You Cannot Miss This Insane Lincoln Heritage Funeral Advantage Life Insurance Review

Written on June 30, 2016 by Choice Mutual

Lincoln Heritage
Disclaimer: We are not in any way affiliated with Lincoln Heritage. This article is our personal review of their funeral advantage program along with our opinions on the matter. If you are looking to contact Lincoln Heritage directly, call them at 1-800-438-7180.

Hi there and welcome to our official Lincoln Heritage life insurance company review.

It’s always a good idea to do your due diligence before you make a purchase especially when it comes to life insurance. Rest assured because you are in good hands; you just found the most thorough Lincoln Heritage review in the world.

We know you probably have questions like…

  • What are they offering you?
  • How does their Funeral Advantage program work?
  • How are their prices?
  • Are they the best final expense company for me?

Don’t worry because we are going to answer all those questions and then some! So sit back, and relax because you just hit the mother lode of Lincoln Heritage Funeral Advantage reviews

Lincoln Heritage

Over the years in final expense (all we do is final expense insurance FYI), we have had many dealings with their Funeral Advantage insurance. In addition, we have acquired their underwriting guidelines, their application, and their rates.

Today, we are going to share with you all the details about their life insurance program, so you can decide for yourself whether or not the Funeral Advantage program is best for you and your family.


Here’s a little spoiler alert: Funeral Advantage is very expensive. Depending on your health, they can be as much as 300% more than other companies for an inferior product 😮.


Here’s what we will cover in this article. We’ll explain exactly what their Funeral Advantage program entails, how it works, and show you all of Heritage Lincoln prices and how their rates compare to their competitors.

In addition, we’ll show you how you can get final expense life insurance for significantly less than what Lincoln Heritage would charge.

Lincoln Heritage

Article Quick Navigation Links

  1. The Shocking Truth About Lincoln Heritage Funeral Advantage
  2. What Is Funeral Advantage?
  3. Problem 1: They Are Super Expensive Even For Healthy Folks [See Their Prices]
  4. Problem 2: Their Underwriting Could Force You To Pay 300% More Than Other Companies [See The Rates]
  5. Claims Paid In 24 Hours… Real Or Lip Service?
  6. How You Can Get Burial Insurance That Is Up To 80% Cheaper Than The Funeral Advantage Program
  7. A Technical Breakdown Of The 2 Lincoln Heritage Funeral Insurance Plans
  8. What Is The Funeral Consumer Guardian Society Membership?
  9. Lincoln Heritage Company Background

 

The Shocking Truth About Lincoln Heritage Funeral Advantage

Lincoln Heritage is the largest purveyor of burial insurance in the nation. However

Just because they sell the most funeral insurance doesn’t mean they have the best product.

Here’s the truth

There is never a reason why anyone should ever purchase final expense insurance from Lincoln Heritage life insurance company.

Lincoln Heritage

We realize that is a pretty shocking claim, but it’s true. You will find ample evidence via cold hard facts in this article to back up that claim.

There’s two reasons why we say this:

  1. Funeral Advantage life insurance is anywhere from 20-300% more expensive than other final expense companies.
  2. Lincoln advantage underwriting is vastly inferior compared to other insurance carriers. There are many health issues where they force you to pay a substantially higher premium, and they tack on a two year waiting period before your policy will pay out a death benefit. With other burial insurance companies, these same clients could get a significantly lower premium, and have coverage that has no waiting period.

Crazy right?

Now, if you meet with a Lincoln Heritage Insurance Company agent, they will try hard to convince you that their inflated prices are worth it.

They will claim their Funeral Advantage program is worth it because of the membership to the FCGS.

You can read exactly what the FCGS is further down in this article, or by clicking here.

But here’s the real truth.Lincoln Heritage

The whole FCGS membership and it’s “value” is nothing more than a sales gimmick. It was put in place as a sales tool to convince clients why they should pay a much higher premium for an insurance policy that many other companies offer at a much lower price.

There’s no benefit the Lincoln Funeral Advantage program offers you that you cannot achieve on your own or free from other companies.

 

What Is Funeral Advantage?

Funeral Advantage is a life insurance policy underwritten by Lincoln Heritage insurance company in combination with a membership to the Funeral Consumer Guardian Society to help family members with arranging the funeral. Lincoln Heritage claims that cash benefits are paid in as little as 24 hours once the claim is approved.

You will sometimes see Lincoln Heritage’s life insurance referred to as “burial insurance”, “funeral insurance”, or “final expense insurance”. They are just synonyms, for they are refer to the same thing.

 

Lincoln Heritage Insurance Is Very Expensive- Check Out Their Rates

At the start of this article, we made the bold assertion that the Funeral Advantage program is anywhere from 20-300% more expensive more expensive than their competition for the same exact thing.

So here’s the deal

We believe in providing cold hard facts to back up our claims.

Below you will see Lincoln Heritage insurance premiums right along side one of the 20+ burial insurance companies we work with that sells the exact same kind of insurance.

Please note the following when you look at these rates:

  • Prices shown are at a non tobacco rating
  • These rates are consistent with an applicant who can say no to all of Lincoln Heritage’s health questions, and has no medications on their modified prescription list

 

Female

AGELincoln Heritage
$10,000
Mutual Of Omaha
$10,000
Lincoln Heritage
$15,000
Mutual Of Omaha
$15,000
50$31.80$24.67$46.20$35.40
51$32.70$25.45$47.55$36.58
52$33.60$25.88$48.90$37.22
53$34.40$26.62$50.10$38.33
54$35.30$27.47$51.45$39.60
55$36.20$28.40$52.80$41.00
56$37.50$29.27$54.75$42.31
57$38.90$30.06$56.85$43.48
58$40.20$30.83$58.80$44.64
59$41.60$31.70$60.90$45.95
60$43.00$32.87$63.00$47.70
61$45.30$34.51$66.45$50.17
62$47.70$36.06$70.05$52.49
63$50.10$37.72$73.65$54.98
64$52.50$39.36$77.25$57.45
65$54.90$41.01$80.85$59.91
66$58.30$43.44$85.95$63.56
67$61.70$45.86$91.05$67.19
68$65.10$48.29$96.15$70.84
69$68.50$50.81$101.25$74.61
70$71.90$53.24$106.35$78.26
71$76.80$56.63$113.70$83.34
72$81.70$60.12$121.05$88.58
73$86.60$63.93$128.40$94.29
74$91.60$67.78$135.90$100.07
75$96.50$72.41$143.25$107.01
76$106.20$78.25$157.80$115.77
77$115.90$83.51$172.35$123.66
78$125.60$88.44$186.90$131.06
79$135.30$93.41$201.45$138.52
80$145.00$98.43$216.00$146.05
81$150.30$106.21$223.95$157.72
82$155.60$113.96$231.90$169.33
83$160.90$121.31$239.85$180.36
84$166.20$128.55$247.80$191.23
85$171.50$135.90$255.75$202.25

 

Male

AGELincoln Heritage
$10,000
Mutual Of Omaha
$10,000
Lincoln Heritage
$20,000
Mutual Of Omaha
$20,000
50$38.60$29.16$56.40$42.13
51$40.30$30.30$58.95$43.85
52$42.00$31.12$61.50$45.08
53$43.70$32.20$64.05$46.70
54$45.40$33.61$66.60$48.81
55$47.10$35.09$69.15$51.04
56$49.00$36.45$72.00$53.08
57$50.90$37.91$74.85$55.26
58$52.80$39.27$77.70$57.30
59$54.70$40.82$80.55$59.62
60$56.60$42.76$83.40$62.53
61$58.50$45.38$86.25$66.47
62$60.40$47.90$89.10$70.25
63$62.30$50.52$91.95$74.17
64$64.10$53.14$94.65$78.11
65$66.00$55.76$97.50$82.04
66$69.30$59.35$102.45$87.42
67$72.60$62.93$107.40$92.80
68$75.90$66.53$112.35$98.19
69$79.20$70.11$117.30$103.57
70$82.50$73.70$122.25$108.95
71$89.50$78.36$132.75$115.93
72$96.60$82.92$143.40$122.78
73$103.60$88.01$153.90$130.42
74$110.70$93.16$164.55$138.13
75$117.80$99.53$175.20$147.69
76$130.80$106.87$194.70$158.70
77$143.90$113.64$214.35$168.86
78$157.00$119.86$234.00$178.18
79$170.10$126.23$253.65$187.74
80$183.20$132.65$273.30$197.38
81$186.70$143.00$278.55$212.89
82$190.30$153.54$283.95$228.71
83$193.80$163.41$289.20$243.52
84$197.40$173.28$294.60$258.32
85$200.90$183.15$299.85$273.13

 

Can you say ouch?

Ya they are aren’t winning the price war at all. Heck, it’s not even close.

Lincoln Heritage

As you can clearly see, they charge much more for their Funeral Advantage program compared to other companies for the same product.

But here’s the kicker

Mutual of Omaha is just one carrier that we represent that blows their rates out of the water.

Except for some fringe companies like Metlife, AARP, or Colonial Penn, virtually every single burial insurance company offers substantially better rates than Lincoln Heritage.

We know what you must be thinking right now…

In what situations is Lincoln Heritage burial insurance 100%, 200%, or 300% more expensive?

The answer to that lies in the health issues you deal with.

In the next section below you will see all the situations where their underwriting forces you to pay up to 300% more for your burial insurance relative to what other companies would charge.

In addition, we have taken the time to show you the actual rates, and what you could be paying if you buy through us instead of them.

 

Funeral Advantage Lincoln Heritage Underwriting Could Force You To Pay Up To 300% More

On top of being expensive even for healthy folks, their underwriting forces many applicants with certain health issues to pay MUCH higher premiums.

In addition to premiums that are up to 300% higher, they also throw in a nice little waiting period before the policy will pay out a death benefit.

If you deal with any of the conditions shown below, they will offer you their “Modified Plan”. That’s the one that carries a waiting period and higher premiums.

Lincoln Heritage

Nuts right?

There’s one key thing to understand about this situation.

All of the conditions below are accepted by other companies that we represent. These companies will not charge you one dollar extra or impose a waiting period on your policy. Only Lincoln Heritage will.

To be very clear, if you deal with any of the health conditions below…

  • Lincoln Heritage life insurance company will not pay a death benefit if you die during the first 24 months of your policy.
  • Lincoln Heritage is going to charge you up to 300% more than what other companies would charge.

There are no other Lincoln Heritage reviews that give you this kind of detailed information.

 

Health Issues That Would Warrant Their “Modified Plan” & Charge You A Lot More $$$

Any blood thinner or heart medication prescription (hypertension doesn’t count) will always result in Lincoln Heritage imposing a two year wait period on your policy, and subjecting you to substantially higher premiums.

Common events that cause someone to receive blood thinners:

  • Heart Attack
  • Full Blown Stroke
  • Mini Stroke (TIA Attack)
  • Circulatory Surgery (Stent Placement, Angioplasty, Bypass)
  • Heart Surgery
  • Aneurysm
  • Pulmonary Hypertension
  • Peripheral Artery Disease (PAD)
  • Blood Clots

If you have had any of those events at any point in your life, you are almost certainly on blood thinners or other heart medications to this day. Once these pills are prescribed, they are rarely discontinued.

So if you’ve ever had any of those health events listed above, Heritage Lincoln is going to hijack your wallet.

Lincoln Heritage

Here’ some more health issues where Lincoln Heritage will put you into their modified plan…

  • Cirrhosis
  • Irregular Heart Beat
  • Hepatitis A, B,or C
  • Kidney Disease
  • COPD
  • Emphysema
  • Chronic Bronchitis
  • Sarcoidosis
  • Heart Attack Over 12 Months Ago But Less Than 24 Months (This Pertains To The Event)
  • Stroke Over 12 Months Ago But Less Than 24 Months (This Pertains To The Event)
  • Heart Or Circulatory Surgery Over 12 Months Ago But Less Than 24 Months (This Pertains To The Event)
  • Cystic Fibrosis
  • Tuberculosis
  • Blindness From Diabetes
  • Blood Clots
  • Mini Strokes (TIA Attack)

 

How Much Will Lincoln Heritage Final Expense Cost If You Have One Of Those Health Issues, And What Could You Be Paying Elsewhere?

Want to know how much Lincoln Heritage will charge you, and what you could be paying elsewhere?

The rates below are what Lincoln Heritage would charge you. Furthermore, you will also see what rate you could be paying if we helped you.

You’ll notice that we give a price range. We can’t quote just one company because there is no one company that accepts all of those health issues.

However, all those health issues are accepted by one or more of the final expense companies we work with. This is why you see a small price range shown.


Remember this: In addition to the massive price disparity, our companies won’t impose a two year waiting period 😎


 

Female Non Tobacco

AGE$10,000 With
Lincoln Heritage
$10,000 With
One Of Our Companies
$15,000 With
Lincoln Heritage
$15,000 With
One Of Our Companies
50$76.10$24-$27$112.65$35-$39
51$76.80$25-$28$113.70$36-$40
52$77.50$25-$28$114.75$37-$41
53$78.20$26-$29$115.80$38-$42
54$78.90$27-$30$116.85$39-$43
55$79.60$28-$31$117.90$41-$45
56$81.00$29-$32$120.00$42-$46
57$82.40$30-$33$122.10$43-$47
58$83.80$30-$33$124.20$44-$48
59$85.20$31-$35$126.30$45-$49
60$86.60$32-$37$128.40$47-$51
61$88.50$34-$38$131.25$50-$54
62$90.40$36-$40$134.10$52-$57
63$92.40$37-$41$137.10$54-$59
64$94.30$39-$43$139.95$57-$62
65$96.30$41-$45$142.95$59-$64
66$100.40$43-$47$149.10$63-$68
67$104.50$45-$49$155.25$67-$72
68$108.60$48-$52$161.40$70-$75
69$112.70$50-$54$167.55$74-$79
70$116.80$53-$58$173.70$78-$83
71$119.60$56-$61$177.90$83-$88
72$122.50$60-$65$182.25$88-$93
73$125.30$63-$68$186.45$94-$99
74$128.10$67-$72$190.65$100-$105
75$130.90$72-$77$194.85$107-$113
76$138.50$78-$84$206.25$115-$121
77$146.10$83-$89$217.65$123-$129
78$153.70$88-$94$229.05$131-$137
79$161.40$93-$99$240.60$138-$144
80$169.00$98-$105$252.00$146-$153
81$174.70$106-$113$260.55$157-$164
82$180.50$113-$120$269.25$169-$176
83$186.20$121-$128$277.80$180-$187
84$192.00$128-$135$286.50$191-$198
85$197.70$135-$142$295.05$202-$209

Male Non Tobacco

AGE$10,000 With
Lincoln Heritage
$10,000 With
One Of Our Companies
$15,000 With
Lincoln Heritage
$15,000 With
One Of Our Companies
50$88.70$29-$32$131.55$42-$46
51$90.60$30-$33$134.40$43-$47
52$92.40$31-$34$137.10$45-$49
53$94.30$32-$35$139.95$46-$50
54$96.10$33-$36$142.65$48-$52
55$98.00$35-$38$145.50$51-$55
56$99.70$36-$39$148.05$53-$57
57$101.50$37-$40$150.75$55-$59
58$103.20$39-$42$153.3$57-$61
59$104.90$40-$44$155.85$59-$63
60$106.70$42-$46$158.55$62-$66
61$109.90$45-$49$163.35$66-$70
62$114.00$47-$51$169.50$70-$75
63$116.30$50-$54$172.95$74-$79
64$119.60$53-$57$177.90$78-$83
65$122.80$55-$59$182.70$82-$87
66$127.40$59-$63$189.60$87-$95
67$132.00$62-$66$196.50$92-$97
68$136.60$66-$70$203.40$98-$103
69$141.30$70-$74$210.45$103-$108
70$145.90$73-$78$217.35$108-$113
71$151.00$78-$83$225.00$115-$121
72$156.20$82-$87$232.80$122-$128
73$161.30$88-$93$240.45$130-$136
74$166.50$93-$98$248.25$138-$144
75$171.60$99-$104$255.90$147-$153
76$177.80$106-$112$265.20$158-$164
77$184.10$113-$119$274.65$168-$174
78$190.30$119-$125$283.95$178-$184
79$196.50$126-$132$293.25$187-$183
80$202.80$132-$139$302.70$197-$204
81$205.00$143-$150$306.00$212-$217
82$207.20$153-$160$309.30$228-$235
83$209.40$163-$170$312.60$243-$250
84$211.60$173-$180$315.90$258-$265
85$213.80$183-$190$319.20$273-$280

In case you are wondering; yes those are real numbers.

Shocking right?

Lincoln Heritage

Their underwriting really is that bad.

If you have any of those health issues, we can only imagine how glad you are that you found this Lincoln Heritage Funeral Advantage review.

We aim to please 😉

 

Does Lincoln Heritage Life Insurance Company Really Pay Claims In 24 Hours?

Every form of Funeral Advantage advertising will reference the fact that they pay claims in 24 hours once it’s approved. It’s eye catching and clever. We give them points for that no doubt.

God forbid, if you ever speak to one of their agents, they will tout this claim as if it was the etched into the side of Plymouth Rock by Columbus himself.

So what the deal… Do they really pay claims in 24 hours?

Let’s get down to the facts about it.

Look at the images below from their website and their online advertising. They perfectly highlight a sort of sleight of hand that’s common in the advertising world.

 

Lincoln Heritage

Lincoln Heritage

Lincoln Heritage

 

Did you see how they slipped in a little phrase like “of claim approval”, or “once a claim is approved”?

Here they are again; only we highlighted them for you.

 

Lincoln Heritage

Lincoln Heritage

Lincoln Heritage

 

In case you haven’t figured it out by now, no your claim will not ever be paid within 24 hours of the insured passing away.

Now why is that?

It’s simple. Your claim must be approved before they even consider paying it.

Here’s the bottom line

There is no circumstance where you can get them to approve a death claim instantly, for it to be paid in 24 hours or less.

If your claim were to take 2 days, 5 days, 10 days, or a month to be approved, you would have to wait until it was finally approved before they would consider paying it.

If you listen to their agents, or browse their website, you would be left with the a certain impression. And make no mistake, the impression you are left with is by design!

They want you to think the following…


You buy a Funeral Advantage life insurance. At any point you can notify Lincoln Heritage Life Insurance Company that the insured passed away. Then boom in less than 24 hours, you have a check in hand.


That is what they want you to think, but as you now know, that is not how it works.

That pesky little word “approval” just messes everything up 😒.

 

What About After They Approve A Death Claim?

A death claim being paid 24 hours after it’s approved is pretty good right?

Yes it is. We would absolutely agree that’s a good thing.

However, the issue is Lincoln Heritage Funeral Advantage insurance agents routinely tout this as fact. The problem is a little thing called proof.

Just because a company says something or makes a claim does not mean it’s true.


Here’s a quick example: This company that was selling a $400 juicer. They sold these special juice packets that only their juicer could squeeze. It was later revealed that the packets could be squeezed by hand! Nice claim huh?


What if we said the following: “Choice Mutual will help you get a burial insurance plan, and when your coverage goes into effect you will lose 10 pounds”.

Would you believe that claim?

We said it, but does that make it true? Of course not! Talk is cheap for reason.

We could put it right up on our website’s homepage too and it wouldn’t matter (although it would probably piss a lot of people off).

No matter how many times they or we say something, it means nothing if it’s not in a legal binding contract.

So prove it Lincoln Heritage!

Do they have it in their contract that a claim will be paid in 24 hours after it’s approved? NOPE

Lincoln Heritage

There is no legal binding agreement anywhere in the Funeral Advantage program that makes this promise.

You will only see this claim made as advertisements from their agents and their various forms of marketing. But open up your Lincoln Heritage policy, and all mentions of a claim being paid in 24 hours are mysteriously gone.

Hmm… Now why do you think that might be?

Again they just say it. They can’t and won’t prove it.

Without proof, we call BS.

The day they post contractual proof of this claim, we will happily retract these words. We aren’t holding our breath though…

 

How You Can Get Burial Insurance That Is Up To 80% Cheaper Than A Funeral Advantage Program

Hopefully you now realize how bad of a deal Funeral Advantage insurance is. It’s crazy that they are anywhere from 20%-300% more expensive than other companies that sell the same insurance.

Now it’s time to find the best company for you and your family.

So here’s the deal

We’ll show you a surefire way to find a burial insurance plan that covers you as soon as possible, and comes at the lowest rate on the market.

And you know what? It’s super simple too!

To find your best final expense policy, you must consult with an INDEPENDENT final expense agency that represents at least 10 or more insurance companies. Have them evaluate your health, so they can compare offers from all the insurers they represent. Ultimately, they’ll pair you with whichever carrier that offers you the best deal.

Lincoln Heritage

Now obviously, we are biased here when we recommend that you reach out to us to help you with this. Putting our bias aside, we literally are the most qualified agency online to help you with this.

We are independent, and we presently work with over 20 burial insurance companies. All we do is burial insurance, and have been doing so for years now. You will are dealing with truly impartial experts here.

But here’s the kicker

Even if you don’t work with us, as long as you work with an independent broker that can shop around for you, you’ll get a really good deal.

Whatever they find for you will surely be light years ahead of what Lincoln Heritage Funeral Advantage will offer you. That’s for sure.

 

A Technical Breakdown Of The 2 Lincoln Heritage Funeral Insurance Options

The life insurance component to the Funeral Advantage program is a small face value simplified issue whole life policy. There are no physical or medical exams.

Qualification is based on your answers to some health questions and a prescription history check.

It is possible Lincoln Heritage may require you to complete a phone interview as part of the application. For example, if you purchase $20,000 or more in coverage, they will require a phone interview.

Because the policy is whole life, the following will always be true:

  • Fixed monthly rates that cannot increase
  • Death benefits are guaranteed to never decrease
  • Policy is guaranteed to never expire at any age

As you can see, the way the policy works is incredibly simple. It’s just the nature of whole life insurance. They are by no means complicated.

The policy will pay out the set death benefit tax free to your beneficiaries upon your passing (unless you have their Modified plan) which gives them the money to pay for your final expenses.

Age, State, And Face Amount Limitations

As is the case with any life insurance company, Lincoln advantage has age, state and face amount restrictions on their Funeral Advantage program.

First of all, anyone who is 0-80 can apply for up to $35,000 in coverage. If you are 81-85, you can only apply for $15,000 in protection.

Their life insurance is available in all states except for New York. It’s quite common for life insurance companies to avoid New York due to the absurd amount of regulation in the state.

Here’s a story that perfectly illustrates the absurdity of New York insurance regulation.

 

Riders

Lincoln Hertiage offers two riders that you can elect to purchase along with your policy for an additional cost.

The first one is a Child Rider.

The insured may purchase a child rider on any of their children, grandchildren, step children, or great grandchild. Children must be at least 30 days old and under the age of 18.

The child riders are sold by the unit. One unit of coverage provides $5,000 in level term coverage for eligible children. You can purchase a maximum of 5 units. The cost per unit of child rider coverage is $2.00.

Children covered by the child rider, may convert their coverage into a permanent plan. They must convert before they reach age 25. They may only convert to a permanent plan that has a face value equal to or less than the current value of the child rider.

The second rider that can be added on to your policy is an AD&D Rider.

The accidental death and dismemberment rider can actually be purchased as a standalone product. It can also be bought as a rider onto their final expense insurance.

The AD&D coverage is sold by the unit. You can purchase a maximum of 8 units. A single unit provides the following cash payout:

  • Accidental death benefit- $5,000
  • Single dismemberment- $2,500
  • Automobile accident death- $10,000
  • Common carrier accident death- $20,000
  • Death due to act of war or terrorism (not available in all states)- $20,000
  • Maximum for transport of mortal remains if death occurs more than 200 miles from home- $1,000

 

Two Underwriting Options

There are two versions of Lincoln Heritage burial insurance. Your health will ultimately determine which one you qualify for, if any.

It’s important to note that they do not have a build chart. Your height to weight ratio will not affect your eligibility or price. The same is true with one of the companies we represent Royal Neighbors.

They have an immediate death benefit option which carries a full day one death benefit that has no waiting period. In addition, they also have a a Modified benefit option which does not pay out a death benefit for certain number of years.

However, in order to qualify for either of those plans, you must not have any of their knockout conditions.

 

Tobacco Usage

Lincoln Heritage will subject you to tobacco rates if you use any form of tobacco or nicotine. That means if you use any of the following, expect to pay much higher rates:

  • Cigarettes
  • Pipe
  • Cigar
  • Chew
  • Smokeless Tobacco

But here’s the kicker

We have companies that will offer you NON TOBACCO rates if you use any of the above except for cigarettes. Sadly, cigarette smokers cannot avoid tobacco rates with any company.

 

Knockout Conditions

If you say yes to any of the following questions, you are completely ineligible for Funeral Advantage insurance.Lincoln Heritage

  • Has the applicant tested positive for HIV or been diagnosed by a physician as having a terminal illness or AIDS?
  • Is the applicant currently bedridden, hospitalized, incarcerated, in a care facility or receiving hospice care?

 


Side Note: What do you do if you actually have those condition mentioned in the two questions above? Don’t worry, Choice Mutual can take care of you. We have what are called guaranteed issue final expense policies. These have no underwriting whatsoever, so everyone is eligible even if you said yes to one of those two questions 😉.


 

The Heritage Lincoln Modified Plan

Their modified death benefit is for applicants who have certain health issues and/or are taking certain medications Lincoln Heritage deems high risk.

If you say yes to any of the following questions, they will put you into this plan:

  • In the past two (2) years, has the applicant been diagnosed with, been treated by a physician or taken medication for any of the following conditions:
    • Disease of the heart, including heart attack, heart surgery, or congestive heart failure?
    • Disease of the circulatory system, including stroke, aneurysm, or coronary artery disease?
    • Cancer, other than basal cell skin cancer?
    • Disease of the lungs, including COPD or Emphysema, other than asthma?
    • Disease of the liver or kidney, or had an organ transplant?
    • Alzheimer’s disease, dementia, organic brain syndrome or ALS (Lou Gehrig’s disease)?
    • Alcohol or drug abuse?
    • Complications of diabetes including amputation, diabetic coma, blindness, or kidney disorder?
    • Has the applicant had or been advised to have a diagnostic test relating to any of the questions listed above, except for those relating to the Human Immunodeficiency Virus (AIDS virus), for which results have not yet been received?

 

This Plan Does Not Protect You Immediately

This modified plan comes with a waiting period, so you are not protected immediately.

If you are under the age of 50, you will have a 3 year waiting period. For people who are 50 or older, your waiting period is only 2 years.

If you are under 50, here is how the policy would pay out if death occurs during the first 3 years.

  • 1st Year- Return of all premiums plus 10% interest
  • 2nd Year- Return of all premiums plus 20% interest
  • 3rd Year- Return of all premiums plus 30% interest

If you are 50 or older, here is how the policy would pay out if death occurs during the first 2 years.

  • 1st Year- Return of all premiums plus 10% interest
  • 2nd Year- Return of all premiums plus 20% interest

The modified plan is not available to anyone in Arkansas or Montana.

 

Their Immediate Benefit Plan

In order to be eligible for this plan, you would have to say no to every health question on the application. Furthermore, you cannot have filled any prescription on their modified medication list.

If you qualify, this plan offers immediate first day protection. Your benefit will be 100% payable as soon as your policy goes into effect.

One unique option available with their immediate benefit plan is the 20 pay option. This payment option is not available on their modified plan.

A 20 pay option with any life insurance company simply means that you pay on the policy for only 20 years. After the 20 years is up you are done paying, and your coverage remains for life.

If you elect the 20 pay option with Lincoln Heritage, or any insurer for that matter, your monthly premiums will far higher. They have to increase the monthly payment to ensure they get enough money within the 20 year time period.

 

What Is The Funeral Consumer Guardian Society Membership?

This would be just another one of the many lame Lincoln Heritage life insurance reviews if we didn’t address the FCGS.

Part of the Funeral Advantage program is a membership to the Funeral Consumer Guardian Society.

The Funeral Consumer Guardian Society often goes by the acronym FCGS.

Per their website, they are an independent senior advocate organization. They are not affiliated with any religion, funeral home, cemetery, or any particular funeral approach.

Prior to 2015, anyone was able to directly obtain a membership to FCGS. However, sometime in 2015 they made a change and stopped accepting direct applications.

Currently, the only way to get a membership to FCGS is to buy a Lincoln Heritage policy.

Let’s be clear on one major thing here.

The FCGS membership is the reason why Lincoln Heritage agents will attempt to justify their exorbitant prices. Don’t believe a word of it. Every FCGS benefit can be achieved on your own for free without having to pay for an overpriced Funeral Advantage burial insurance plan.

When Lincoln agents claim that the Funeral Advantage program assists seniors with planning their funeral, they are referring to the benefits provided by the FCGS.

FCGS “Benefits”

The “who we are” page of the FCGS website clearly states they have two objectives.

First, they want to help surviving loved ones in charge of funeral arrangements cope with the funeral planning process.

The second part of their mission is to help members save money on their funeral.

If you click on the “Member Benefits” tab, you can see a list of all the benefits they provide.

Below we list and explain the four benefits you receive when you become an FCGS member.

 

Benefit # 1: Funeral Planning Assistance

In a nutshell, they will help you document how you want your funeral carried out.

There are many moving parts to a funeral which often requires a family to quickly make decisions about how they are going to carry out the funeral for their loved one.Lincoln Heritage

FCGS’s solution to this predicament is paper questionnaire.

Basically, they will send you a couple of forms to complete. On these forms you will answer questions like:

  • What color flowers do you want?
  • Do you want to be buried or cremated?
  • Would you want a viewing?
  • Do you want certain music played?
  • This list goes on…

The questionnaire will address all the possible options associated with a funeral. After you fill it out, you send it back in. They will keep it on file for you.

Lincoln Heritage funeral planning consists entirely of this paperwork they send you.

 

Our Take On This Benefit

Let’s be clear on one thing.

Documenting your final wishes is always a wonderful thing to do. Honestly, if you in anyway document you final wishes, your family will greatly appreciate it.

This part of the FCGS membership is a great idea.

However…

You can easily document your final wishes on your own. You don’t need the FCGS to aid you in doing so.

By no means is this benefit a reason to spend 20%-300% more on your burial insurance.

It’s super easy for you to document your desired funeral arrangements. Furthermore, paper forms meant to record your funeral plans are neither special nor unique.

If you Google “final wishes guide”, the very first search result provides the exact same thing!

To make it easy on you…

You can print out a final wishes guide anywhere. The only difference is, it won’t say FCGS on it (not that it matters).

Lincoln Heritage

If you don’t have a printer, there are many companies that will literally send you the paperwork. They too will store your wishes on file.

We don’t lend much weight to a “benefit” that is available to literally every human being in the USA.

You should absolutely document your final wishes. It will alleviate your family from having to make a lot of tough decisions when you pass away.

However, don’t be tricked into thinking an overpriced funeral insurance policy is your only path to a final wishes guide. It’s definitely not.

 

You Should Store Them With You

If you have your final wishes documented, keep these documents with your life insurance policies! What if something happens in the future, and you are no longer doing business with Lincoln Heritage?

If you are no longer their client, your family will not be able to call FCGS to access your documented wishes.

The FCGS aside, you should not rely on any external company to store these records. You should have this kind of documentation with you!

Keep these documents along with all your life insurance policies. Keep them all together.

Lincoln Heritage

This way, your family will have the names of the insurers they will need to contact. Additionally, they will have a complete guide to how you want your funeral carried out.

If you keep these documents, you ensure your family will access them. This method leaves nothing to chance.

 

Benefit # 2: Funeral Funding Information

With this benefit, they claim they can help you make sure the person taking care of your final arrangements will quickly receive the money needed to pay your funeral bills.

The obvious question is, how do they accomplish this?

Lincoln HeritageThe way they make good on this claim is done merely by notifying Lincoln Heritage about the insured’s passing.

You call FCGS, and tell them your loved one passed. They will in turn call Lincoln Heritage.

Just the same, you could call Lincoln Heritage directly. The net result would be the same.

Every life insurance company must be notified about an insured passing away. This is how they know to start the claim process. Who notifies the insurance company changes nothing.

Honestly, it’s laughable to claim this as a benefit. It’s no wonder their wording on this “benefit” is totally vague and non specific.

 

Benefit # 3: Funeral Plan Security Service

This benefit entails them storing your funeral plan (the papers they send you) safely in their computers. Furthermore, its available to your family through a special coded ID card.

This all sounds well and nice. Unfortunately, this basically means nothing.

As we have already stated, you should store you own funeral plan in your own home. Aside from that, your funeral plan contains no personal information like your social security number or bank information.

If someone were to get a hold of your funeral plan, all they would know is what color flowers you want at your funeral.

The “special coded ID card” they assign to you, is a gimmick. There are many companies that will offer you free funeral planning services. They all assign you a member number. It’s just an internal way of tracking their members.

These ID numbers are nothing special, and certainly aren’t some unique security feature.

This “benefit” is equivalent to a grocery store boasting about their automatic opening doors. In this day and age, every grocery store has those!

 

Benefit # 4: Funeral Plan Activation Help

With this benefit, they say your family can simply call FCGS to notify them of your passing, and they will contact the selected funeral home. They will pass along your funeral plan, and help your family find price discounts whenever possible.

This last benefit is the one what Lincoln Heritage really pushes. Per the Lincoln Heritage website, they claim FCGS saves the average family $1,800 on traditional funerals. They assert they save up to $600 on cremation services.

Lincoln Heritage

In a sales presentation by Lincoln Heritage, they will flaunt the immense savings the FCGS membership provides. They will tell you that the FCGS will negotiate, on behalf of your family, with the funeral homes. They claim that these negotiations very often result in savings on the funeral.

This indeed may be true to some degree. How much they negotiate or how much effort they put forth is entirely unknown.

In fact, there is no way they will clearly define exactly how this will be accomplished. If history is any indication, a lack of clarity usually is done so for a reason.

Even if they truly do save an average of $1800 on a traditional funeral, it’s still not worth it.

Why isn’t it worth it? Simple. It’s math.

The extra money you have to pay for their insurance would buy you more than $1800 in additional coverage elsewhere.

 

Which Of These Two Options Would You Choose?

  1. Buy your burial insurance through Lincoln Heritage. Your monthly payment will be about 20%-300% more per month relative to their competitors (and you may have a 2 year waiting period). However, they might save your family $1800 on your funeral.
  2. Take the same monthly premium you were going to spend with Lincoln Heritage, and put it with another insurance company. This other burial insurance company will provide you with 20%-300% more coverage than what Lincoln Heritage provides.

What does 20%-300% more coverage look like in real numbers? Sure, lets do the math…

If you bought $10,000 in Lincoln Heritage Funeral Advantage insurance, that same premium would buy you $12,000-$30,000 in coverage with another company.

Lincoln Heritage

See the difference? 😮

Lincoln Heritage

Which of those two options leaves your family with the most money after its all settled?

The numbers simply do not lie.

The other side of the “savings” coin is the fact that ANYONE can do the exact same thing. You don’t need an FCGS representative to call around for pricing.

In today’s marketplace, every consumer understands how shopping around is the key to getting the best price on their goods and services.

Calling 3-5 funeral homes for prices is something anyone can do.

 

The FCGS is just a sales gimmick

Every single benefit provided by the FCGS is neither unique, special, or inaccessible elsewhere. Furthermore, ALL of these services can be easily acquired for free.

Go to www.dignityplanning.com if you want a free funeral planning service like the FCGS. It’s totally free.

  • You can and should have you own final wishes guide. Google “final wishes guide”. Print your own and keep it with your important papers. If you want, contact us and we will email you one for free!
  • Don’t have your family rely on any third party to notify your insurance company that you have passed. Your beneficiaries should do that themselves. Keep all your life insurance policies together so your beneficiaries know what companies to call.
  • Tell your family to call a handful of funeral home to compare prices. Funeral homes all charge different rates, and they are all required to give you an itemized price sheet. Your family can easily identify which one will charge the least.

Those three bullet points completely encompass the “benefits” provided by FCGS, and it won’t cost you a dime.

Lincoln Heritage

Why they push the “value” of the fcgs

The harsh reality is that Lincoln Heritage talks up the great value that is Funeral Consumer Guardian Society for one simple reason.

The FCGS “value” is pushed to justify Lincoln Heritage’s overpriced burial insurance.

Their final expense insurance is among the most expensive on the market, but the way they make it stick to unsuspecting customers is via the FCGS membership.

In the end, the FCGS is the logic they feed their patrons. It’s how they convince them why it’s reasonable to pay 200%-300% more for their final expense insurance.

All in all, the Funeral Consumer Guardian Society is a nothing benefit. Its just a sales gimmick. It certainly is no reason why you should drastically overpay on your funeral insurance.

They should be saying that the Funeral Advantage program assists seniors in overpaying for final expense insurance. 😈

 

Lincoln Heritage Company Background

Founded in 1963, Lincoln Heritage focuses only on selling just final expense life insurance.

Now they have dabbled with some term life insurance here and there, but their flagship product has always been funeral insurance.

No Lincoln Heritage insurance review would be complete if we didn’t mention that they sell a lot of burial insurance. Presently, Lincoln Heritage sells more final expense insurance than any other insurer in the nation.

Then again, no other insurer focuses solely on final expense, but it’s still a very noteworthy accomplishment.

 

Financials And Ratings

Make no mistake, Lincoln Heritage is a very financially secure company. They boast an impression 18% surplus to liabilities ratio which is beyond excellent for a life insurance company.

Lincoln Heritage

As shown on their website, they maintain an A- rating with A.M. Best, and their A+ BBB listing shows them in a positive light as well.

About ChoiceMutual.com
About ChoiceMutual.com

Choice Mutual works with all the top burial insurance companies throughout the nation to secure you the best price possible.

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4 Comments

Kat Whittingtom

I was looking into getting my license in FL ( I have MN & Iowa) but thanks to you, I know I don’t want to work for Lincoln Heritage! I did answer an ad….. are you hiring in Ocala FL?

June 14, 2017 at 8:56 pm
    Choice Mutual

    Hi Kat,

    We’re glad that you found our LH review enlightening. Unfortunately, all of our agents work in our main office here in Reno, NV. We don’t contract agents remotely, so we can assist you.

    However, if you need the name of an agency in FL, shoot us an email at info @ choicemutual.com and we’ll respond with the contact info for some agencies that can definitely help you.

    Best of luck to you!

    June 14, 2017 at 9:22 pm
Travis

The uneducated and bias writer of this review failed at many points regarding Lincoln Heritage Insurance. One of the most important being the claims process. There is not one company out there that pays quicker than Lincoln Heritage. Almost all insurance companies takes weeks to months to pay, often making families jump through hoops to collect the funds.

Also, customer service was not covered in the review either. You know why? Because when you call Lincoln Heritage you get to speak to an actual American human without pushing buttons! Cal any other insurance 800 number and see if you don’t have to go through an automated system.

The FCGS DOES negotiate the families funeral cost. The idiot who wrote this review is trying to tell families to go price shop and independently plan for their own funerals. Because that’s what families enjoy doing on the most emotional day of their lives. The fact is funeral homes overcharge and Lincoln Heritage takes that out of the equation. Request a recording of the FCGS helping a family member at the time of death. You will change your tune.

Insurance companies care about collecting premiums. Lincoln Heritage cares about helping the family at the time of death and paying death claims. So yes it is more expensive. But rest sssured if your family has $10,000 in life insurance. With any other company, that funeral will cost you $10,000. With Lincoln Heritage it would be thousands of dollars left.

Someone here is jealous that Lincoln Heritage is a Famiy Owned and Operated company that happens to be #1 in Final Expense. Instead of knocking the success, maybe you should start taking notes…

July 2, 2017 at 1:35 pm
    Choice Mutual

    Hi there Travis,

    Thanks for taking the time to respond. Even though, your opinion of Lincoln Heritage differs from ours, we always appreciate a little debate.

    Let’s address your points:

    First, your claim is that Lincoln Heritage paying claims faster than anyone in the industry.

    Prove it! It’s very easy to say something; it’s another to prove it. The truth is, you can’t produce anything that substantiates that claim. Therefore, it’s meaningless. Does a LH policy stipulate a 24-48 death claim payout? Nope. Is is somewhere else in another contract? Nope. Again, without some sort of proof, a claim is just that- a claim. It’s not a truth. If you can produce some sort of proof to back up this claim, we’ll happily retract our statements.

    Let’s talk more about this 24-48 claim payout claim. We have had literally hundreds if not thousands of conversations with LH clients and potential LH clients. Most of the time, they reference this 24-48 claim payout as a huge reason why they went with LH or were thinking about it.

    You want to know something every single one knew nothing about? Contestability. Not one time were these clients/potential clients informed about the contestability period. This is especially problematic for a variety of reasons. First, as licensed life agents, we are duty bound to inform our clients about the terms and conditions of the insurance contract we are selling. Second, the contestability clause proves that this 24-48 is a bold face lie when death occurs during the first 2 years of the contract. We assume you are a LH agent which means you like all the other agents probably tell your clients about the 24-48 hour death claim payout. But do you tell them about how that’s impossible during the first two years due to the contestability clause? Maybe you do. Although we doubt it because again literally not once has any LH client ever known anything about this clause or how it works.

    You and I both know, there is no life insurance company in the world that will not investigate a death claim that occurs during the first two years. Given that, it’s completely impossible that any death claim that occurs during the first two years of a policy will be paid within 24-48 hours by LH or any life insurance company for that matter.

    Even after the contestability period is over, there still is NO proof whatsoever that LH will pay a claim as fast as 24-48 hours.

    Second, you mention that we failed to include LH’s customer service.

    I guess you got us here. We didn’t mention their “customer service”. If you want to that in depth, I guess you could say that we didn’t review the quality of the paper LH policies are printed on, or how LH has really nice T shirts.

    Our clients call us. Our business hours are the same as LH. We tell our clients to not call whichever carrier we put them with. Whatever they need, WE handle it for them. In the event, we need to get them on the phone with the carrier, we do a 3 way call with the client. You want to know how long it typically takes for us to get one of our many carriers on the line? Usually it’s 1-2 minutes. This is hardly an inconvenience for our clients. They call us, and we do rest. Even if they had to call the carrier direct, going through a simple call menu which takes a few minutes is well worth the benefit of paying 20%-300% less for their final expense insurance.

    Is it your opinion that one of the reasons a client should pay 20%-300% for their final expense insurance with LH is because they can call LH an speak with a person instead of having to go through a call menu? It’s a free country brother, but that is one strange opinion if that’s your stance.

    Third is your claim about the value of the FCGS membership.

    We don’t doubt that FCGS does some negotiating. If you have a recording, we’d like to hear it. Please email it to us at info @ choicemutual.com.

    How much does the FCGS save the average family? We’ve seen all sorts of numbers claimed by the LH agents. The truth is, there’s no evidence regarding how much the FCGS will save anyone if it’s anything at all.

    And yes we do encourage families to call 3-5 funeral homes to get prices to ensure they are getting a good deal. You are right; it’s not what a family want’s to be doing when they’ve recently lost a loved one. But you know what; in life there are multiple occasions where tough decisions must be made. If the family does not want to make the calls (we ask them), WE will do it for them. It literally takes less than 30 minutes to make these calls. In the end, we or the family can achieve the same result as the FCGS can.

    Tell us which you think is better:

    Option 1: Someone buys a $10,000 LH final expense insurance which means they get the benefit of the FCGS making some calls on their behalf to negotiate funeral prices. The negotiating will result in a funeral that is likely less than $10,000. This will leave the family [$10,000-negotiated funeral cost]. That will be the amount of cash their family is left with.

    Option 2: Someone takes that same monthly premium they would given to LH, and spends it with whichever company we find is best for them. This will result in a policy that is likely to be worth $13,000-$15,000 instead of $10,000 with LH. When their loved ones passes, they or we make these calls to 3-5 local funeral homes to get the same price that the FCGS would have. This will leave the family with [$13/15,000 – negotiated funeral cost]. That will be the amount of cash their family is left with. Notice something very different with option 2? The family is left with $3,000-$5,000 in additional cash because they didn’t go with LH. That’s real money that they can use in their life. That’s a lot of money that goes a long way. We’ve had many occasions speaking to beneficiaries telling us how the left over money was really helpful in a variety of ways.

    Or we could just save them a bunch of money on their $10,000 final expense policy which is huge given how most seniors are on a very fixed and limited budget these days. In either scenario, the results of the FCGS can easily be achieved without having to spend all the extra money with LH.

    You can claim that LH “cares” about the family instead of collecting premiums. Maybe they do, maybe don’t. One thing is for sure, they have a funny way of showing their clients how much they care by charging them so much more money compared to what dozens of other insurance companies charge much less for. There simply is no benefit that LH provides that cannot be easily achieved elsewhere without having to spend a ton extra to get it.

    What’s there to be jealous of? We are super glad LH is as prolific as they are. The truth is, we write a ton of business because of how they do business. We hope they keep doing it!

    Just so you know I (Anthony Martin) am the author of this post. Next time you see this article, it will likely look different because we are in the process of updating it.

    Best of luck to you Travis.

    July 2, 2017 at 5:16 pm
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