Lincoln Heritage Funeral Advantage Life Insurance Reviews [Pros+Cons]

Lincoln Heritage Funeral Advantage Review

Lincoln Heritage Funeral Advantage Life Insurance Review (Updated 2019)

There are not many life insurance companies that do advertising on television these days, but Lincoln Heritage is one of them. Today, we are going to take the time to provide a Lincoln Heritage Funeral Advantage Review.

Lincoln Heritage Funeral Advantage has some unique spins on their commercials.

It is usually some well-dressed man or woman behind a desk with leather-bound books behind them talking about the benefits of Lincoln Heritage insurance.

However, we always recommend that if you are trying to save time that you should stick to comparing rates and quotes with all life insurance companies.

Especially if you are ultimately trying to find the best deal for burial insurance.

You never know if you could be saving money or ultimately be leaving more money behind for your family.

You can do this easily below using our instant life insurance quotes rate engine to compare rates with 50 of the top-rated life insurance companies.

While Lincoln Heritage Funeral Advantage burial insurance has a well-known brand, they might not be the best burial insurance company to pay for your final expenses.

Our Lincoln Heritage life insurance review will touch on these frequently asked questions:

  • Are Lincoln Heritage Funeral Advantage Life Insurance Agents Captive? [Spoiler Alert! Yes, they are!]
  • What is Lincoln Heritage Funeral Advantage?
  • What is the Funeral Consumer Guardian Society (FCGS)?
  • How much is Funeral Advantage?

Lincoln Heritage Funeral Advantage Reviews

Lincoln Heritage Life Insurance Company was founded in 1963.

At the time of Lincoln Heritage’s founding, final expense insurance claims took months to be paid to policyholders.

The concept of an express payment within 24 hours was unheard of.

Lincoln Heritage set out to change that and raised the service bar in the insurance industry.

Today, Lincoln Heritage is still a family-owned and operated a business that focuses on the final expense market.

Over time, Lincoln Heritage grew in size and scope.

Today Lincoln Heritage is headquartered in Phoenix, AZ, and Lincoln Heritage is proud of its old-fashioned, personalized customer service for its clients.

Lincoln Heritage Funeral Advantage Life Insurance Ratings and Financial Strength

The life insurance industry is an industry that is built on trust.

You need to feel confident that when the time comes to pay the claim, that the life insurance company will have the funds to do so.

A.M. BestBBB
A- (Excellent)A+

Lincoln Heritage Burial Insurance is rated A- (Excellent) by A.M. Best.

An A- grade is one of the top ratings from the third-party rating agency and considered to be investment grade.

This indicates that Lincoln Financial’s finances are in good order.

Lincoln Heritage is also an A-rated company with the Better Business Bureau (BBB) accredited in 1981.

Lincoln Heritage Funeral Advantage BBB Rating

The BBB awarded Lincoln Heritage with an A+, which is their highest rating.

This shows that when a customer dispute does come up that it is resolved quickly.

While third-party rating agencies are important, an endorsement from a policyholder is the highest compliment.

Lincoln Heritage displays dozens of customer testimonials on their website raving about their service.

What is Lincoln Heritage Funeral Advantage?

Lincoln Heritage Funeral Advantage is a burial insurance policy that provides two services; a life insurance death benefit and funeral planning assistance through the Funeral Consumer Guardian Society (FCGS).

The Lincoln Heritage Funeral Advantage life insurance policy functions like most final expense insurance.

Final expense insurance, burial insurance, and funeral insurance are common marketing names for simplified-issue whole life insurance.

Whole life insurance is the best type of life insurance to have to cover your burial and final expenses because it offers lifetime coverage with robust guarantees, unlike term life insurance that eventually expires.

Lincoln Heritage Funeral Advantage Reviews of Features and Products:

  • Tax-free cash death benefit paid within 24 Hour of claim approval
  • Coverage available up to $20,000
  • Lifetime death benefit coverage that you can never outlive
  • No medical exam
  • Monthly rate that is locked in for life and can never increase
  • $100,000 optional additional accidental death coverage available

Lincoln Heritage Funeral Advantage life insurance is a one-page application with a few health questions.

There is no medical exam, but the life insurance company will ask you a few simple health questions as well as run a prescription check to verify that you qualify for the policy.

Lincoln Heritage Funeral Advantage can be issued with a level death benefit or a modified death benefit depending upon your health.

A level of death benefit means that the death benefit protection goes into effect as soon as the policy is active.

A level of death benefit is the most ideal solution, but you have to qualify for it based on your health.

If you have a pre-existing health condition, you may receive an offer with a modified death benefit.

A modified death benefit has a two-year waiting period where Lincoln Heritage will not pay the death benefit in the first 24 months of your policy.

On top of the waiting period, your rates will increase significantly as well.

Lincoln Heritage has one of the costlier burial insurance policies (more on that in the rates section).

However, their modified death benefit plan is just flat out a lousy deal since other companies like AIG Life Insurance Company or Gerber Life have more affordable modified death benefit rates.

Additionally, some of the conditions that Lincoln Heritage Funeral Advantage only offers modified death benefits for, such as Cirrhosis, we have been able to get covered at other burial insurance companies with no waiting period and a better rate.

One of the selling points of Lincoln Heritage’s Funeral Advantage Plan is that it pays its claims within 24 hours, which is incredibly fast.

However, today most life insurance companies are able to process claims and payout benefits quickly.

What is the Funeral Consumer Guardian Society?

The Funeral Consumer Guardian Society is an independent senior consumer advocate organization that helps its members plan their funeral and save money on their final expenses. 

The FCGS is not affiliated with any religion, funeral home, cemetery or advocates any particular funeral approach.

In the past, anyone could become an FCGS member, but currently purchasing a Lincoln Heritage Funeral Advantage plan is the only way to become a member.

Funeral Consumer Guardian Society Benefits:

  • Funeral Planning Assistance
  • Funeral Funding Information
  • Funeral Plan Security Service
  • Funeral Plan Activation Help

The FCGS funeral planning assistance service helps you create a funeral plan according to your last wishes.

It will answer all the vital questions that must be answered to prepare your final arrangements.

This helps avoid confusion, arguments, and worry among your heirs.

The FCGS also assists in making sure that the person in charge of your final expenses will receive the money needed to pay your funeral bills.

Since Lincon Hertiage’s Advantage Plan pays claims within 24 hours, you’ll peace knowing the money will be there when it’s needed.

The funeral plan security service safely and securely stores your funeral plan in the FCGS’s computer archives.

You’ll receive a coded ID card that allows you to access the plan anytime or revise it in the future.

Finally, the funeral plan activation takes the brunt of the work off of your loved ones when it comes time to execute the plan.

After your loved one notifies the FCGS of your passing through their 24-hour toll-free number, the FCGS goes into action.

The FCGS will contact your selected funeral home and provide them with your funeral plan.

Additionally, the FCGS will support the budget details listed in your plan and aid your family in finding discounted prices wherever possible.

The funeral plan activation help is the best feature of the Funeral Consumer Guardian Society because it takes the load off your loved ones during a difficult time.

Additionally, any money saved on your final expense is more money left to your family.

The FCGS estimate that they can save their members on average $1,800 on traditional funerals and up to $600 on cremation.

The FCGS will compare up to 3 different funeral homes to find you the best price available.

While the services provided by the FCGS are undoubtedly helpful, we are not sold on the cost.

While membership itself is bundled in with your Lincoln Heritage Funeral Advantage Plan, Lincoln Heritage’s rates are on the expensive side.

Many of the FCGS services are merely things that you can do yourself.

You can create your own funeral plan by doing a google search for a funeral planning checklist.

Additionally, you should have a place to store your important documents like your will and insurance policies.

The funeral plan activation benefit is the most attractive benefit that the FCGS has to offer.

However, is it worth the extra cost of your life insurance policy compared to going with an option of our best senior life insurance list?

That’s your call, but we don’t think so.

Are Lincoln Heritage Agents Captive?

Lincoln Heritage agents are captive agents, also called career agents. A captive agent can only sell the products of the company they work for. Since Lincoln Heritage only offers the Funeral Advantage Plan, Lincoln agents can just sell one insurance product.

 Independent agents or insurance brokers can sell the products of multiple insurance companies.

While Lincoln Heritage is a great company, they are not the best company in every scenario. In fact, we often find our client’s more affordable burial insurance without a waiting period.

The reason independent agents often save you more money is that life insurance companies have different opinions on rates and underwriting. Lincoln Heritage may not view a condition as favorably as another company and charge you more with a waiting period.

We recommend comparing the rates of multiple insurance companies as well as speaking an agent who is an experienced field underwriter.

This increases your odds of getting a great rate with no waiting period on your burial insurance.

You can request a quote on our site or give one of our veteran agents a call for a second opinion.

We’ll give you our honest opinion on what we feel your best options are. From there you make the final call.

How Much is Lincoln Heritage Funeral Advantage Burial Insurance Cost?

Lincoln Heritage Funeral Advantage rates are expensive compared to other reputable burial insurance companies that we work with.

While Lincoln Heritage’s Funeral Advantage Plan has the FCGS services built-in, but we don’t feel that the juice is worth the squeeze.

Many of the seniors that we work with are on a limited budget.

When you are living on a fixed income, every penny counts.

We have displayed some of Lincoln Heritage’s rates below.

You can compare them to the rates in our quote tool and judge for yourself.

Sample Lincoln Heritage Life Insurance Rates

Death Benefit ($10,000)MaleFemale
Age 55$48.30$38.50
Age 60$59.20$44.80
Age 65$68.00$57.40

*Please note that these rates are for non-tobacco users in excellent health

Final Thoughts: Is Lincoln Heritage Funeral Advantage a Rip-off?

Calling the Lincoln Heritage Funeral Advantage plan a rip-off may be going a bit too far, but we do believe that there are better options for paying your final expenses and funeral Advantage review to you.

Plain and simple.

Lincoln Heritage’s level coverage plan may be attractive to you if you value the services of the FCGS.

However, if you were offered the Lincoln Heritage Funeral Advantage plan with a modified death benefit, you absolutely need to call for a second opinion.

That plan is overpriced compared to guaranteed life insurance that has the same or better benefits.

Besides, Lincoln Heritage’s underwriting can be strict on certain pre-existing health conditions that other burial insurance companies will view more favorably.

In some cases, our agency can not only lower your rate but eliminate your 2-year waiting period!

Since Lincoln Heritage uses captive agents, they can only present you with the Funeral Advantage plan.

Therefore, our recommendation is to compare your Lincoln Heritage quote with a quote from one of the many burial insurance companies we represent.

 Requesting a quote from our talent independent brokers can potentially save you thousands of dollars on your burial insurance.

Requestion a quote is free with no obligation to buy a policy so what do you have to lose?

Thank you for checking out our Lincoln Heritage Funeral Advantage Life Insurance Review.


Resources: Lincoln Heritage – A.M. Best