You’re our first priority.
Every time.
We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.
So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners.
Lincoln Heritage Life Insurance Review 2024
Assistant Assigning Editor | Life insurance, disability insurance, health care
Katia Iervasi is an assistant assigning editor at NerdWallet. An insurance authority, she previously spent over six years covering insurance topics as a writer, where she loved untangling complicated topics and answering readers’ burning money questions. She holds a Bachelor of Arts in communication and has studied writing, fact-checking and editing with Poynter. Her writing and analysis has been featured in The Washington Post, Forbes, Yahoo, Entrepreneur, Best Company and FT Advisor. Originally from Sydney, Australia, Katia currently lives in New York City.
Assigning Editor
Erica Corbin is a former assigning editor at NerdWallet. Erica joined NerdWallet in 2020 as an assistant assigning editor at large. In 2023, she was promoted to assigning editor and helped lead the credit cards vertical at NerdWallet Canada. She previously wrote and edited content at companies such as GOBankingRates and Nasdaq. Her work has been syndicated to USA Today, Yahoo Finance, MSN and more.
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Lincoln Heritage
2.5
on Nerdwallet
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Pros
- No medical exam required.
- Accidental death and dismemberment rider available.
- Offers help with funeral planning.
Cons
- Only sells one type of policy.
- Not available in New York or Washington.
- High volume of customer complaints.
on Nerdwallet
Lincoln Heritage
2.5
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Pros
- No medical exam required.
- Accidental death and dismemberment rider available.
- Offers help with funeral planning.
Cons
- Only sells one type of policy.
- Not available in New York or Washington.
- High volume of customer complaints.
In our life insurance reviews, our editorial team considers the customer and the insurer. These are some of the factors we take into account:
Policies offered. There are many types of life insurance on the market, and they fall into three key categories:
Term life insurance offers temporary coverage and a guaranteed payout if the policyholder dies during the term.
Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future.
No-exam life insurance issues coverage without the need for a medical exam.
Financial strength. We use AM Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. Here’s the breakdown:
Exceptional: A+, A++.
Strong: A-, A.
Moderate: B, B+.
Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. The best life insurance companies have fewer than the expected number of complaints.
Buy online. This indicates whether an insurer allows you to apply for and buy a policy completely online.
Dive deeper: Ratings methodology for life insurance
Since it opened its doors in 1963, Lincoln Heritage has specialized in one type of life insurance: final expense. Its Funeral Advantage policy is tailored to those who want to purchase coverage to take care of their funeral, burial and end-of-life expenses.
You can get a policy without a medical exam, and Lincoln Heritage is unique for giving all policyholders access to the Funeral Consumer Guardian Society. This organization can help you plan your funeral and compare costs for various services.
» MORE: Compare life insurance quotes
Lincoln Heritage life insurance rating
2.5
NerdWallet ratingLincoln 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.
» MORE: Best life insurance companies
Lincoln Heritage life insurance policies
Final expense life insurance. Lincoln Heritage sells one final expense policy: Funeral Advantage. Available to anyone 85 years old or younger, Funeral Advantage is a permanent policy that’s designed to help your family cover your funeral, burial and end-of-life costs. You can buy up to $20,000 of coverage without a medical exam, and the premiums never change.
To apply, you’ll need to fill out a form on the website. You will also need to complete a health questionnaire.
There are three possible outcomes:
You’ll be approved for coverage. If you’re relatively healthy, you should be approved.
You’ll be offered a “modified plan.” If you have a history of serious health conditions like heart disease or cancer, you might be eligible for a modified plan. This plan is more expensive and has a three-year waiting period for those under 50 years of age and a two-year waiting period for those between 50 and 85. If you die before the waiting period is over, your life insurance beneficiaries won’t receive the full payout. Instead, the insurer will reimburse them for the premiums you paid.
You’ll be denied coverage. You might be denied coverage if you have certain pre-existing conditions.
» MORE: Best burial insurance companies
Lincoln Heritage life insurance riders
Lincoln Heritage allows you to add up to $100,000 in accidental death and dismemberment insurance to your policy. With this rider, your beneficiaries will receive an additional payout if you die in an accident, and you’ll receive a lump sum if you’re seriously injured in an accident.
Lincoln Heritage customer complaints
Over three years, Lincoln Heritage has drawn more than the expected number of complaints to state regulators for a company of its size, according to NerdWallet’s analysis of data from the National Association of Insurance Commissioners.
More about Lincoln Heritage
Lincoln Heritage has a network of life insurance agents across the country.
You can manage your policy through the online portal. And when you die, your beneficiaries can file a claim over the phone or by mail, fax or email. The insurer says it typically pays out approved claims within 24 hours.
Life insurance buying guide
Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.
When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you're comparing aligns with that.
Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.
For more guidance, see our life insurance buying guide.
Methodology
Life insurance ratings methodology
NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Insurer complaints methodology
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2020-2022. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.
In This Review . . .
DIVE EVEN DEEPER IN INSURANCE
Life Insurance Policies and Quotes for September 2024
Read more
7 Best Term Life Insurance Companies in September 2024
Read more
