Lincoln Heritage Life Insurance 2024 Complete Review
Written by Daniel Ray, Life Insurance Expert |
✅
Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
We do not offer Lincoln Heritage life insurance. In fact, we replace these policies often!
Lincoln Heritage Life Insurance Company is a small, family-owned company that has been in operation since 1963. They specialize in final expense policies, aimed at covering burial expenses for your loved ones without their financial input – a worthwhile investment!
This is our review to inform seniors before they purchase this product.
Article Navigation
- Who is Lincoln Heritage?
- Pros and Cons of Lincoln Heritage Life Insurance
- What Plans Does Lincoln Heritage Life Insurance Offer
- How Good Is Lincoln Heritage Customer Service
- Lincoln Heritage Customer Complaint Index Score
- What is Lincoln Heritage Ratings
- Lincoln Heritage Rates Comparison
- How Does Lincoln Heritage Line Up Against The Competition
- FAQs
- Conclusion
Who is Lincoln Heritage?
Lincoln Heritage is a Phoenix-based company that specializes in selling final expense life insurance policies. This plan offers benefits only after death, making it ideal for those who don’t need the funds and wish to protect their survivors from financial hardship.
Lincoln heritage only sells these types of plans nationwide except for New York.
| Company Website | www.LHLIC.com |
| Phone Number | 800-438-7180 |
| Mode of Payment Options | Monthly |
| Customer Service | Phone, Captive agent, Face to face |
| How Many Products | 1 |
| Kind of Product | Simplified Issue Whole Life |
| Year of Incorporation/Founded | 1963 |
We DO NOT offer Lincoln Heritage as they are a inferior product and there are so many better options elsewhere.
| Pros | Cons |
|---|---|
| Membership to the Funeral Consumer Guardian Society | Coverage amounts are limited |
| No need to take a medical exam | Captive agents are motivated to just sell you a policy |
| Accidental death benefit up to $100,000 | One dimensional product, just final expense |
| Pricing is over 30% higher than competitors |
Takeaways
- Lincoln Heritage is not available in NY
- Well over 1 million Policyholders
- Final Expense Insurance is all they sell
- Is part of the Londen Insurance Group
- Based in Phoenix, AZ and Founded in 1963
Pros and Cons of Lincoln Heritage Life Insurance
Pros:
- No medical exams required and
- they offer $100K per accident for death coverage!
- Included is membership in the Funeral Consumer Guardian Society, aiding beneficiaries with everything from funerals to their financial future.
Cons:
- With other companies, you can obtain term or whole life policies large enough to support your family well beyond your lifetime. However Lincoln Heritage only offers final expense plans and
- The maximum coverage is $20K, which may not be sufficient for lifetime protection needs.
- Agents might be biased towards selling costlier options due to commissions on top-market products, aligning their financial incentives with insurance sales.
Good to take note that Lincoln Heritage paid just under $200 million in death claims in 2019.
Some commonly asked questions:
Is Lincoln Heritage a pyramid scheme?
Lincoln Heritage is not only legitimate but also does an excellent job helping people nationwide with their burial insurance needs. It’s incorrect to label Lincoln Heritage as a pyramid scheme or illegal ‘scam’; such comparisons are unfounded and misleading.
Is Funeral advantage a legitimate company?
Lincoln Heritage’s Final Expense Insurance is A+ rated by BBB and requires no health exam, offering easy qualification tailored to your needs.
What Plans Does Lincoln Heritage Life Insurance Offer
Lincoln Heritage offers one life insurance plan, and that’s final expense coverage. They do not offer index universal life or term insurance.
You can submit your info online, but for a quote, an agent must visit your house to ask health questions, similar to other plans. In addition, they offer coverage for burials and cremations.
Lincoln Heritage claims to pay out quickly and safely, often within 24 hours, but this isn’t true and isn’t stated in their contract.
Again, these plans offered are overpriced and in our opinion a gimmick. There are much better options out there to choose from.
What Riders Are Available
Lincoln Heritage Insurance provides a single rider for ease, but you can customize coverage further with just one phone call.
Lincoln Heritage Accidental Death Rider
Accident insurance is a must for any family!
This year, make sure your accidental death coverage includes up to $100K in benefits with an additional premium. This rider ensures that if you die or get injured in a covered accident, your loved ones receive an additional payment from the policy.
Important note: We can find you a stand alone ADD policy for 9.95/month for $100,000, 60% cheaper than the rider from Lincoln Heritage!!
How Good Is Lincoln Heritage Customer Service
Lincoln Heritage is a company that sells its policies through independent contractors. Call customer service at 800-438-7180, available Monday-Friday, 6 am-5 pm, and Saturday, 6 am-2 pm MST.
Policyholders can manage their accounts online through the Lincoln Heritage portal, accessing policy details and downloading forms for changes.
Lincoln Heritage Customer Complaint Index Score
It’s a tough world out there. You have to be ready for anything, and so do your insurance companies!
In 2020 Lincoln Heritage had an individual life complaint ratio of 1.40, much worse than typical for their industry peers. This indicates they have more customer complaints about this product line compared to other insurers offering similar services at lower rates or quality.
Not much better than another agency, SelectQuote.
If you are looking for coverage for your parents I would look elsewhere.
Important note: Lincoln Heritage had more complaints than that of there peers, in fact, 2 of the last 3 years it has been FAR WORSE than average, something to keep in mind!
What is Lincoln Heritage Ratings
Lincoln Heritage has a strong rating. AM Best, an insurance-focused credit-rating agency, gave Lincoln an A (Excellent) grade, indicating financial soundness and policy obligations are met.
What is Lincoln Heritage Policy Cancellation
Lincoln Heritage offers a 10-day free look period, during which you can decide whether or not to cancel your policy. Read all legal documents carefully before signing to avoid surprises later.
Lincoln Heritage Rates Comparison
Lincoln Heritage is not your average company. They ask for personal info and have you wait for an agent’s quote. However, their monthly rates are higher than average for healthy adults seeking vehicle coverage.
Below are some examples:
$5,000 Death Benefit
| Age When Applying | Lincoln Heritage Female Rates | Lincoln Heritage Male Rates | Best Rate |
|---|---|---|---|
| 50 | $18.51 | $22.11 | $11.93-$14.96 |
| 55 | $20.81 | $25.71 | $14.34-$17.68 |
| 60 | $23.96 | $31.16 | $17.59-$22.16 |
| 65 | $30.26 | $35.56 | $21.93-$28.17 |
| 70 | $39.21 | $44.76 | $27.30-$35.90 |
| 75 | $52.11 | $63.31 | $37.11-$49.58 |
| 80 | $74.06 | $93.16 | $50.41-$68.75 |
$10,000 Death Benefit
| Age When Applying | Lincoln Heritage Female Rates | Lincoln Heritage Male Rates | Best Rate |
|---|---|---|---|
| 50 | $33.96 | $41.16 | $20.26-$27.35 |
| 55 | $38.56 | $48.36 | $25.08-$32.77 |
| 60 | $44.86 | $59.26 | $32.08-$41.74 |
| 65 | $57.46 | $68.06 | $41.00-$52.87 |
| 70 | $75.36 | $86.46 | $51.92-$69.23 |
| 75 | $101.16 | $123.56 | $71.64-$96.58 |
| 80 | $145.06 | $183.26 | $97.50-$134.16 |
Being nonbinary won’t prohibit you from qualifying for life insurance. If your application is outdated due to limited gender awareness in underwriting, Lincoln Heritage may not fully meet your needs.
Important Note: Lincoln Heritage is between 30%-100%+ more in price than competitors. Alternatives are much better!
How Does Lincoln Heritage Line Up Against The Competition
Lincoln Heritage is a much more expensive life insurance company than its competitors! We compared it with Mutual Of Omaha, a top choice for final expense policies, term, and universal coverage, offering families high-limit protection.
| Category | Lincoln Heritage | Mutual of Omaha |
|---|---|---|
| Service Method | Agents | Agents/Telesales |
| AM Best Rating | A- (Excellent) | A++ (Superior) |
| Price Rank | Worse than Average | One of the best |
| Complaints Trend | 1.40 | 1.06 |
Above all, there really is not a scenario that Lincoln Heritage comes out on top when comparing them to competitors.
FAQs
While Lincoln Heritage has its strengths, potential drawbacks may include:
– Higher premiums: Some customers have reported higher premiums compared to other insurance providers for similar coverage.
– Strict underwriting: Lincoln Heritage may have more stringent underwriting requirements, which could lead to denials for some applicants.
– Nonrefundable policies: Some policies may not offer a cash surrender value or refund, which means you won’t get any money back if you cancel your policy.
Policy changes and upgrades may be limited; consult with a company representative for details. It’s crucial to understand the terms and conditions before making changes.
Some customers have reported pushy sales tactics, difficulty canceling policies, and limited policy options. It’s essential to be aware of these potential issues and consider them when making your decision about Lincoln Heritage Life Insurance.
Remember that your experience with Lincoln Heritage Life Insurance may vary, and it’s essential to carefully consider your needs, budget, and the potential drawbacks before selecting any insurance provider. Reading customer reviews and seeking advice from financial professionals can also be helpful in making an informed decision.
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Conclusion
If you want to ensure your loved ones are covered in case of an eventuality, considering Lincoln Heritage Life Insurance could be beneficial. However, there are MUCH BETTER alternatives.
It offers a basic $20K coverage policy without medical exams, but their prices are excessively high! Our advice, shop and find the alternative, you will be happier. Even a prepaid plan is better.
