Lincoln Heritage Life Insurance: Is It Worth The Cost?

Lincoln Heritage Life Insurance Company is a family-owned provider specialising in final expense policies. The company was founded in 1963 and is based in Phoenix, Arizona. Lincoln Heritage offers niche products for customers looking to cover their funeral, burial, and end-of-life expenses. The company's Funeral Advantage program is its leading final expense insurance program, with no medical exam required for qualification. The program includes support services for surviving family members, such as price-shopping for funeral services and reviewing contracts. While Lincoln Heritage has received positive reviews for its quick claim payouts and compassionate customer service, it has also faced criticism for its sales tactics and limited coverage options.

Lincoln Heritage's Funeral Advantage Program

Funeral Advantage is a final expense life insurance cash benefit that offers easy qualification and a streamlined application process. There is no medical examination—only a few health questions on a one-page application. Most people get coverage, even with health issues.

The program includes Family Support Services at no additional cost. When a policyholder dies, the Funeral Consumer Guardian Society (FCGS) acts on behalf of the family to help with funeral arrangements and other details. FCGS compares up to three different funeral homes to find the best price available, saving families an average of $1,850 on traditional funerals and up to $1,100 on cremation.

Funeral Advantage also includes Final Wishes Planning, allowing policyholders to decide the style of funeral they want. This is done through a simple two-page form.

Funeral Advantage insurance policies are underwritten by Lincoln Heritage Life Insurance Company, one of the nation's largest final expense insurance companies. Cash benefits are paid within 24 hours of a claim being approved. Whole life benefits are available of up to $20,000, with an additional benefit of up to $100,000 for accidental death.

The company's financial stability

Lincoln Heritage Life Insurance Company is a family-owned company that has been in business since 1963. It specializes in final expense insurance, also known as burial insurance, and its Funeral Advantage program is one of the most prominent final expense insurance offerings in the United States.

The company's Funeral Advantage program offers up to $20,000 in coverage and is available to anyone 85 years old or younger. It does not require a medical exam, making it accessible to those with pre-existing conditions. Instead, applicants need to fill out a health questionnaire. The premiums for this policy never change, and approved claims are typically paid out within 24 hours.

In addition, Lincoln Heritage offers an accidental death benefit rider, which provides up to an additional $100,000 in coverage if the insured's death is due to an accident.

Lincoln Heritage has received a financial strength rating of A- (Excellent) from AM Best, indicating strong financial stability and the ability to meet policy obligations. This rating was affirmed in 2023, reflecting improved underwriting performance, increased net investment income, and record operating earnings.

The company has also consistently maintained a complaint index below 1.00 over the past three years, according to the National Association of Insurance Commissioners (NAIC). This indicates that it has received fewer complaints than expected for a company of its size.

While Lincoln Heritage's focus on final expense insurance may limit its appeal to those seeking more comprehensive life insurance options, its financial stability and positive customer satisfaction record make it a stable and reliable choice for those specifically seeking final expense coverage.

Customer complaints about Lincoln Heritage

Lincoln Heritage Life Insurance Company has been involved in lawsuits, which it attributes to the negativity that comes with being a longstanding business. The company states that it does things the right way and prides itself on keeping its promises. However, dissatisfied customers or field agents may threaten legal action, which Lincoln Heritage is prepared to defend against to protect its reputation and the millions of families that trust them.

While Lincoln Heritage has received positive testimonials from customers, it has also faced criticism and complaints. One common complaint is the low pay per sale, with one employee stating that they spent a lot of money on leads without a guarantee of getting paid for them. The company has also been accused of selling employees a dream, providing inconsistent training, and making accusations towards its workers.

Another issue raised by a former employee is the $2,000 debt incurred immediately for the leads sold to them, which they then have to try to sell. This can be stressful, especially when combined with the pressure of making sales all day, six days a week. The employee also mentions that all the leads they were given were old, making it even harder to secure sales.

One review on Indeed.com states that Lincoln Heritage is a "typical final expense company," where employees have to close deceptive leads aimed at vulnerable people. The management is described as "out for themselves," and the company is accused of taking no responsibility and making endless excuses. The reviewer also claims that Lincoln Heritage relies on new hires to bring in a list of friends and family as free lead sources, with no regard for their well-being after that.

In response to these complaints, Lincoln Heritage emphasizes its commitment to providing unparalleled customer service and ensuring that only satisfied customers can guarantee their long-term success. They offer a policy portal that allows policyholders to manage their policies online conveniently and provide various contact options for claims, customer service, and policy payments.

The company's history and ownership

Lincoln Heritage Life Insurance Company was founded in 1963 by Jack Londen, a natural salesman known for his energy in business, his passions for politics, faith, philanthropy, and his steadfast friendship to so many. Jack worked for a larger life insurance company for several years but grew tired of having his clients denied coverage for minor health conditions. He realized that most life insurance companies were more concerned with making money than with protecting their customers. Jack knew there was a better way and decided to found his own company.

Lincoln Heritage has been the national leader of agent-produced final expense life insurance for most of its 50+ years in business. The company is family-owned and operated, which allows it to do business differently from most life insurance companies. While most big-name life insurance companies answer to Wall Street, Lincoln Heritage answers to its customers. The company follows a strict set of values that keep the customer at the forefront of every decision.

Jack's son, Tom Londen, joined the family business when he was a sophomore in college and sold door-to-door like his father. Tom became president of Lincoln Heritage and was known for his kindness, his ability to resolve conflicts, his tireless work ethic, and his unwavering good spirit. Tom passed away in 2014, shortly after Jack.

Following Tom's passing, the company's Chief Financial Officer, Larry Schuneman, was asked to lead until the next generation of Londens was ready to take the helm. Larry served as president for five years and continued to strengthen the company's position in the final expense industry. During this period, Tom's sons, Alex and Matt Londen, became Senior Vice Presidents and board members for Lincoln Heritage.

Today, Alex Londen is President, while Matt Londen is the Chief Financial Officer, Treasurer, and Senior Vice President. Jack Londen III is the Chairman and CEO.

How to get a job at Lincoln Heritage

Lincoln Heritage Life Insurance Company is a family-owned business that has been in operation for 60 years. It specializes in whole life insurance and funeral assistance services. The company has an A+ rating with the Better Business Bureau and an A- (Excellent) rating with A.M. Best, an organization that evaluates the financial strength of insurance companies. Lincoln Heritage is the largest final expense company in the nation, with over 1 million policies in force valued at more than $10 billion.

If you're interested in joining Lincoln Heritage, there are a few things to keep in mind. Firstly, the company is agent-focused and agent-founded, which means that agents are their primary customers. They provide extensive support and resources to their agents, including hands-on training, local field agencies, online tools, and sales materials. As an agent, you will be responsible for setting your own schedule and working at your own pace. The company also offers an exclusive in-house lead program and various incentives, such as exotic trips for contest winners.

To get a job at Lincoln Heritage, you can start by visiting their website and exploring the "Corporate Office Job Openings" and "Agent Job Opportunities" sections. You can also call their toll-free number, 888-713-6020, to learn about local job opportunities. Keep an eye out for job postings on career websites like Indeed and Glassdoor as well.

When applying for a job at Lincoln Heritage, it's important to note that the company values integrity, hard work, and a passion for serving clients. They seek individuals who are knowledgeable and caring professionals, willing to go the extra mile for their policyholder families and field representatives. While prior experience in insurance sales is not always necessary, it can be advantageous. The company also looks favorably upon candidates who demonstrate strong communication skills and a commitment to building solid relationships.

During the interview process, be prepared to discuss your sales experience, if any, and your ability to work independently. You may also be asked about your comfort level with door-to-door sales, as this is a common practice for their agents. Overall, Lincoln Heritage is a great company to work for, offering flexibility, competitive benefits, and a supportive work environment.

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