Lincoln Heritage Funeral Advantage Insurance Review

What is Funeral Advantage?

Lincoln Heritage Funeral Advantage is a unique Final Expense insurance plan to help you pay for funeral costs and other final expenses. In addition to the cash benefit, Funeral Advantage offers FREE Funeral assistance and final wishes planning through a Funeral Society. This can be a great advantage when you lose a loved one, and you do not wish to deal with funeral arrangements yourself.

About Lincoln Heritage Life Insurance

Lincoln Heritage Life Insurance company is one of the few insurance carriers with a strong focus on Final Expense Insurance. For more than 50 years, they have been serving the senior community with the best senior life insurance plans. In fact, Funeral Advantage is the only product Lincoln Heritage promotes through various marketing systems including: Television commercials, mailer promotions, and radio advertising. Lincoln Heritage is the biggest Final Expense Company in the United States and they provide excellent benefits and outstanding customer service.

Funeral Advantage provides 3 types of final expense plans:

1. Final Expense Whole Life
2. 20 Pay Whole Life
3. Modified Whole Life

Final Expense Whole Life

Funeral Advantage offers a traditional Final Expense Whole Life insurance plan with all the classic non-forfeiture benefits only a whole life insurance plan can provide. Lincoln Heritage guarantees your contract from expiring, as long as you pay your premiums on time. It also provides cash value, which can help you cover past due payments or for emergency loans. Unlike traditional life insurance plans, funeral advantage does not require medical exams or extensive medical questions. In fact, is one of the easiest plans to qualify for.

Compare Final Expense Quotes


20 Pay Whole Life

Unlike Final Expense Whole life, which you pay as long as you live, 20 Pay Whole Life only requires payments for 20 years and you own it for life. This is a great advantage, especially for individuals between 40 and 60 years old, who don’t want to pay for a lifetime. Funeral Advantage also offers a reduced paid up insurance and extension of term. With these options, you will be able to exchange your policy for a plan of lesser value. Additionally, you may extend your original death benefit for a specific period of time without additional payments.

Modified Whole Life Insurance

If you suffer from a chronic illness (Example:Cancer, heart disease, dementia), you may qualify for a modified whole life plan with Lincoln Heritage. This type of Insurance has a 2-year waiting period before it pays the full death benefit. Once you survive the waiting period, your family is able to receive the full death benefit. Please review sample funeral advantage rates on the table below:

Funeral Advantage Graded Whole Life Rates

( Rates For a Male, Non Smoker)

Please be aware that Lincoln heritage Modified Whole life Insurance is one of the most expensive 2-year waiting products out there. The main reason is because Lincoln Heritage may accept people with the most medical issues. However, It may be a good idea to compare rates with other Graded Whole Life Insurance Companies. Feel free to use our Final Expense Calculators so you can compare Funeral Advantage with other top rated Life Insurance Companies.

Compare Graded Whole Life Rates


Not Everyone Qualifies For Funeral Advantage

Funeral Advantage considers certain individuals uninsurable. This means that if you suffer from certain medical conditions, you cannot buy a funeral advantage insurance policy. These are the some of the events and conditions, which will make you ineligible:

  • Incarceration.
  • Terminal Illness.
  • Hospice treatment.
  • If you have Aids or HIV Positive.
  • If you are confined to a bed.

As you can see, Lincoln Heritage Funeral Advantage does not approve everybody. Sometimes, we hear agents making these claims, or clients tells us they thought anybody qualifies. One of the most common reasons someone may not qualify is due to confinement. Confinement is defined a by Medicare as “the inability to get up from bed without assistance, ambulate or to sit in a chair or wheelchair”. This can be confusing during a medical interview. Therefore, It is very important to understand the qualifying process Final Expense Insurance companies follow. When you speak to one of our agents, you are speaking to a final expense specialist, who knows every insurance company’s underwriting criteria. We offer life insurance companies who will qualify anyone with any of these conditions. It is called Graded Whole Life Insurance. Feel free to compare Graded Whole Life Insurance rates with our insurance calculator.

Funeral Advantage 24 Hour Claim Payments

The only Final Expense insurance promising 24 hour payment of benefits is Lincoln heritage Funeral Advantage. In fact, Lincoln Heritage Life Insurance website states that “cash benefits are paid in 24 hours, once the claim qualifies for an approval”. Therefore, the 24-hour promise can only be true once the beneficiary and/or funeral home sends all proper documentation to the claims department, and they approve the claim. This includes: Death certificate, original policy, and beneficiary claim form. Also, It is important to mention that most death certificates in the United States take 1 to 2 weeks to process. At the end of the day, no death certificate, no insurance money. Consequently, Most funeral homes will require the beneficiary to assign* the final expense policy to the funeral home in order to initiate the funeral arrangements. As we investigate further, we find that the Lincoln Heritage Final Expense policy does not contain this provision in writing. Remember, if is not in the contract, Lincoln Heritage has no legal obligation to pay the death benefit in 24 hours.

* Assignment: An assignment is the process a funeral home follows in order to accept a payment from a Life Insurance policy. The beneficiary fills out the assignment form and authorizes a portion of the life insurance policy to the funeral home for the services rendered.Later, The beneficiary will receive any funds still available in the life insurance contract.

Disclaimer: We do not represent Lincoln Heritage Life Insurance company. This article is for informational and comparison purposes only.

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