Lincoln Heritage Insurance: A Comprehensive Guide to Final Expense Insurance

Getting life insurance is essential to secure your loved ones financially in case of your untimely demise. However, for seniors, getting approved for a traditional life insurance policy can be challenging, and the premiums can be steep. That’s why final expense insurance policies like Lincoln Heritage Insurance have become popular amongst seniors. In this article, we’ll discuss everything you need to know about Lincoln Heritage Insurance and how it can benefit you.

What is Lincoln Heritage Insurance?

Lincoln Heritage Insurance is a provider of final expense insurance policies. The company was founded in 1963, and its headquarters are in Phoenix, Arizona. The company specializes in providing insurance policies to seniors that can help pay for their funeral and burial expenses. The company has been in business for over 50 years and has earned a reputation for providing excellent customer service and affordable insurance policies.

Why Choose Lincoln Heritage Insurance?

There are several reasons why seniors choose Lincoln Heritage Insurance:

Lincoln Heritage Insurance is known for offering affordable premiums that are within reach for most seniors. The company also makes it easy to qualify for their policies, and they don’t require medical exams or lengthy health questionnaires. The coverage is specifically designed to help pay for funeral and burial costs, which can be a significant burden on families. Finally, the company has a reputation for providing excellent customer service, which has generated many positive reviews from satisfied customers.

What is Final Expense Insurance?

If you’re not familiar with final expense insurance, it’s a type of insurance policy that is designed to pay for the cost of your funeral and burial expenses. These costs can include the funeral service, casket, headstone, and burial plot. Final expense insurance policies are usually smaller than traditional life insurance policies and are designed to cover only the final expenses.

How Does Lincoln Heritage Insurance Work?

Lincoln Heritage Insurance offers final expense insurance policies that are tailored to your specific needs. The company offers three main types of policies:

Level Benefit Policy

A level benefit policy is the most popular policy offered by Lincoln Heritage Insurance. This policy provides full coverage from day one and guarantees that the death benefit will never decrease. The premiums for a level benefit policy are higher than other policies, but the benefits are more comprehensive.

Graded Benefit Policy

A graded benefit policy is designed for seniors who may not qualify for a level benefit policy due to health issues. This policy offers partial coverage during the first few years of the policy, and the benefits gradually increase over time. The premiums for a graded benefit policy are lower than a level benefit policy, but the benefits are not as comprehensive.

Modified Benefit Policy

A modified benefit policy is designed for seniors who have serious medical conditions that prevent them from qualifying for other policies. This policy offers limited coverage during the first few years of the policy, and the benefits gradually increase over time. The premiums for a modified benefit policy are the lowest of all three policies, but the benefits are the least comprehensive.

How to Apply for a Lincoln Heritage Insurance Policy?

To apply for a Lincoln Heritage Insurance policy, you’ll need to contact a licensed insurance agent. The agent will help you understand the policies available and assist you in filling out the necessary paperwork. The agent will also answer any questions you may have and guide you through the process of selecting the right policy for your needs.

FAQ

Q: How much coverage can I get from a Lincoln Heritage Insurance policy?

A: The amount of coverage you can get from a Lincoln Heritage Insurance policy varies depending on the policy you choose. Level benefit policies can offer up to $50,000 in coverage, while graded benefit policies can offer up to $25,000 in coverage. Modified benefit policies can offer up to $5,000 in coverage.

Q: Do I need to take a medical exam to qualify for a Lincoln Heritage Insurance policy?

A: No, Lincoln Heritage Insurance policies do not require a medical exam. However, you will need to answer several health questions on the application.

Q: Can I choose my funeral home with a Lincoln Heritage Insurance policy?

A: Yes, you can choose any funeral home that accepts the policy.

Q: Can I cancel my Lincoln Heritage Insurance policy?

A: Yes, you can cancel your policy at any time. However, you may incur fees, and you may not receive a full refund.

Q: Will my premiums go up over time?

A: No, your premiums will not go up over time. The premiums for a Lincoln Heritage Insurance policy are fixed and guaranteed never to increase.

Conclusion

Overall, Lincoln Heritage Insurance is an excellent option for seniors who want to ensure that their funeral and burial expenses are covered. The company offers affordable premiums, easy qualification, and excellent customer service. If you’re considering final expense insurance, be sure to contact a licensed insurance agent to learn more about the policy options available to you.