Lincoln Heritage Funeral Advantage Review – Pros & Cons

Lincoln Heritage Funeral Advantage Review

Our Lincoln Heritage Funeral Advantage review will look at the different insurance products and how well the company measures up to its competitors.

Lincoln Heritage Funeral Advantage is final expense insurance or burial insurance program by Lincoln Heritage Life Insurance Company. You may have seen Funeral Advantage TV commercials.

After reading our review, you will know if the Funeral Advantage is the right fit for your funeral insurance needs.

LINCOLN HERITAGE FUNERAL FUNDS 5-STAR RATINGFUNERAL FUNDS 5-STAR RATING
First-day Coverage★★★★★
Ease of Approval★★★
Coverage Amount ★★★★
Pricing
Riders★★★

FOR EASIER NAVIGATION:


DOES LINCOLN HERITAGE OFFER FIRST-DAY COVERAGE?

YES, one of Lincoln Heritage burial insurance products offers first-day coverage.

If you qualify, their Funeral Advantage plan comes with a first-day coverage funeral insurance option for seniors who can say no to all the medical questions on the application. Seniors who are generally healthy can easily qualify for this plan.

PROS OF LINCOLN HERITAGE BURIAL INSURANCE

Funeral Consumer Guardian Society membership – this organization will document your final wishes and assist your family after you passed away.

Easy application – can be completed over the phone

No built chart – height and weight is not required. Obese and morbidly obese will easily qualify.

CONS OF LINCOLN HERITAGE BURIAL INSURANCE

Expensive – Lincoln Heritage burial insurance plans are more expensive compared with other companies.

Only healthy folks can qualify for the first-day coverage plan – You can basically get first-day coverage for many health issues in other companies.

Tobacco rates – you will be charged tobacco rates if you smoke cigarettes, pipe, cigars, chew tobacco, smokeless tobacco.

Funeral Advantage is only sold through their own agents – meaning Lincoln Heritage will not allow its agents to represent any other burial insurance company. Their agents can’t help you compare rates from multiple insurers.


LINCOLN HERITAGE BURIAL INSURANCE PLANS

There are two critical components to 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”. This could be days, weeks, or even months before your “claim is approved”.

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

But if your policy cost’s an extra $40 a month, that’s $480 a year, or $4,800 if you live another 10 years. Do you really want to pay $4,800 to save $1,000…probably not!

NOT EVERYONE IS ELIGIBLE FOR 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


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.

If you are thinking about who to assign as your beneficiary, we recommend naming your family or relatives who you could trust to handle your funeral as your beneficiary instead of a funeral home.

LINCOLN HERITAGE FUNERAL ADVANTAGE INSURANCE PLANS

Lincoln Heritage Funeral Advantage is a whole life final expense insurance offered to 40-85 years old. Lincoln Heritage burial insurance is not offered in New York, but it is available in 49 states. Let’s examine Lincoln Heritage Funeral Advantage’s pros and cons.

A medical exam is not required to qualify. 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 in its burial insurance:

  • Immediate benefit plan
  • Modified benefit plan


FUNERAL ADVANTAGE IMMEDIATE BENEFIT PLAN

If you can say no to every health question on the application, you will be offered immediate coverage from day one.

Your death benefit will be 100% payable as soon as you make the first payment. You can also enjoy all the non-forfeiture benefits of a whole life insurance policy.


FUNERAL ADVANTAGE MODIFIED BENEFIT PLAN

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. Once 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


LINCOLN HERITAGE BURIAL INSURANCE RIDERS

You can also buy a child rider and accidental death and dismemberment rider along with the final expense insurance.

Child Riders

Child rider can be purchased for any of your children, grandchildren, stepchildren, or great-grandchildren. They should be at least 30 days old and below 18 years old. You can buy child riders at $2.00 per unit. Each unit gives $5,000 of coverage for the eligible child. 5 units are the maximum number of units you can buy.

This child rider can be converted to a permanent plan before your child reaches 25 years old.


Accidental Death & Dismemberment Riders

You can buy AD&D as a rider or standalone product. 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 from an automobile accident
  • $20,000 – Death from a common carrier accident
  • $20,000 – Death due to an act of war or terrorism (this may not be available in all states)
  • $1,000 – Maximum for the transport of remains if you die 200 miles away from home.


WHEN DOES LINCOLN HERITAGE BURIAL INSURANCE MAKES THE MOST SENSE?

Lincoln Heritage Funeral Advantage is the only final expense insurance promising 24-hour payment for death benefits.

In fact, you can see on their website, “Cash benefits are paid within 24 hours, once a claim is approved.” You must take note that it doesn’t say that your claim will be paid within 24 hours of the policyholder’s death.

The beneficiary needs to submit the proper documentation to the claims department before the approval of the claim.

They need to submit a death certificate, an original copy of the policy, and the beneficiary claim form. Most death certificates in the United States take one to two weeks to process.

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?


A CLOSER LOOK AT THEIR ADVERTISED BENEFIT: FUNERAL CONSUMER GUARDIAN SOCIETY (FCGS)

FCGS is an independent senior advocacy organization that 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 will need to 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.

If you choose to keep a record of your final wishes independently (and save a lot of money!), you can keep your own copy of your final wishes with your life insurance policies.


FUNERAL FUNDING INFORMATION

This FCGS benefit claims that they can assist your family to receive the death benefit quickly 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 absolutely unnecessary. Your beneficiary doesn’t need FCGS to call Lincoln Heritage to notify you of your passing. They can call the company directly to file a claim.


FUNERAL PLAN ACTIVATION ASSISTANCE

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

They then pass along the funeral plan to the funeral home to carry out the deceased wishes. FCGS claims they can save the family $600 on cremation and $1,800 on funeral services.

Lincoln Heritage most heavily markets this last benefit.

The company tells consumers that 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 to identify which one will charge the least.


THE TRUE VALUE OF FCGS

Lincoln Heritage put a high value on FCGS on their Lincoln Heritage Funeral Advantage commercial to justify their overpriced Funeral Advantage program.

The FCGS membership and support is the main selling point they use to lure senior and elderly customers into buying their product. Every benefit that FCGS provides is not unique or can’t be accessed anywhere. In fact, you can get every service for free.

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

Don’t ever make the mistake of relying on a third party to inform the insurance company about your death.


LINCOLN HERITAGE UNDERWRITING GUIDELINES

HEALTH QUESTION

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, incarcerated in a care facility? (Yes – No)

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


MODIFIED PLAN:

In the previous two years, did you received 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.


LINCOLN HERITAGE PRICING EXAMPLES

FUNERAL ADVANTAGE IMMEDIATE BENEFIT PRICING – FEMALE

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

FUNERAL ADVANTAGE IMMEDIATE BENEFIT PRICING – MALE

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 for illustration purposes only and are subject to change without notice.


GETTING APPROVED FOR LINCOLN HERITAGE BURIAL INSURANCE

BURIAL INSURANCE APPLICATION PROCESS
Rates & coverage Agent can help you select both
UnderwritingAgent will help you qualify for the best plan
BeneficiaryYou determine who will get your death benefit
ApplicationAgent submits application to insurance company
ApprovalCongratulations on your new policy!
Policy start date Policy active after 1st payment date
Policy delivery 7-10 business days after first draft date

The entire application process can be completed electronically in several minutes. To make your application quicker, have your important information readily available such as social security number, beneficiary, and payment information.


THE BEST PAYMENT OPTION

PAYMENT METHODRECOMMENDED?
Savings AccountBest way to pay
Checking AccountBest way to pay
CashNot recommended
Money OrderNot recommended
Cashier's CheckNot recommended
Debit CardNot recommended
Credit CardNot recommended
Direct ExpressNot recommended
PAYMENT FREQUENCYRECOMMENDEDACCEPTED BY
MonthlyRecommendedAll Companies
QuarterlyNot RecommendedSome Companies
Semi-annuallyNot RecommendedSome Companies
AnnuallyNot RecommendedSome Companies


LINCOLN HERITAGE COMPANY OVERVIEW

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.


LINCOLN HERITAGE LIFE INSURANCE COMPANY RATINGS

A.M Best 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. The company maintained its rating for several years, which denotes the company’s financial stability to give a timely payout to its customers.

Reviews from BBB:

Lincoln Heritage has been an accredited member of BBB or Better Business Bureau since August 1, 1981, and has been given a grade of A+ on a grading scale of A+ to F.


HOW CAN FUNERAL FUNDS HELP ME?

When seeking the best premium quotes on burial insurance plans from Lincoln Heritage or any type of burial life insurance coverage – the best course of action is to work with an independent agency like Funeral Funds that have access to more than 20 burial insurance carrier. By doing so, you will be able to compare multiple insurance policies and premiums.

If you want to determine which policy works best for you depending on your financial situation, we can help.

Our job at Funeral Funds is to be the most knowledgeable burial insurance expert available. By doing so, we can knock it out of the park and get you the most accurate quote and affordable rates.

If you are ready to move forward with a purchase, just answer the Instant Final Expense Quotes form on the left of your screen. Give us a call at (888) 862-9456 if you have any questions about the Lincoln Heritage Funeral Advantage program or if you have any questions about life insurance in general. We will be happy to assist you.

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