Lincoln Heritage Life Insurance Review
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Written by
Chris Huntley
Founder of Huntley Wealth & Insurance Services
Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states.
After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu…
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Reviewed by
Rachael Brennan
Licensed Insurance Agent
UPDATED: Mar 22, 2022
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Here’s the Scoop
Lincoln Heritage only provides final expense coverage
Lincoln Heritage policies are available throughout the United States
You should compare free quotes from multiple companies before putting any money down
Inflation affects everything — even funeral expenses. If you’re shopping for the best life insurance for seniors, you may want to consider Lincoln Heritage. A final expense insurance policy from Lincoln Heritage can help your loved ones afford to give you a proper sendoff when the time comes. Keep reading this Lincoln Heritage insurance review to discover if this company is the best choice for your insurance needs.
What is the Lincoln Heritage Life Insurance Company?
Founded in 1963, the Lincoln Heritage Life Insurance Company is a prestigious company. Its roots rest in Colorado, but this life insurance company has quickly grown to become one of the largest final expense life insurance companies in the U.S. It has over 1 million policyholders.
You can easily get a quote from the Lincoln Heritage Insurance Company online. If you have questions about any of the services provided by Lincoln Heritage, you can call 800-438-7180. The main address for Lincoln Heritage is 4343 E. Camelback Road, Suite 400, Phoenix, Ariz. 85018.
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What coverage does Lincoln Heritage Life Insurance offer?
The Lincoln Heritage Funeral Advantage is the only product available through this company. The Funeral Advantage plan through Lincoln Heritage is a simplified issue policy, not to be confused with a guaranteed issue life insurance policy.
When applying for a simplified issue policy, you won’t have to take a medical exam. You will, however, have to answer questions about your health and medical history, but Lincoln Heritage advertises that most individuals who apply qualify for a policy.
If you qualify for a policy, you could purchase up to $20,000 in coverage, and the death benefit would be available immediately. If you have some health concerns, you could qualify to receive a modified version of the Funeral Advantage plan.
Lincoln Heritage claims that cash benefits will be paid within 24 hours, once a claim is approved.
In addition, you gain access to the Funeral Consumer Guardian Society when you purchase a Lincoln Heritage Funeral Advantage plan. The Funeral Consumer Guardian Society makes sure to collect details of your funeral preferences and assists your loved ones with making the necessary arrangements.
Are Lincoln Heritage life insurance rates affordable?
Rates will vary depending upon which version of the Funeral Advantage plan you choose. Below, you can review the average monthly rates offered by Lincoln Heritage for males:
AgeAverage Monthly Rates for a $10,000 Immediate PolicyAverage Monthly Rates for a $10,000 Modified Policy
50 years old$38.60$88.70
60 years old$56.60$106.70
70 years old$82.50$145.90
80 years old$183.20$202.80
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Bear in mind your rates may be different since your age, gender, and health can influence how much you pay for insurance. For example, you can see how rates can vary for females here:
AgeAverage Monthly Rates for a $10,000 Immediate PolicyAverage Monthly Rates for a $10,000 Modified Policy
50 years old$31.80$76.10
60 years old$43.10$86.60
70 years old$71.90$116.80
80 years old$145.10$169.10
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As illustrated above, qualifying for the immediate plan can get you cheaper rates, but you can also secure lower rates if you are younger.
Does Lincoln Heritage Life Insurance offer riders?
Riders allow consumers to customize their insurance policy, and while Lincoln Heritage may not have a lot of insurance products to offer, it more than makes up for it with its variety of riders. You can choose to purchase riders like these:
Accidental death and dismemberment
Child rider
Dental, vision, and pharmacy discount
Identity theft protection
Medical bill reduction
Health care system assistance
Auto expense protection
Now, it’s important to note that none of these riders are included with your Lincoln Heritage policy. Adding riders can increase your rates, so when you shop for life insurance, request quotes from multiple companies so you can compare policies and see which ones — if any — come with free riders.
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Is Lincoln Heritage highly rated?
Lincoln Heritage isn’t the only highly rated insurance company that provides policies for seniors. You can examine how Lincoln Heritage’s ratings compare to those of similar insurance companies here:
CompanyAM Best RatingAM Best Financial Outlook
Mutual of OmahaA+Stable
Northwestern MutualA++Stable
TransamericaAStable
Banner LifeA+Stable
AIG DirectAStable
Prudential A+Stable
MassMutualA++Stable
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Shopping online for insurance is a great way to compare multiple companies at once so you can find the one that best suits your coverage needs.
What You Need to Know About Lincoln Heritage
Lincoln Heritage only offers final expense insurance. You won’t have to take a medical exam when applying for coverage, and this insurance company advertises that most applicants qualify for coverage. You can even customize your policy with insurance riders, but be sure to compare quotes from other companies to verify that you are getting the best deal possible.
