2024 Lincoln Heritage Funeral Advantage Review – Pros & Cons

Lincoln Heritage has some slick advertising and television commercials.

Do you remember that saying that “if it sounds too good to be true, it probably is”? That’s the feeling many people get once they start researching Lincoln Heritage and its benefit claims.

After reading our Lincoln Heritage review, you’ll understand how they operate and how well the company measures up to its competitors.

What to Ask Before Buying Lincoln Heritage Life Insurance

What Are My Policy Options With Lincoln Heritage?

LINCOLN HERITAGE FUNERAL ADVANTAGE INSURANCE PLANS

Be aware that this plan can cost 20-40% more than other companies that offer the same whole life insurance coverage.

Lincoln Heritage Funeral Advantage is a whole life final expense insurance offered for ages 40-85 years old.

Lincoln Heritage burial insurance is not offered in New York but is available in 49 states.

A medical exam is not required to qualify, and your approval depends on answers to the health questionnaire and prescription history.

• Whole life benefits available up to $20,000 is guaranteed never to decrease
• A fixed monthly premium for the life of the policy
• The plan will not expire when you reach age 80 as long as premiums are paid

Funeral Advantage has two options for its burial, cremation, final expense, or funeral fund insurance:

• Immediate benefit plan
• Modified benefit plan

#1 – FUNERAL ADVANTAGE IMMEDIATE BENEFIT PLAN

If you can answer “NO” to every health question on the application, you will qualify for immediate coverage from day one.

Your death benefit will be 100% payable as soon as you make the first payment.

#2 – FUNERAL ADVANTAGE MODIFIED BENEFIT PLAN

We do not recommend this plan. It has horribly high pricing, and you can get better coverage through other companies.

You can qualify for a Lincoln Heritage Funeral Advantage modified benefit plan if you are in less than perfect health.

Lincoln Heritage will offer you a modified benefit plan if you answer yes in the modified section:

Here are some of the health issues that will result in Lincoln Heritage putting you into the modified benefit plan:

• Alzheimer’s Disease or Dementia
• ALS
• Blindness from diabetes
• Blood clots
• Cirrhosis
• COPD
• Chronic bronchitis
• Cystic Fibrosis
• Emphysema
• Hepatitis A, B, or C
• Kidney disease
• Heart attack
• Circulatory surgery
• Stroke
• Mini-strokes (TIA attack)
• Sarcoidosis
• Tuberculosis

The modified benefit plan does not have first-day protection.

Applicants below age 50 are required to have a 3-year waiting period.

50 years old and older with have 2-year waiting period.

If you survive the waiting period, your beneficiary will be eligible to receive the full death benefit.

If you’re below 50, here’s the policy schedule if you pass away during the first three years:

• Return of all premiums + 10% interest – 1st Year
• Return of all premiums+ 20% interest – 2nd Year
• Return of all premiums + 30% interest – 3rd Year

If you’re 50 or older, here’s the policy schedule if you die during the first two years of the policy:

• Return of all premiums + 10% interest – 1st Year
• Return of all premiums + 20% interest – 2nd Year

What Are The Two Critical Components Of The Funeral Advantage Program?

FIRST – Final expense life insurance cash benefits are paid within 24 hours once your claim is approved. The keywords are “once a claim is approved”!

Lincoln Heritage doesn’t say they will pay your claim within 24 hours of a death….they say it will be paid in “24 hours once a claim is approved”. Your death claim could take days, weeks, or even months before your “claim is approved.”

SECOND – Family support services are provided to policyholders at no additional cost through the Funeral Consumer Guardian Society (FCGS). Lincoln Heritage says they can save money by shopping around for you.

But you pay higher premiums for this service, so it’s not offered “at no additional cost.”

Think about it…if your policy cost’s an extra $40 a month (versus going with a better-priced company), you will overpay $480 a year, or $4,800 if you live another ten years.

Do you want to pay $4,800 for something that possibly costs only $150 to $250? Probably not!

Is Everyone Eligible For Lincoln Heritage Funeral Advantage?

Funeral Advantage insurance does not approve everybody who applies.

These are some of the conditions which will make you ineligible:

• Incarceration
• Terminal illness
• You are HIV positive or have AIDS
• You are bedridden
• You are in a care facility
• You are receiving hospice care

What Are The Restrictions of Lincoln Heritage Funeral Advantage?

The health conditions mentioned above would make you ineligible for Funeral Advantage.

Lincoln Heritage Funeral Advantage is available in every state except New York. But, you won’t be able to assign funeral homes as your beneficiary in all states.

Does Lincoln Heritage Life Really Pay Your Claim In 24 hours?

Not really…so you should read their fine print.

You can see on their website, “Cash benefits are paid within 24 hours, once a claim is approved.” 

It DOES NOT say that your claim will be paid within 24 hours of a death!

Your beneficiary must submit the proper documentation to the claims department before the approval of the claim.

Your beneficiary needs to submit an original copy of the death certificate, submit the proper documentation to the claims department, and then wait for a claim approval which can take one to two weeks to process.

Think about it….if you cannot get a death certificate immediately (this will take 1-2 weeks), how will it be possible to release a 24-hour claim payment?

Be very cautious when an agent tells you your beneficiary will receive a check within 24 hours of your death!

What Are The Pros & Cons Of Lincoln Heritage Funeral Advantage Insurance?

#1 – FUNERAL ADVANTAGE – Immediate Benefit Plan

PROS

• Easy phone application and approval
• Access to the Funeral Consumer Guardian Society
• No built chart. Obese and morbidly obese may qualify for coverage

CONS

• Expensive premiums compared with other companies
• Funeral Advantage is only sold through the company agents
• Only healthy people can qualify for the first-day coverage plan

#2 – FUNERAL ADVANTAGE – Modified Benefit Plan

PROS

• Accepts significant health issues
• Height and weight are not required
• Easy phone application and approval

CONS

• Three-year waiting period
• Super high pricing compared to other companies
• This product is only available through their agents

Is The Lincoln Heritage FCGS Worth It?

Probably not, as it inflates the price of your whole life insurance policy, and you will have to overpay for it until you die.

FCGS is an independent senior advocacy organization partnered with Lincoln Heritage to support Funeral Advantage policyholders. They assist families who have recently lost a loved one by providing help in funeral planning.

You must answer a paper questionnaire to assess your wants and needs. These questionnaires are kept on file with the company. Keeping a record of your final wishes will help relieve the burden on our family and expedite the funeral process.

FUNERAL FUNDING INFORMATION

This FCGS benefit claims that they can quickly assist your family in receiving the death benefit to pay the funeral bill.

They notify the company about the policyholder’s death. FCGS acts as a middleman between a beneficiary and Lincoln Heritage.

This is unnecessary. Your beneficiary doesn’t need FCGS to call Lincoln Heritage or watch the FCGS video to notify you of your passing. They can call the insurance company directly to file a claim.

FUNERAL PLAN ACTIVATION ASSISTANCE

FCGS says that the beneficiary can call and inform them of the policyholder’s passing. They will then call three to five funeral homes to find any price discounts which may be available.

They then pass the funeral plan (you can check our free sample funeral program template) to the funeral home to carry out the deceased wishes. FCGS family heritage claims they can save the family $600 on cremation and $1,800 on funeral services.

Lincoln Heritage heavily markets this last benefit!

The company tells consumers that FCGS will bargain with funeral homes on their behalf for them to get a discount and savings.

But a family member can do this on their own and save thousands in premium costs over the life of their policy!

It’s easy to call three to five funeral homes and compare prices. Ask the funeral home to give you the itemized price sheet, and it will be easy to see who offers the best pricing.

THE TRUE VALUE OF FCGS

Lincoln Heritage puts a high value on FCGS in their Lincoln Heritage Funeral Advantage commercials (probably to justify their overpriced Funeral Advantage program).

The FCGS membership and support is their main selling point to lure senior and elderly customers into buying their product.

We recommend you never mistake relying on a third party to inform the insurance company about your death.

Every benefit that FCGS provides is not unique or can’t be accessed anywhere, and they are often provided for free through other companies.

Download our funeral planning guide and keep a printed copy with your pertinent documents and insurance policy.

Are There Any Riders Or Other Benefits With Lincoln Heritage Funeral Advantage?

Lincoln Heritage Funeral Advantage offers different riders you can add to your basic policy.

What Rider Options Are There With Funeral Advantage?

• AD&D Cash Benefit Enhancement – you can buy up to 8 units. Each unit can provide the following benefits:
  • $5,000 – Accidental death benefit
  • $2,500 – Single dismemberment
  • $10,000 – Death due to auto accident
  • $20,000 – Death due to common carrier accident
  • $1,000 – Transport of mortal remains

Lincoln Heritage Other Benefits

• Family Support Services – “You get free membership in the Funeral Consumer Guardian Society with your final expense plan from Lincoln Heritage.”

How Do I Get Approved By Lincoln Heritage?

Lincoln Heritage’s Funeral Advantage will ask if you’ve had health issues in the last 12 and 24 months.

What Are Lincoln Heritage’s Application Questions?

1. Has the proposed insured been diagnosed, by a physician, with a terminal illness or AIDS or HIV? (Yes – No)

2. Is the proposed insured currently hospitalized, bedridden, or incarcerated in a care facility? (Yes – No)

You will be denied coverage if you answer “yes” to any of these two questions.

MODIFIED PLAN:

In the previous two years, did you receive a diagnosis or treatment for the following medical conditions?

• Heart disease ( congestive heart failure, heart attack, or heart surgery) (Yes – No)
• Circulatory system diseases (stroke, TIA, coronary artery disease, aneurysm) (Yes – No)
• Cancer (leukemia, other types of cancer except for basal cell carcinoma) (Yes – No)
• Lung disease ( emphysema or COPD except for asthma) (Yes – No)
• Kidney or liver diseases and organ transplants (Yes – No)
• Dementia, Alzheimer’s disease, Amyotrophic Lateral Sclerosis, or organic brain syndrome? (Yes – No)
• Diabetic complications including blindness, amputation, kidney disorder, diabetic coma? (Yes – No)
• Did you have any diagnostic test which relates to any of the health conditions listed with no results yet? (Yes – No)
• Alcohol or drug abuse? (Yes – No)

If you answer “yes” to any of these health questions, you will only qualify for their modified plan with a two-year waiting period.

Does Lincoln Heritage Have A Same Day Approval Process?

Lincoln Heritage has an electronic submission process for all life insurance policies. Insurance application and approval takes place over the phone.

How Can I Get Lincoln Heritage Life Insurance Pricing?

Lincoln Heritage rates are based on your age, gender, health, coverage amount, and the state you live in at the time of application.

FEMALE AGE	$5,000	$10,000	$15,000	$20,000	$25,000
50	$18.51	$33.96	$49.41	$64.86	$80.30
55	$20.81	$38.56	$56.30	$74.05	$91.80
60	$23.96	$44.86	$65.76	$86.67	$107.57
65	$30.26	$57.46	$84.66	$111.86	$139.06
70	$39.21	$75.36	$111.51	$147.66	$183.81
75	$52.11	$101.16	$150.21	$199.26	$248.31
80	$74.06	$145.06	$216.06	$287.06	$358.06

MALE AGE	$5,000	$10,000	$15,000	$20,000	$25,000
50	$22.11	$41.16	$60.21	$79.25	$98.30
55	$25.71	$48.36	$71.00	$93.65	$116.30
60	$31.16	$59.26	$87.36	$115.46	$143.57
65	$35.56	$68.06	$100.56	$133.06	$165.56
70	$44.76	$86.46	$128.16	$169.86	$211.57
75	$63.31	$123.56	$183.80	$244.05	$304.30
80	$93.16	$183.26	$273.36	$363.46	$453.56

*Pricing is for illustration purposes only and is subject to change without notice.

How Does Lincoln Heritage Life Insurance Compare?

If you are open to looking at better insurance companies with better rates, we can offer you some help!

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Common Lincoln Heritage Company Questions

What Is Lincoln Heritage’s Operational History

Lincoln Heritage Life insurance Company is a family-owned and operated business. It has been in business since 1963, when Jack Londen founded the Arizona Trust Life Insurance Company.

In 1972, Tom Londen helped his father in the insurance business by selling insurance door-to-door. In 1975, Lincoln Heritage was purchased by the Londen Insurance Group.

In 1987 Tom became the president of Lincoln Heritage, and they were able to sell 100,000 policies.

What Is Lincoln Heritage’s Financial Rating?

Lincoln Heritage has been given a rating of A- (excellent) from A.M Best rating agency which reflects the company’s ability to meet ongoing financial obligations.

Lincoln Heritage Insurance’s rating has been the same for several years, which denotes the company’s financial stability to give a timely payout to its customers.

Does Lincoln Heritage Have Any Consumer Complaints?

Lincoln Heritage has 39 complaints recorded in the National Association of Insurance Commissioners (NAIC) in 2021.

Most complaints concern premium refunds, claim handling, marketing and sales, policyholder service, and underwriting.

What Should You Know Before Buying Lincoln Heritage Life Insurance?

What is Lincoln Heritage’s Sales Process?

Lincoln Heritage is a “Captive” insurance carrier.

Only Lincoln Heritage agents can sell their life insurance products.

Independent agencies like Funeral Funds of America cannot sell Funeral Advantage (which is OK…as we offer many other superior companies with better rates).

Lincoln Heritage is so expensive that it’s rarely your best choice in most cases. Other life insurance companies offer better coverage and much better pricing than Lincoln Heritage.

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Are Any Health Conditions Not Accepted By Lincoln Heritage?

These health issues are not accepted for the Funeral Advantage immediate coverage plan:

• Activities Of Daily Living (ADLs)
• Alzheimer’s or Dementia
• AIDs, HIV, ARC
• Current Cancer
• Congestive Heart Failure
• Cardiomyopathy
• Dementia
• Dialysis
• Diabetic Amputation
• End-stage Renal Disease
• Hospice
• Nursing Home Confinement
• Organ or Tissue Transplant
• Oxygen Use
• Terminal Illness

How Can You Get Burial Insurance Up To 70% Cheaper Than Lincoln Heritage?

Use our quoting software below to see how Lincoln Heritage pricing compares to other companies.

• $10,000 to 15,000 is often appropriate for burial needs
• $3,000 to $7,000 is often appropriate for cremation needs

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What Are The Top 10 Questions About Lincoln Heritage?

Is Lincoln Heritage still in business?

Yes, Lincoln Heritage is still in the insurance business selling final expense insurance nationwide.

Who owns Lincoln Heritage life insurance?

The Londen Insurance Group, Inc, owns Lincoln Heritage Life Insurance.

How long has Lincoln Heritage been in business?

Lincoln Heritage has been in business for 58 years. It has been in business since 1963 as the Arizona Trust Life Insurance Company.

How can I make Lincoln Heritage insurance online payment?

Lincoln Heritage online payment is possible. To utilize Lincoln Heritage pay online, you need to register your account with the Lincoln Heritage login page at www lhlic com payment.

How can I access the Lincoln Heritage life insurance claim form?

You can access the Lincoln Heritage Life insurance claim form by calling the service center at (855) 706-2396. You can also report your claim by mail, fax, or email. E-MAIL to: claims@londen-insurance.com MAIL to: Lincoln Heritage Life Insurance Company, PO Box 29045, Phoenix, AZ 85038 FAX to: (602) 808-8845

What is Funeral Consumer Guardian Society?

The FCGS helps families make informed decisions. They review funeral contracts and price-shop local funeral homes on behalf of the family.

What is Funeral Advantage for seniors?

Lincoln Heritage Funeral Advantage is final expense insurance marketed to seniors to cover final expenses.

How much life insurance can you get with Lincoln Heritage Funeral Advantage?

You can buy up to a maximum of $20,000 face amount.

What does Lincoln Heritage Funeral Advantage cost?

Lincoln Heritage Funeral Advantage costs vary according to age, gender, tobacco use, and general health. Prices can be found in the Lincoln Heritage rate book.

What are the common terms used when searching for Lincoln Heritage Insurance

Here are some common terms people use when searching for, or describing Lincoln Heritage life insurance Products:
• Lincoln Heritage Burial Insurance
• Lincoln Heritage Cremation Insurance
• Lincoln Heritage Final Expense Insurance
• Lincoln Heritage Funeral Insurance
• Lincoln Heritage Term Life Insurance
• Lincoln Heritage Universal Life Insurance
• Lincoln Heritage Whole Life Insurance

Sources Cited In This Article

• Lincoln Heritage. “Funeral Advantage Program” Accessed November 22, 2022. https://img1.wsimg.com/blobby/go/41058041-0177-4674-a2aa-143221d02f1b/FCGSFB19.pdf
• NAIC. “Reasons Why Complaints Were Submitted” Accessed November 22, 2022. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_CODE&COCODE=65927&REALM=PROD&COCODE=65927&REALM=PROD