Lincoln Heritage Life Insurance is another big name in the life insurance industry. Started in 1963, it also has a long time of building insurance expertise. Lincoln Heritage is a little different from other insurance companies in that it primarily focuses on final expense life insurance. Below we’ll look at its products in more detail and the reputation of the company.
- Pros and Cons of Lincoln Heritage Life Insurance
- Life Insurance Products Offered by Lincoln Heritage Life Insurance: 20/100
- Financial Strength Rating of Lincoln Heritage Life Insurance: 80/100
- Customer Satisfaction Rating of Lincoln Heritage Life Insurance: 80/100
- Consumer Complaints Rating of Lincoln Heritage Life Insurance: 60/100
- Digital Experience Rating of Lincoln Heritage Life Insurance: 40/100
Pros and Cons of Lincoln Heritage Life Insurance
|– Affordable final expense insurance|
– A strong financial strength rating through AM Best
– A+ through the Better Business Bureau (BBB)
– Low complaint index through the National Association of Insurance Commissioners (NAIC)
|– Seems to only offer final expense insurance |
– The digital experience is a glorified contact form
– No rating through the J.D. Power 2019 Life Insurance Study
Life Insurance Products Offered by Lincoln Heritage Life Insurance
The main product offering from Lincoln Heritage Life Insurance is the final expense life insurance plan. It’s described as a whole life insurance plan that people use to cover final expenses like medical bills and funeral expenses. Some of the benefits listed include that the policies have a cash value component you can take a loan against, fixed premiums as long as you keep up on payments and no medical exam in most cases.
Most final expense policies offer $50,000 in coverage or less, with average coverage amounts being $10,000 to $20,000. Sample rates for a $10,000 policy with funeral planning run from $25 per month for a 50-year-old female to $93 per month for an 80-year-old female. The same age range for a male runs from $30 per month to $126 per month.
Beyond the final expense product, the website is a little vague. It has complete guides on products like whole life or term life, covering what these plans are and how they work. However, the page does not detail any specific plans the company offers beyond the final expense insurance. A quick Google search for “Lincoln Heritage Term Life Insurance” doesn’t yield any specific product pages either.
Financial Strength Rating of Lincoln Heritage Life Insurance
Lincoln Heritage Life Insurance Company has an A- (Excellent) rating through AM Best and the outlook is listed as stable.
The long-term issuer credit rating is also listed at a- (Excellent) and the outlook is listed as stable by that metric as well.
Customer Satisfaction Rating of Lincoln Heritage Life Insurance
Lincoln Heritage Life Insurance was not assessed in the J.D. Power 2019 U.S. Life Insurance Study.
It does, however, have an A+ with the BBB. Out of 82 complaints, it also has nearly a four-star rating, which is quite high for an agency people normally only go to when they have a concern about a company. People have rated positive experiences with the final expense insurance, citing prompt payment.
Consumer Complaints Rating of Lincoln Heritage Life Insurance
Through the NAIC, Lincoln Heritage (company code 65927) had a total complaint index of 0.75 in 2019, below the average complaints expected for the industry, which is measured at 1.00.
That company had 12 complaints in 2019 for individual life insurance. That comes out to a complaint index of 1.20, or a bit higher than industry expectations.
Digital Experience Rating of Lincoln Heritage Life Insurance
Like many life insurance company websites, when you select one of the buttons to get a free quote, it takes you to a form to fill out. It requires that you enter your personal details, like phone number, email, address and age. The form states that a rep may call you, so we did not complete the form.
If you are in the market for final expense insurance, Lincoln Heritage Life Insurance is a highly-rated company that is known for prompt payment, a stable financial outlook and a relatively low complaint index. The website can feel a little on the vague side and you will need to fit out a contact form or call them directly to get more information.