Lincoln Heritage Life Insurance: Everything You Need to Know

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When it comes to securing your family’s financial future, life insurance is a must-have. However, choosing the right life insurance policy can be overwhelming. With so many options available, it can be challenging to determine which policy is best suited to your family’s needs. In this article, we will be discussing one such option – Lincoln Heritage Life Insurance, and everything you need to know before making a purchasing decision.

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What is Lincoln Heritage Life Insurance?

Lincoln Heritage Life Insurance is a company that offers life insurance policies to seniors, ages 50 to 85, with guaranteed acceptance. This means that regardless of your health history, you can obtain coverage without any medical exams or questions about your health. The policies offered by Lincoln Heritage Life Insurance are designed to provide financial stability to your loved ones in the event of your unexpected death.

The company was founded in 1963 by Jack Londen and is headquartered in Phoenix, Arizona. The company operates in 49 states across the United States, with the exception of New York.

Why Choose Lincoln Heritage Life Insurance?

There are several reasons why Lincoln Heritage Life Insurance is a popular choice for seniors looking for life insurance coverage:

  1. Guaranteed Acceptance: As previously mentioned, Lincoln Heritage Life Insurance offers guaranteed acceptance, which means anyone within the age range of 50 to 85 can obtain a policy.
  2. No Medical Exam: With Lincoln Heritage Life Insurance, you don’t have to worry about undergoing a medical exam to qualify for a policy. This makes it an ideal option for individuals with pre-existing health conditions.
  3. Fast Approval: The application process for Lincoln Heritage Life Insurance policies is straightforward and typically takes less than 10 minutes to complete. Additionally, most policies are approved within 24 hours.
  4. Flexible Payment Options: Lincoln Heritage Life Insurance offers several payment options, including monthly, quarterly, semi-annually, and annually.
  5. Dedicated Customer Support: The company provides 24/7 customer service support to its policyholders.

Lincoln Heritage Life Insurance Policy Options

Lincoln Heritage Life Insurance offers two types of policies – Funeral Expense and Final Expense. Let’s take a look at each of these policies in detail:

Funeral Expense Policy

A Funeral Expense Policy offered by Lincoln Heritage Life Insurance is designed to cover the cost of funeral and burial expenses. The policy offers coverage from $5,000 to $20,000.

This policy is particularly suitable for individuals who are worried about leaving their loved ones with the financial burden of funeral expenses.

Final Expense Policy

A Final Expense Policy offered by Lincoln Heritage Life Insurance is designed to cover a range of end-of-life expenses, including medical bills, credit card bills, and other debts. The policy offers coverage from $1,000 to $50,000.

This policy is particularly suitable for individuals who have significant end-of-life expenses and want to ensure their final expenses do not become a burden on their loved ones.

How Much Does Lincoln Heritage Life Insurance Cost?

The cost of a Lincoln Heritage Life Insurance policy depends on several factors, including your age, health, and the coverage amount you choose. Additionally, the type of policy you choose will also affect the cost.

Generally, the premiums for Lincoln Heritage Life Insurance policies are higher than those of traditional life insurance policies, primarily due to the guaranteed acceptance and lack of medical exams. However, the company offers competitive pricing in the Final Expense market.

FAQs

1. Who is eligible for Lincoln Heritage Life Insurance?

Lincoln Heritage Life Insurance policies are available to individuals between the ages of 50 to 85.

2. How much life insurance coverage do I need?

The amount of life insurance coverage you need depends on several factors, including your age, financial obligations, and life stage. Generally, it is recommended to have enough coverage to replace your income for ten years.

3. Can I cancel my policy if I change my mind?

Yes, you can cancel your policy at any time by contacting the company’s customer service department. However, keep in mind that you will lose any premiums paid if you cancel your policy.

4. How long does it take to receive the death benefit?

Typically, it takes between one and two weeks for the death benefit to be paid out to the beneficiaries.

5. Is the death benefit taxable?

No, the death benefit is not taxable as long as it is paid out in a lump sum to the beneficiaries.

Conclusion

Lincoln Heritage Life Insurance policies offer seniors the security of knowing their loved ones will be taken care of in the event of their unexpected death. The guaranteed acceptance and lack of medical exams make it an ideal option for individuals with pre-existing health conditions. However, the premiums for policies can be higher than traditional life insurance policies, primarily due to the guaranteed acceptance. It is essential to choose a life insurance policy that meets your financial needs and budget. If you are considering a Lincoln Heritage Life Insurance policy, be sure to ask questions and read the fine print before making a purchasing decision.

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