What is Lincoln Heritage Funeral Advantage Life Insurance?
Lincoln Heritage Funeral Advantage Life Insurance is a type of life insurance policy that is designed specifically for covering end-of-life expenses such as funeral costs. It is offered by Lincoln Heritage Life Insurance Company, which has been in business since 1963 and is one of the leading providers of final expense insurance in the United States.
The Funeral Advantage policy provided by Lincoln Heritage offers several benefits to policyholders. Firstly, it is designed to be simple and easy to understand, so applicants can get coverage with minimal complications. Secondly, the policy provides guaranteed approval for applicants aged between 40 and 85, without requiring any medical exams or health questions. This makes it a good option for older individuals or those who may have some health issues.
In addition to the guaranteed approval, the policy also offers coverage amounts ranging from $1,000 to $35,000 to help cover funeral expenses and other end-of-life costs. The policy also provides an accelerated death benefit rider, which allows policyholders to access a portion of their death benefit in case of a terminal illness.
One major advantage of the Lincoln Heritage Funeral Advantage policy is its affordability. The premiums are fixed and will never increase. This means that policyholders can rest easy knowing that they will not have to worry about increasing costs as they get older or if they develop any health issues.
Overall, the Lincoln Heritage Funeral Advantage Life Insurance policy is an excellent option for individuals who want to ensure that their final expenses are covered and that their loved ones are not burdened with such expenses. It is simple, affordable, and does not require a medical exam, making it a great choice for older adults or those who may have health issues.
Frequently Asked Questions about lincoln heritage funeral advantage life insurance
The Funeral Advantage plan is a whole life final expense insurance policy from Lincoln Heritage Life Insurance Company. It pays a tax-free cash benefit to your loved ones so they can cover your funeral expenses. It's available up to $35,000 in all states except for New York and Washington.
What it offers. Lincoln Heritage's funeral advantage program provides a final expense insurance cash benefit, also known as burial insurance or funeral insurance. Beneficiaries have access to family support services provided by the Funeral Consumer Guardian Society (FCGS).
Lincoln Heritage Leadership. From the very beginning, our company has operated according to two overriding principles: respect for our policyholders, home office associates, and field representatives, and an all-encompassing devotion to personalized, prompt, and accurate service.
Life insurance is a contract between a life insurance company and a policy owner. A life insurance policy guarantees the insurer pays a sum of money to one or more named beneficiaries when the insured person dies in exchange for premiums paid by the policyholder during their lifetime.
A prepaid funeral plan allows you to pay for the essential elements of a funeral in advance, either for yourself or for someone else. Plans typically cover many (though not all) of the costs associated with a funeral, such as a coffin and a hearse.
The other big disadvantage of funeral insurance is the fact that a funeral will still need to be arranged once the lump sum has been paid, so family members or friends will be adding another job to the list during what can be a very difficult time.
Unlike term insurance, whole life policies don't expire. The policy will stay in effect until you pass or until it is cancelled. Over time, the premiums you pay into the policy start to generate cash value, which can be used under certain conditions.
Lincoln Heritage earned 2.5 out of 5 stars for overall performance. NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.
Fast Facts
- NAME: Abraham Lincoln.
- NICKNAMES: Honest Abe, the Great Emancipator.
- BORN: February 12, 1809, near Hodgenville, Kentucky.
- DIED: April 15, 1865, in Washington, D.C.
- TIME IN OFFICE: March 4, 1861, to April 15, 1865.
- VICE PRESIDENTS: Hannibal Hamlin (first term), Andrew Johnson (second term)
Abraham Lincoln became the United States' 16th President in 1861, issuing the Emancipation Proclamation that declared forever free those slaves within the Confederacy in 1863.
Buying life insurance protects your spouse and children from the potentially devastating financial losses that could result if something happened to you. It provides financial security, helps to pay off debts, helps to pay living expenses, and helps to pay any medical or final expenses.
The life insurance policy provides with the much-needed cover against risk and offers you opportunities to grow your savings It is also an effective tool that enables you to save for future expenses that may occur, such as the higher education or marriage of children.
Life insurance and funeral plans both pay out a lump sum when you die. The difference is about how the payout can be used. If you have life insurance, your loved ones can use the money on anything they want (including a funeral). With a funeral plan, the payout must be spent on a burial or cremation.
Types of funeral plans
Basic: might just cover the cost of your burial or cremation, have restrictions on time and date of the funeral and when your loved ones can view the body. Standard: might provide a limousine for the funeral procession, basic coffin, along with the cover provided by a basic plan.
The main considerations of owning a life insurance policy come down to finances. The biggest advantage is that if you die, your beneficiaries receive a lump-sum payout called a death benefit. The biggest disadvantage is that you have to pay monthly or annual premiums for this benefit.
Your whole life premium stays the same for life.
The fixed premium of a term insurance policy typically ends after 10, 20, or 30 years. And with some other types of permanent coverage, the premium cost can go up later. But with whole life, the premium you pay when you take out your policy never increases.
