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Lincoln Heritage life insurance review 2024

Updated Mar 14, 2024
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At a glance

Bankrate's take

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

Pros
  • No medical exams are required

  • Claims are usually paid out quickly

  • Family support services are offered for free

Cons
  • Does not offer term or whole life policies

  • Low coverage limits

  • No local agents

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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.

Study or Rating Agency Lincoln Heritage Industry average
2022 J.D. Power Individual Life Insurance Study Not scored 774/1,000
2022 J.D. Power Group Life Insurance Study Not scored 797/1,000
AM Best rating A- N/A

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

Frequently asked questions about Lincoln Heritage

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Written by
Joshua Cox-Steib
Contributor, Personal Finance

Joshua Cox-Steib has two years of experience in writing for insurance domains such as Bankrate, Coverage.com, The Simple Dollar, Reviews.com, and more. His work has also been featured on such sites as MSN and BBB (Better Business Bureau). His insurance writing career has spanned across multiple product lines, with a primary focus on auto insurance, life insurance, and home insurance.

Edited by Editor, Insurance