Lincoln Heritage Life Insurance Review

Final expense coverage with no medical exam

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Lincoln Heritage Life Insurance

Lincoln Heritage Life Insurance

Our Take

Lincoln Heritage Life Insurance offers final expense insurance that does not require a medical exam. Lincoln Heritage’s life insurance policies are known for fast claims payouts with a 24-hour payout guarantee once a claim is approved. It’s a good option if you want to get life insurance to cover your funeral expenses without a long application process.

  • Pros and Cons
  • Key Takeaways
  • Specifications
Pros and Cons
Pros
  • Claims paid 24 hours after approval

  • One page application

  • No medical exam

  • Up to $100,000 in additional accidental death coverage can be purchased

  • AM Best rating of A- for financial strength

Cons
  • Does not say how long approval takes

  • Not guaranteed-issue

  • No other types of life insurance

  • Few policy details on their website

  • Does not offer riders other than accidental death coverage

Key Takeaways
  • Lincoln Heritage Life Insurance provides final expense life insurance up to $20,000 but does not offer any other life insurance products.  
  • Coverage is marketed to people over 50 and it offers coverage even if you might have certain pre-existing conditions.  
  • Lincoln Heritage Life Insurance does not offer products like term conversion or any other forms of life insurance, so you will have to get your non-final expense-related insurance needs covered elsewhere.
Specifications
  • Year Founded 1963
  • Kinds of Plans Final expense
  • Number of Plans 1
  • Payment Options Mail, online, phone, automated payment
  • Official Website https://www.lhlic.com/

Introduction

Lincoln Heritage Life Insurance is a life insurance company that sells final expense life insurance coverage online, over the phone, or through local agents. It offers one plan that provides up to $20,000 in coverage and that does not require a medical exam to qualify for but is not guaranteed issue. 

We reviewed Lincoln Heritage Life Insurance’s policy offering, rider, pricing, customer service, industry ratings, and more to help you decide if their policy is right for you.  

Company Overview

Lincoln Heritage Life Insurance is headquartered in Phoenix and claims to be, “the #1 final expense insurance program in the nation.” It has over 1,186 employees and is a small, niche insurance provider with one product aimed at people over 50. They are rated A- by AM Best for financial strength. 

Lincoln Heritage Life Insurance offers fast approvals and affordable rates as well as fast payment of claims. In fact, the company is committed to paying claims within 24 hours of claim approval so that you have the money you need as soon as possible to pay for final expenses like funeral services or cremation. 

As a benefit of your policy, the company also provides access to a representative from the Funeral Consumer Guardian Society at no additional cost. These industry experts help you price-shop, review contracts, and save money on planning a funeral. 

The company is licensed for business in 49 states (excluding New York). 

Available Plans 

Lincoln Heritage offers final expense life insurance sold directly to consumers or through local agents, some of whom sell the insurance door-to-door. 

Final Expense Insurance

Lincoln Heritage Life Insurance offers up to $20,000 in final expense whole life insurance that’s sold without a medical exam. Instead, you’ll fill out a short one-page application that asks questions about your medical history. While it is not a guaranteed-issue policy, Lincoln Heritage Life Insurance does cover people with common health problems, which means you’re unlikely to get turned down for coverage even if you have one of these conditions. 

Policy premiums are fixed and do not increase over the life of your policy. 

Note

Plans that are given out without a medical exam but which aren’t guaranteed-issue are called simplified-issue plans.

Available Riders

Lincoln Heritage Life insurance only offers one rider, an Accidental Death Benefit rider, that you can purchase as an add-on to your coverage. This rider will pay out $100,000 in the event of your accidental death

Riders are also not guaranteed-issue and might not be available to all applicants. You will need to contact Lincoln Heritage Life Insurance to find out the cost of the rider for you and if you qualify for it. 

Customer Service: Good Phone and Online Options

Lincoln Heritage has separate customer service hotlines for their claims, customer service, and policy payments. Their call center hours of operations are from 6:00 a.m. to 5:00 p.m. MT Monday to Friday, and from 6:00 a.m. to 2:00 p.m. on Saturday. You can also contact Lincoln Heritage Life Insurance via email, online form, and fax.

Customer Satisfaction: More Complaints Than Average 

The National Association of Insurance Commissioners (NAIC) provides insurance companies with a rating to represent how many consumer complaints it receives to help consumers determine that company’s customer satisfaction. A company with an average amount of complaints is scored with a one. A score lower than one indicates fewer complaints and a score higher than one means the company receives a higher than average number of complaints. 

Lincoln Heritage has an NAIC complaint index of 1.39 meaning that it receives more complaints than its competitors. Many of the complaints were for things like getting unwanted junk mail from the company regarding its policies and bad customer service, including aggressive door-to-door sales. 

Financial Strength: A- (Excellent)

AM Best is a rating agency that helps consumers figure out the financial strength of an insurance company they are considering doing business with. AM Best analyzes a company’s financial strength by looking at things like the company’s business profile, performance, and balance sheet to calculate whether that company will be able to meet its financial obligations.

Lincoln Heritage Life Insurance has an A- (Excellent) rating from AM Best. 

Cancellation Policy: Must Contact the Company to Cancel

Lincoln Heritage Life Insurance offers customers a 10-day free look period. That means that you have 10 days after purchasing the policy to decide whether you want to keep it or cancel it and get a full refund. After that period, you can still cancel your policy at any time and you will get whatever the surrender value of the policy is at the time of cancellation.

Price of Lincoln Heritage Life Insurance: Varies 

What you pay for a life insurance policy through Lincoln Heritage Life Insurance will vary depending on things like your age, whether you’re a non-smoker, your gender, the level of coverage, and your general health. 

Here are rate estimates from Lincoln Heritage Life Insurance’s website of typical rates for a $10,000 policy for non-smokers in generally good health:

$10,000 Policy with Funeral Planning
Age Female Monthly Rate Male Monthly Rate
50 $25 $30
55 $28 $35
60 $33 $43
65 $41 $56
70 $53 $74
75 $72 $100
80 $93 $126

* Rate estimates based on standard health and no tobacco use

Tip

Lincoln Heritage Life Insurance agents work on commission. Make sure that you are only getting the right amount of coverage for your needs.

How Lincoln Heritage Life Insurance Compares to Other Companies

Lincoln Heritage Life Insurance offers a limited amount of coverage in the form of a final expense whole life insurance policy. While many companies that offer final expense coverage also offer other forms of life insurance to give you more selections around coverage amounts, the amount that it offers is industry average. Some companies offer more and some less for their final expense policies.

While Lincoln Heritage Life Insurance is a good option, there are other life insurance companies such as State Farm that could be a better choice.

Lincoln Heritage vs. State Farm

Lincoln Heritage Life Insurance and State Farm both offer financial expense coverage and both have excellent financial strength ratings. However, State Farm has more complaints and offers policy options to choose from that Lincoln Heritages does not, including term life insurance, whole life insurance, and universal life insurance.

Consider these other key differences between Lincoln Heritage and State Farm:  

  • State Farm only offers up to $10,000 in final expenses insurance compared to up to $20,000 from Lincoln Heritage. 
  • When working with a State Farm agent, they can determine whether final expense insurance is right for you and potentially sell you another kind of coverage. 
  • State Farm does not offer riders on its final expense insurance, while Lincoln Heritage offers an Accidental Death Benefit rider. 
  • State Farm has more responsive forms of customer service including better online and mobile options.
  Lincoln Heritage Life Insurance  State Farm
Types of plans Final Expense Whole, term, universal, final expenses
Customer service  Phone, fax, online form, email Phone, email, online, mobile.
NAIC complaint index 1.39 1.92
Optional riders available Yes Yes
AM Best rating A- A++
Tip

There are final expense insurance policies that offer higher coverage amounts, so shop around to make the best selection.

Final Verdict

Lincoln Heritage Life Insurance is well-known because it runs mailing and door-to-door marketing campaigns for its final expenses whole life insurance policy. It offers a simplified-issue policy for up to $20,000 with no medical exam but not everyone qualifies for it. Also, it doesn’t offer as many policy options as other final expense life insurers provide. You might be able to find policies with a higher coverage amount, that offer guaranteed-issue coverage, or that have more rider options.

However, Lincoln Heritage Life Insurance could be a good choice for people who want a final expense life insurance policy that is simple to apply for, affordable, and pays out quickly. 

Methodology 

All of our reviews of life insurance companies are based on extensive research and analysis of each company based on offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. GrowJo. "Lincoln Heritage Life Insurance Company." Accessed Apr. 17, 2021.