How to Choose a Reliable Final Expense Insurance Provider: A Review of Lincoln Heritage Life Insurance
Final expense insurance, also known as burial or funeral insurance, is a type of life insurance that covers the costs of your funeral and other end-of-life expenses. It can help ease the financial burden on your loved ones and give you peace of mind that your final wishes will be honored.
However, not all final expense insurance providers are created equal. You need to do your research and compare different options before you make a decision.
In this post, we will review one of the most popular final expense insurance providers in the US: Lincoln Heritage Life Insurance.
We will look at their history, products, financial strength, customer service, and reputation. We will also answer the question: Is Lincoln Heritage Life Insurance legit?
The History of Lincoln Heritage Life Insurance
Lincoln Heritage Life Insurance Company was founded in 1963 by Jack Londen, a former insurance agent who saw a need for a specialized final expense insurance provider.
He wanted to offer a simple and affordable product that would help families pay for funeral costs and other end-of-life expenses. He also wanted to provide fast and compassionate service to his customers and agents.
Today, Lincoln Heritage is still family-owned and operated by Jack’s son, Mickey Londen, and his grandson, Spencer Londen. The company has grown to become the nation’s largest final expense insurer, with over one million policyholders and over 10,000 agents across the US.
The Products of Lincoln Heritage Life Insurance
Lincoln Heritage offers one main product: the Funeral Advantage program. This is a final expense insurance policy that pays a lump sum benefit to your beneficiary upon your death.
The benefit amount can range from $2,000 to $20,000, depending on your age and health. You can choose any funeral home and any type of service you want.
The policy also comes with two additional benefits at no extra cost:
The Family Support Services. This is a membership to the Funeral Consumer Guardian Society (FCGS), a non-profit organization that helps you plan your funeral and save money on funeral costs.
The FCGS assigns you a personal representative who will assist your family with the funeral arrangements, compare prices from different funeral homes, and negotiate discounts on your behalf. The FCGS claims to save families an average of $1,800 on funeral costs1.
The Accidental Death Benefit Rider. This is an optional feature that adds up to $100,000 of extra coverage in case you die from an accident. The rider pays the full benefit amount regardless of your age or health. However, the rider does not cover deaths from natural causes, suicide, or illness.
Lincoln Heritage Life Insurance Company Contact Information
Lincoln Heritage Life Insurance Company is a provider of final expense insurance, also known as burial or funeral insurance, that operates in 49 states with over one million policies in-force.
You can contact them through their website or by calling their toll-free numbers:
- Claims: (855) 706-2396
- Customer Service: (800) 438-7180
- Policy Payments: (800) 930-7459
- Agent Recruiting: (888) 713-6020
The Financial Strength of Lincoln Heritage Life Insurance
One of the most important factors to consider when choosing a life insurance provider is their financial strength. This indicates their ability to pay claims and honor their obligations to their policyholders.
Lincoln Heritage has an A+ rating from the Better Business Bureau (BBB), which reflects their customer satisfaction and complaint resolution.
They also have an A- rating from AM Best, which is a credit rating agency that evaluates the financial stability and performance of insurance companies. An A- rating means that Lincoln Heritage has an excellent ability to meet their ongoing insurance obligations .
The Customer Service of Lincoln Heritage Life Insurance
Another factor to consider when choosing a life insurance provider is their customer service. You want to deal with a company that is responsive, helpful, and respectful.
Lincoln Heritage prides itself on its fast and compassionate service. They claim to pay most claims within 24 hours of approval, which is much faster than the industry average.
They also have a toll-free number that you can call 24/7 to speak to a live representative. You can also access your policy information and make payments online through their website1.
The Reputation of Lincoln Heritage Life Insurance
The final factor to consider when choosing a life insurance provider is their reputation. You want to choose a company that has a good track record and positive reviews from their customers and agents.
Lincoln Heritage has been in business for over 50 years and has a loyal customer base. They have over 4,000 reviews on Trustpilot, with an average rating of 4.7 out of 5 stars.
Most of the reviews praise the company for their easy application process, affordable rates, friendly agents, and prompt claims payment.
However, some of the reviews also mention some drawbacks, such as high-pressure sales tactics, misleading advertising, and cancellation fees.
What is Final Expense Insurance
Final expense insurance is a type of life insurance that covers the costs of your funeral and other end-of-life expenses. It can help ease the financial burden on your loved ones and give you peace of mind that your final wishes will be honored.
However, not all final expense insurance providers are created equal. You need to do your research and compare different options before you make a decision.
Final expense insurance is also known as burial or funeral insurance, simplified issue whole life insurance, or modified whole life insurance. It is a small whole life insurance policy that has a death benefit ranging from $2,000 to $35,000, depending on your age and health.
You can choose any funeral home and any type of service you want. The policy also accumulates cash value that you can borrow against during your lifetime.
When you apply for final expense insurance, you will not have to deal with a medical exam or let the insurance company access your medical records. However, you will have to answer some health questions. Because of the health questions, not everyone will qualify for a policy with coverage that begins on day one.
Final Expense Insurance Premiums and Policies
The premiums for final expense insurance depend on your age and health; where allowed by state law, they may also depend on your gender. The premiums are fixed and cannot increase, and the death benefit cannot decrease. Unlike a term policy, a whole life policy does not expire when you reach a certain age.
The beneficiaries of a final expense life insurance policy can use the policy’s payout to pay for a funeral service, casket or cremation, medical bills, nursing home bills, an obituary, flowers, and more. However, the death benefit can be used for any purpose whatsoever.
Some final expense insurance policies may also come with additional benefits, such as a membership to a non-profit organization that helps you plan your funeral and save money on funeral costs, or an accidental death benefit rider that adds extra coverage in case you die from an accident.
The average cost of a funeral ranges between $7,000 and $12,000. Final expense insurance can help you cover these costs and avoid leaving a financial burden on your family.
However, final expense insurance can also be expensive and redundant if you already have enough life insurance or prepaid funeral arrangements. Therefore, you should do your own research and compare different options before you decide to buy a policy from any provider.
You can request a free quote from their websites or call their toll-free numbers to speak to an agent. You can also read more about their products, services, and reviews on their websites and on other online platforms.
Conclusion: Is Lincoln Heritage Life Insurance Legit?
Lincoln Heritage Life Insurance is a legit and reputable final expense insurance provider. They have a long history, a specialized product, a strong financial rating, a fast and compassionate service, and a loyal customer base.
They also offer some unique benefits, such as the FCGS membership and the accidental death rider. However, they also have some drawbacks, such as high-pressure sales tactics, misleading advertising, and cancellation fees.
Therefore, you should do your own research and compare different options before you decide to buy a policy from them. You can request a free quote from their website or call their toll-free number to speak to an agent.
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