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Lincoln Heritage life insurance review 2023
At a glance
About Bankrate Score
Policyholders looking for a final expense life insurance policy may find Lincoln Heritage a good choice, as this is the carrier's only type of coverage. However, Lincoln Heritage doesn’t offer many online tools and has no local agents to work with policyholders.
Lincoln Heritage may be a good fit for people interested in final expense insurance and who are indifferent to associated digital conveniences.
Lincoln Heritage life insurance
Lincoln Heritage is a smaller, family-owned life insurance company that exclusively sells final expense insurance. Its Funeral Advantage offering is the largest final expense insurance program in the United States. Lincoln Heritage, founded in 1963, has sold final expense life insurance policies for nearly 60 years. The company does not sell traditional individual life insurance policies, like term life or whole life policies, but it does sell its Funeral Advantage final expense product in every state except New York.
If you are in the market for final expense insurance, Lincoln Heritage life insurance may be worth considering. However, this provider does not sell traditional term life insurance or whole life insurance policies. The coverage limits are fairly low and the company does not list any riders on its website. Here is a closer look at what you get with Lincoln Heritage’s signature Funeral Advantage program:
- Final expense insurance: Final expense insurance is designed to cover funeral expenses, including cremation services, burials and final medical bills. This policy may be considered by older adults who need guaranteed coverage. The Lincoln Heritage Funeral Advantage program includes up to $20,000 in coverage. There is no medical exam required. The company’s policy has a cash benefit and boasts a 24-hour claim payout for approved claims, plus level premiums for the duration of the policy. You can also purchase accidental death benefit coverage up to $100,000.
Pros and cons of Lincoln Heritage life insurance
No medical exams are required
Claims are usually paid out quickly
Family support services are offered for free
Does not offer term or whole life policies
Low coverage limits
No local agents
Lincoln Heritage life insurance endorsements
Life insurance endorsements, or riders, are additional aspects that can be added to policies to customize them. Lincoln Heritage may offer a few riders that can be added to its policies. The following riders are discussed by Lincoln Heritage, although it does not directly specify if it offers these:
- Waiver of premium: This rider can cover the ongoing costs of the policy premium if the policyholder becomes disabled.
- Accelerated death benefit: Policyholders may become eligible for a portion of the policy benefit if they are diagnosed with a terminal illness and are estimated to have less than a year to live.
- Term life rider: This rider can add a term life policy to the existing policy, increasing the death benefit.
- Guaranteed purchase option rider: With this rider, purchasing additional life insurance does not require a medical exam.
Compare Lincoln Heritage with other insurers
Because Lincoln Heritage only offers one type of life insurance product, it may not be the right carrier for everyone. Whether you’re looking for the cheapest life insurance, different riders or all other policy types, these life insurance companies may be good alternatives:
Lincoln Heritage vs. New York Life
You may want a provider that offers more benefits than Lincoln Heritage, and New York Life delivers. In addition to a range of life insurance offerings, the company has estate planning and wealth management services.
Learn more: New York Life Insurance review
Lincoln Heritage vs. Gerber Life
If you’re looking for a range of insurance products, including life insurance for children, Gerber Life may be a good option. The company offers term, whole and guaranteed life, as well as a few products geared specifically toward children and young adults.
Learn more: Gerber Life Insurance review
Lincoln Heritage vs. State Farm
If you’re sure you want a final expense plan, State Farm may be a fitting alternative to Lincoln Heritage. However, while the company does have a network of local agents that may appeal to some customers, its final expense insurance only goes up to a $10,000 death benefit.
Learn more: State Farm Insurance review
Is Lincoln Heritage a good insurance company?
With over ten years of experience in the life insurance industry, Bankrate’s insurance editorial team can help you determine with our Lincoln Heritage insurance review if this life insurance company could be right for your needs.
If you’re only looking for final expense insurance and no other types of life insurance policies, Lincoln Heritage may be worth further evaluation and a life insurance quote. Its Funeral Advantage final expense product is sold in every state except New York. The policy does not require medical exams, which could affect your life insurance cost. Once approved, Lincoln Heritage advertises that claims can be paid out in 24 hours. If you’re only looking to cover funeral expenses, Lincoln Heritage may be worth looking into. For other life insurance needs, consider starting with Bankrate’s life insurance calculator to see what options may be best for you.
Lincoln Heritage customer satisfaction
Several third-party entities evaluate insurance companies using a variety of metrics. The National Association of Insurance Commissioners (NAIC) tracks customer complaints. The J.D. Power studies assess customer satisfaction. AM Best provides a measure of the company's financial strength. Lincoln Heritage did not rank in J.D. Power’s 2022 U.S. Individual Life Insurance Study, but it did receive a score in the NAIC Company Complaint Index. This metric tracks complaints a carrier receives and compares it to the market average. Lincoln Heritage received a score of 1.02, indicating that it receives about the expected amount of complaints for a company of its size.
Lincoln Heritage life complaints
The NAIC uses a scale of 0 to 2 to represent how many customer complaints an organization receives relative to its size. The NAIC uses 1 as the baseline, or average, while numbers above that indicate more than average levels of complaint, and numbers below 1 represent fewer complaints.
Other Lincoln Heritage tools and benefits
While most life insurance companies offer multiple policies, Lincoln Heritage only offers final expense insurance, a form of guaranteed life insurance. It is also called funeral insurance or burial insurance. You cannot purchase any other type of life insurance or property insurance from this provider. All final expense policies are underwritten by Lincoln Heritage Life Insurance Company. Beyond its policies, Lincoln Heritage offers a couple of amenities to its policyholders:
- Free membership to the Funeral Consumer Guardian Society (FCGS)
- Digital guides and resources for life insurance and funeral arrangements