For seniors over the age of 50, final expense insurance is an important consideration. Lincoln Heritage final expense plans, called Funeral Advantage, are one option.
They are designed to provide peace of mind and financial security for those who want to protect their families in the event of a sudden passing or illness.
Is Lincoln Heritage final expense’s Funeral Advantage right for you?
We’ll discuss everything you need to know: what these plans entail, who’s eligible for them, and how much they cost, so that you can make an informed decision.
Table of Contents
- What is Lincoln Heritage Final Expense Insurance?
- How Does it Work?
- Who is Eligible?
- What Does Lincoln Heritage Final Expense Insurance Cover?
- How Much Does Lincoln Heritage Final Expense Insurance Cost?
- Alternatives to Lincoln Heritage Final Expense
- Frequently Asked Questions
- Next Steps
What is Lincoln Heritage Final Expense Insurance?
Lincoln Heritage Final Expense Insurance is a type of burial life insurance designed to help seniors cover the costs associated with their funeral and other end-of-life expenses. It aims to provide financial protection for those who may not have enough savings or other resources to cover these costs.
But, as with any life insurance product, you need to read the fine print before proceeding.
The coverage provided by Lincoln Heritage Final Expense Insurance is typically up to $35,000 in death benefit protection, although this amount can vary depending on the plan chosen.
The premiums are also relatively low compared to traditional life insurance policies and can be paid monthly, quarterly, semi-annually or annually.
How Does it Work?
There are three basic components to how a final expense policy works.
First, the policyholder pays a monthly premium which will vary depending on their age, health status, and the amount of coverage they choose.
Next, the policy also has a death benefit which will be paid out upon the death of the insured person.
Last, the beneficiary designated by the policyholder will receive this money in order to pay for any final expenses incurred at the time of death.
Who is Eligible for Lincoln Heritage Final Expense Insurance?
To qualify, the policyholder must be in decent health and able to answer a few simple medical questions. The insurance plan is designed to help cover funeral costs, burial expenses, and other end-of-life expenses that can add up quickly.
In order to be approved for coverage, applicants must meet certain criteria such as being between the ages of 50 and 85 years old with no major illnesses that would make them ineligible for coverage.
Additionally, applicants will need to provide proof of identity such as a driver’s license or passport along with their Social Security number when applying for coverage.
The amount of coverage available through Lincoln Heritage Final Expense Insurance varies depending on the individual’s age and health status at time of application but typically ranges from $2,000-$35,000 in death benefit protection.
Premiums are based on factors like age and gender so it is important to shop around before making a decision about which plan best meets your needs.
Key Takeaway: Lincoln Heritage final expense insurance typically is only ideal under certain circumstances. If you have health conditions, look elsewhere.
In order to qualify for Lincoln Heritage Final Expense Insurance, applicants must meet certain eligibility requirements such as being between the ages of 50 and 85 years old and having no major health issues that would make them ineligible for coverage.
Note – many burial insurance companies offer guaranteed issue polices that do not ask any health questions.
What Does Lincoln Heritage Final Expense Insurance Cover?
Lincoln Heritage Funeral Advantage insurance, just like all burial insurance, is intended to cover a variety of end-of-life expenses including:
- Funeral costs (including burial plots).
- Medical bills incurred prior to death.
- Modest outstanding debts such as credit card balances.
- Legal fees related to estate documents like filing a death claim.
- Other final expenses you may incur, such as travel expenses associated with attending the funeral.
How Much Does Lincoln Heritage Final Expense Insurance Cost?
The cost of Lincoln Heritage’s final expense insurance plans will depend on factors such as the type of policy, age at application time, health status, and gender.
Generally speaking, it tends to be more affordable than traditional life insurance policies due in part because face amounts are modest in size.
Most people pay anywhere from $50 – $150 per month (but sometimes significantly more) depending on their individual circumstances.
Again, this number could change based on various factors; thus, it is important that you speak directly with an agent about what your specific premium might look like before you decide this type of product makes sense for you financially.
Key Takeaway: Lincoln Heritage final expense insurance (Funeral Advantage) needs to be compared and contrasted with other types of similar policies. An independent agent will walk you through the process.
Alternatives to Lincoln Heritage Final Expense Plans
Lincoln Heritage’s final expense plans are not the only option. Consider the following alternatives. Many offer more affordable, high quality burial plans.
Corebridge Guaranteed Issue Whole Life Insurance
Corebridge Guaranteed Issue Whole Life Insurance, formerly AIG, is an alternative to Lincoln Heritage’s Funeral Advantage.
This policy offers coverage of up to $25,000 with no medical exam or health questions required. The premiums are fixed and guaranteed never to increase, making it a great option for seniors who want the security of life insurance without having to worry about increasing costs.
Additionally, this policy includes an accelerated death benefit rider which allows the insured person access to some of their death benefit if they become terminally ill before passing away.
American Amicable Senior Choice
It provides up to $50,000 in coverage with no medical exam. Premiums that remain level throughout the life of the policy.
Like Corebridge’s product, this policy also includes an accelerated death benefit rider so that you can access some of your benefits should you become terminally ill before passing away.
Furthermore, American Amicable offers additional riders such as the terminal illness death benefit rider.
SBLI Living Legacy
SBLI’s Living Legacy policy is a great option for burial insurance.
SBLI offers up to $35,000 in death benefits with no medical exam needed.
Unique to SBLI, they have partnered with LegacyShield, a service that provides online tools to aid in will planning, power of attorney, and advanced directives.
Mutual Of Omaha Living Promise
Mutual Of Omaha’s Living Promise plan is another viable option for those seeking alternatives to Lincoln Heritage final expense insurance plans.
This plan provides up to $40,000 in coverage with no medical exams during the application process.
In addition, there are other features such the accelerated death benefit for terminal illness or nursing home confinement.
Optionally, you may add an accidental death benefit firder.
Easy to qualify for, CICA Life Superior Choice applications do not ask questions about your height, weight or tobacco use.
To sum it up, to those looking for alternatives to Lincoln Heritage Final Expense Plans, know there are many other options available.
Key Takeaway: A key takeaway from the above is that there are several high-quality alternatives to Lincoln Heritage final expense insurance plans available for seniors.
Frequently Asked Questions for Lincoln Heritage Final Expense Plans
Is Lincoln Heritage Life Insurance Company legit?
Yes, Lincoln Heritage Life Insurance Company is a legitimate company.
They are a family-owned and have been in business since 1963 and are licensed to do business in 49 states plus the District of Columbia. They offer a variety of life insurance products including final expense.
Additionally, they are rated A+ by the Better Business Bureau.
How much is the average final expense policy?
The average final expense policy varies depending on the type of coverage, age and health of the insured, and other factors.
Generally speaking, a basic final expense policy can range from $5,000 to $25,000 in death benefit. However, some policies may offer higher amounts up to $50,000 or more.
The cost of a burial policy is typically based on an individual’s age, gender, and health at the time they apply for coverage. Premiums tend to be lower for younger applicants with no major medical issues than those who are older or have existing conditions that require additional coverage.
Is final expense insurance worth it?
Final expense insurance can be a valuable tool for seniors over the age of 50.
It helps cover funeral bills such as the cost of cremation, medical bills, and other end-of-life expenses expenses.
Additionally, it provides peace of mind knowing that your loved ones will not have to worry about covering these costs if something were to happen to you.
Ultimately, whether or not final expense or burial insurance insurance is worth it depends on your individual circumstances and needs; however, in many cases it can provide much needed financial protection for those who need it most.
Is Lincoln Heritage expensive?
Yes, Lincoln Heritage is expensive compared to other life insurance companies offering similar products.
Be sure to compare rates and features between different companies before making a decision on which plan is best for you.
Lincoln Heritage final expense plans is one option for seniors over the age of 50 who are looking for a way to cover their final expenses.
However, you will want to work with an expert agent to conduct a needs analysis. Compare your financial needs with available policies on the market, not just with Lincoln Heritage.
Seniors need to be prepared for the future, and we can help them do just that.
Our products provide a range of insurance coverage options tailored to meet the unique needs of seniors.
With our Medicare, Health, Cancer and Final Expense plans, you will have peace of mind knowing your finances are taken care of no matter what life throws at you. Contact us today to find out how we can ensure your financial security in retirement.