You decided to secure a life insurance policy for your family and heard about Lincoln Heritage Life from an agent, friend or an ad. Now you are trying to figure out if this company is right for you. Here at InsureChance, we provide unbiased and informative reviews about life insurance companies because we believe that biased articles don’t help consumers one bit. It’s hard picking out which life insurance company is the best for you when the article you are reading is swaying you to their opinion of the company. The truth is, the best company in one person’s eyes may not be the same for another person and that goes for the opinions of one may not be the same opinions of another so why make your articles biased? Don’t worry, today we are sticking to facts and only facts about Lincoln Heritage Life Insurance Company.
- Lincoln Heritage Life was founded by Jack Londen in 1963 when he started his first final expense insurance company.
- Just like many big box life insurance companies, Lincoln Heritage Life also takes great pride in their community involvement. According to The Business Better Bureau, they sponsor The Lincoln Heritage Council Boy Scouts of America which provides Scouting programs available to all youth in 64 different counties throughout Kentucky, Indiana, Illinois, and part of a county in Tennessee.
- The company is valued to be more than $6.59 billion which is fantastic because you always want to make sure they have enough money available for when you need your policy to pay out. The company doesn’t offer any life insurance products, they only focus on one insurance product which is their final expense policy.
- A.M Best and the Better Business Bureau both rate Lincoln Heritage an “A-” or excellent.
- It is really important as a consumer to read a company’s rating because it will give you an understanding of their financial strength. If a company is rated pretty well then they are more than capable of paying out their policyholders’ policies and are financially strong.
- Ratings are not made up of thin air, rating agencies like A.M Best and Standard & Poor’s create these ratings based on their investigation of the company’s financials.
- Lincoln Heritage is a unique company who only offers one type of product called the “funeral advantage” otherwise known as final expense insurance. This type of insurance differs from a traditional term life, whole life, and universal life policy because they are known as to only provide “burial or funeral” expenses. This means that the benefit level of the policy would only be good for funeral and any other expenditures associated with it.
Lincoln Heritage Life Insurance Company’s History
Lincoln Heritage Life was founded by Jack Londen in 1963 when he started his first final expense insurance company. In 1972, Tom London became licensed to sell insurance at only age 18 and three years later Lincoln Heritage was acquired by London Insurance Group. In 1987 the company was growing quicker than quicksand and were able to sell 100,000 policies that year and in 1991 they did $10 million in production. Three years later the London Center opened with plenty of more room for growth and the next year, 1995, the produced $25 million in production. Following that year, 1996, they had more than 250,000 policies in force. In 2001, Matt London joined the family business and helped the business have $50 million in production in 2005. In 2011, Alex London joined the family business and helped the company skyrocket to $100 million in production while having more than 690,000 policies in force in 2013.
Lincoln Heritage Life Giving Back
Similar to other large companies, Lincoln Heritage Life also like to give back some of their profits to the less fortunate. According to The Business Better Bureau, they sponsor The Lincoln Heritage Council Boy Scouts of America which provides Scouting programs available to all youth in 64 different counties throughout Kentucky, Indiana, Illinois, and part of a county in Tennessee. This scouting program consisted of programs such as Cub Scouts for boys ages 7-10 which is a family centered program in which helps these young boys to learn new skills, to build their self-esteem, and to establish positive peer and adult role models. They have another program for the older boys between the ages of 14-21 which focuses on leadership and community service and of course some outdoor adventure. In addition to these Scouting programs, there are other specific services such as a service center and 5 Scout Shops where leaders may purchase books, badges, and other Scouting supplies. They have four camping facilities and a wide range of council-sponsored activities including Council Camp-o-rees and summer camping programs. Lincoln Heritage Life has been involved with other community sponsorship but we have to get down to business now!
Lincoln Heritage Life Insurance Company Review 2017
According to their company website, Lincoln Heritage Life Insurance Company is the leading provider of Final Expense Insurance. For about fifty years Lincoln Heritage has provided their insurance services and work in 49 states with over 878,000 policies in force. The company is valued to be more than $6.59 billion which is fantastic because you always want to make sure they have enough money available for when you need your policy to pay out. The company doesn’t offer any life insurance products, they only focus on one insurance product which is their final expense policy. A.M Best and the Better Business Bureau both rate Lincoln Heritage an “A-” or excellent.
Lincoln Heritage Life Insurance Product Offering
Lincoln Heritage is a unique company who only offers one type of product called the “funeral advantage” otherwise known as final expense insurance. This type of insurance differs from a traditional term life, whole life, and universal life policy because they are known as to only provide “burial or funeral” expenses. This means that the benefit level of the policy would only cover the expenses of a funeral and burial costs but relatively little else.
Funeral Advantage
Like we mentioned earlier, Lincoln Heritage only offers one product and that happens to be a final expense product called Funeral Advantage. This program was designed to create a simplified way for people between ages of 40 to 85 secure a final expense policy to cover funeral costs and any other expenses associated with dying.
The Funeral Advantage program has two parts, one is a whole life insurance plan with no exam and a small number of health questions. This program doesn’t require you to get any health examination, however, you will be subject to answer a few health questions on a one-page application. Most people even those who suffer from a health condition that many companies deny, don’t have much trouble applying for the Funeral Advantage program. The program also has a live advisor that will help the family deal with the burden of death and provide any guidance with the claims process.
Their plan is capped at $20k which will be enough coverage to cover funeral costs since average cost in the U.S. ranges from $9k to $12k. A very attractive proposition with this plan is that benefits can be paid out within 1 business day after the claim is processed. There is also an accidental death benefit that will add another $100k of benefits if you die in an accident.
Lincoln Heritage Life Insurance Pros or Advantages
For over 50 years Lincoln Heritage Life Insurance has managed to stay a family business and have emphasized personal service that provides for quick responses. Aside from their fantastic rating, they have one of the best customer service reviews on the market! Their customer service reviews have helped them become one of the leaders of final expense insurance. Lastly, the company offers a very low-priced final expense policy which really helps those who can’t afford traditional life insurance or simply want more coverage.
Lincoln Heritage Life Insurance Cons or Disadvantages
With every good comes bad to follow. A big downfall that this A rated company has is that they only offer one product. This is amazing for those looking to only buy a final expense policy but for those who want a whole life or term life policy, there isn’t a product in this company for them. Another drawback is that this may be considered “low-priced” but in reality, it’s more expensive than a traditional policy with a medical exam because this final expense policy doesn’t require a medical exam and in our experience, no medical exam policies carry a hefty price tag.
You still have options
Lincoln Heritage is a great company for someone who is looking for an easy solution to getting a final expense policy. However, there are a dozen insurers that offer final expense and give you an option of getting a higher amount of coverage. You can also potentially get a better rate so be sure to check out our final expense quoter and let the best company win. You may also qualify for a higher end plan with more underwriting but a much more competitive rate. The best thing you can do is call us and get one of our pros to help you with the entire life insurance shopping process. So call us today at 888.492.1967!
