Lincoln Heritage insurance company’s Funeral Advantage program is a form of final expense insurance. It’s designed to cover funeral costs and end-of-life expenses so your family members are not left paying out-of-pocket. Almost everyone is approved for coverage, and there is no medical exam required.
In addition, the program includes Family Support Services through the Funeral Consumer Guardian Society (FCGS), which offers emotional support and funeral planning. Lincoln Heritage’s Funeral Advantage program is a good option for anyone looking for comprehensive final expense insurance.
Lincoln Heritage Funeral Advantage Overview: Financial Strength, Availability, and History
Lincoln Heritage is a family-owned final expense insurance provider, and the ratings and reviews indicate that customers are happy with their coverage. The company has an A+ rating from the Better Business Bureau (BBB) and an average score of 4.2 out of 5 stars. In terms of financial strength, Lincoln Heritage has an A- rating from AM Best, indicating excellent financials.
Lincoln Heritage — Best for comprehensive coverage
- Family support services: Family support services included free with all policies to help with emotional support and funeral planning.
- No medical exam: Coverage is guaranteed without taking a medical exam or completing a lengthy health questionnaire.
- Quick payouts: Claims are paid within 24 hours of filing.
- No online quotes: To get a rate quote, you’ll need to fill out an online application and speak with an agent.
- Low coverage limits: The Funeral Advantage program only includes up to $20,000 in coverage.
The Life Insurance Factors We Analyzed
Lincoln Heritage ratings indicate that the company has excellent customer service. The company has an average rating of 4.2 out of 5 stars from the BBB based on 114 customer reviews. It also has below-average customer complaints based on the NAIC Company Complaint Index.
In terms of customer experience, however, Lincoln Heritage lags behind some other providers. There is no option for online quotes or online claims. If you want to make changes to your policy, you’ll need to contact a live agent.
Lincoln Heritage is financially strong. AM Best has given Lincoln Heritage an A- rating, which puts it in the ‘excellent’ category.
When shopping for a life insurance company, looking at financial strength ratings is important. Financial strength indicates a company’s ability to pay claims fully as they arise. Companies that have poor financial strength are less likely to have the available funds to pay policyholders after a claim.
Lincoln Heritage’s Funeral Advantage program offers two types of coverage — final expense insurance and Family Support Services. Here is what these coverage include:
Final expense insurance: Final expense insurance helps pay for funeral, burial, and other end-of-life costs. The money is given to a policyholder’s beneficiaries when they pass away. There is no medical exam required in order to qualify, and policies offer coverage of up to $20,000.
- Family Support Services: The Funeral Advantage program also includes free Family Support Services through the Funeral Consumer Guardian Society (FCGS). It offers emotional support during the grieving process and provides funeral planning services.
With the Funeral Advantage plan, the premium and death benefit remain unchanged for the duration of the policy. There is also an option to add an accidental death benefit rider with up to $100,000 in coverage.
|Reviews.com score Score is based on company’s customer experience, financial stability, and coverage options.||AM Best Financial Strength Rating AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.||J.D. Power 2020 U.S. Life Insurance Study Score** J.D. Power scores are based on surveys for customer satisfaction and product quality.||NAIC Customer Complaints The National Association of Insurance Commissioners (NAIC), ensures insurance providers comply with national regulations and state laws to protect public interests.|
|Pin Lincoln Heritage Funeral Advantage||3||A-||N/A||Fewer than average|
|Pin Northwestern Mutual||5||A++||790||Fewer complaints than average|
|Pin State Farm||5||A++||838||Fewer complaints than average|
|Pin Nationwide||4.8||A+||803||Fewer complaints than average|
|Pin New York Life||4.2||A++||784||Fewer complaints than average|
|Pin Mutual of Omaha||4.2||A+||789||Fewer complaints than average|
|Pin Principal||3.8||A+||772||Fewer complaints than average|
*All information accurate as of November 4, 2020.
**Based on a 1,000-point scale.
The Bottom Line
Lincoln Heritage’s Funeral Advantage plan stands out for its comprehensive coverage. In addition to traditional final expense insurance, the plan also comes with free Family Support Services that will cover funeral planning and logistics. The company has excellent financial strength and good customer satisfaction ratings. Anyone who is looking for final expense insurance and who doesn’t need a high amount of coverage should consider Funeral Advantage.
Reviews.com scores products, services and companies using five quantifiable criteria to help readers choose the best one for them. For the life insurance companies, our editorial team evaluates financial strength, number of riders offered, coverage options, customer satisfaction scores and website functionality to produce our very own Reviews.com score. Since life insurance rates vary widely among different profiles, we encourage you to continue researching options that fit your specific needs.
Lincoln Heritage Funeral Advantage FAQ
Yes, Lincoln Heritage is a good life insurance company, and the Funeral Advantage plan has many benefits. The company gets good reviews across the board and is strong financially. With the Funeral Advantage plan, you can get comprehensive coverage at a low monthly rate. Coverage is guaranteed for almost everyone who applies regardless of health.
Lincoln Heritage’s Funeral Advantage program is a type of final expense insurance. It’s designed to cover end-of-life costs, like funerals, burials, cremation services, and final medical bills. It can also be used to pay off outstanding debt after the policyholder passes away. Final expense insurance is beneficial because it helps your family members pay for your funeral without incurring any out-of-pocket costs.
The company doesn’t disclose pricing for the Funeral Advantage plan, but it’s not a fixed cost. Final expense insurance premiums are based on a few factors, including your state, your age, and the amount of coverage you need. For instance, a 70-year-old who needs $10,000 in coverage will pay less than an 80-year-old who needs $20,000 in coverage. The only way to determine how much you will pay is to get a quote.
No, Lincoln Heritage does not pay dividends to its policyholders because it’s not a mutual company. While some insurance companies pay dividends based on financial performance, Lincoln Heritage is not one of them. The only payment you’ll receive from Lincoln Heritage is claims payouts.
Lincoln Heritage does not require a traditional medical exam for individuals who apply for Funeral Advantage coverage. However, the policy application does include a few basic health questions that are required. According to Lincoln Heritage’s website, most people qualify for the Funeral Advantage plan, even with some health issues.
Lincoln Heritage does allow policyholders to cancel their coverage. In order to start the cancellation process, you’ll need to contact an agent either over the phone or in person at a local office. Note that you may be charged a cancellation fee.