Heritage Life Insurance overview
Founded in 1963, Lincoln Heritage is a family-owned life insurance company based out of Phoenix, Arizona. It only offers final expense life insurance and does not offer other life insurance policy types, like term life insurance.
Final expense life insurance is an investment you can purchase to ensure your family doesn’t have to cover your funeral expenses when you die. According to the National Funeral Directors Association (NFDA), the median cost of a funeral with viewing and burial was $7,848 in 2021. However, depending on some services, it can cost upwards of $10,000.
Lincoln Heritage offers up to $20,000 in coverage with its Funeral Advantage Program. Beneficiaries receive a cash benefit and family support services.
Lincoln Heritage’s services
Here’s more information about Lincoln Heritage’s life insurance products.
What it offers
- Final expense plan to help cover funeral costs and related expenses
- Guidance through the process with the Funeral Consumer Guardian Society
- No-exam application with approved claims paid in 24 hours
- $100,000 additional benefit for accidental death available
Lincoln Heritage’s funeral advantage program provides a final expense insurance cash benefit, also known as burial insurance or funeral insurance.
Beneficiaries have access to family support services provided by the Funeral Consumer Guardian Society (FCGS). This independent entity assigns a live representative upon the death of a policyholder to aid the family through the application process.
You can get free insurance quotes through the Lincoln Heritage website. Policies don’t require a medical exam; instead, applicants answer pertinent health questions that help determine premiums and coverage. Lincoln Heritage handles the underwriting of its policies, and the company claims to handle payout on approved claims within 24 hours.
Lincoln Heritage Life Insurance coverage
| Life insurance coverage | Coverage | Policy type | Issue ages |
| Funeral Advantage Program | $20,000 | Final expense whole life | 45 to 85 |
What it doesn’t offer
- Doesn’t offer other life insurance offerings, such as term life insurance
- Not available in New York
Lincoln Heritage’s credentials
Licenses and registrations
Lincoln Heritage’s insurance agents are registered with the National Association of Insurance Commissioners (NAIC), registration number 65927.
Awards and certifications
In 2022, Lincoln Heritage was a finalist for the BBB Torch Award for Ethics.
Regulatory or legal actions
Lincoln Heritage has no regulatory or legal actions listed on the NAIC or the Federal Insurance Office (FIO) websites.
Lincoln Heritage’s accessibility
Lincoln Heritage is widely available throughout most of the U.S. It has multiple contact options available as well as a wide range of educational content on its website.
Availability
Lincoln Heritage is available in 49 states and Washington, D.C. The company’s products are not available in New York.
Contact information
There’s a dedicated customer service line at (800) 438-7180, available Monday through Friday from 6 a.m. to 5 p.m. MST and Saturdays from 6 a.m. to 2 p.m. You can also contact the company through email or fax.
User experience
Lincoln Heritage’s website is straightforward, and its application process is simple and concise. The website has well-labeled sections with information on topics such as the costs associated with a funeral home and the difference between term life and whole life insurance policies.
Limitations
Lincoln Heritage doesn’t have a live chat option. Instead, it offers a simple form you can fill out to have an agent contact you.
Lincoln Heritage’s customer satisfaction
Lincoln Heritage’s complaint index is slightly higher than the national average, although the company has a superb customer review rating on the Better Business Bureau (BBB).
Customer complaints
Lincoln Heritage has a complaint index of 1.02 on the National Association of Insurance Commissioners (NAIC), which is slightly higher than the national average of 1.00. However, the company has a very positive customer rating on the Better Business Bureau, where it holds a customer rating of 4.65 out of 5 stars.
Third-party ratings
Lincoln Heritage is an accredited business with the Better Business Bureau, holding an A+ rating with 59 complaints closed in the last three years. The most recent JD Power Consumer Satisfaction Survey did not assess Lincoln Heritage.
Lincoln Heritage vs. the competition
Here’s how Lincoln Heritage’s final expense policy compares to the competition.
| Policy details | Lincoln Heritage | Senior | Fidelity |
| AM Best rating | A- | A+ | A- |
| Waiting periods | No waiting period unless you’re approved for the modified plan — 2 years for people under 50, 3 years for people over 50 | No waiting period | No waiting period |
| Medical exam | No | No | No |
| Maximum coverage | $20,000 | $15,000 | $35,000 |
Lincoln Heritage Life Insurance FAQs
How we evaluated Lincoln Heritage Life Insurance
We evaluated Lincoln Heritage life insurance by comparing its costs, products, financial strength ratings, customer service, and reputation to those of its competitors. The website’s ease of use and amount of pertinent information also played a factor.
Summary of Miami Herald’s Lincoln Heritage review
Lincoln Heritage offers final expense coverage that is easy to request and understand. Its partnership with the Funeral Consumer Guardian Society could be appealing to policyholders who want to give their grieving family members extra support.
Some people can get instantly approved for coverage without a waiting period, but you may only qualify for a modified plan if you have a health condition. That plan has a two-to-three-year waiting period.
Lincoln Heritage Life Insurance Company has a positive reputation, but its customer complaint index is higher than the national average. All in all, if you’re looking for a simple plan to help cover your funeral costs and other final expenses, Lincoln Heritage is a good option to consider.
