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The cost of funerals is rising like everything else today. The cost of a funeral can often reach tens of thousands of dollars, potentially leaving loved ones with a major financial burden. However, there is an easy way to avoid this. The Funeral Advantage Program was created to provide a one-stop-shop solution for Americans and protect their families from a potential financial burden.
The Funeral Advantage Program offers an easy application process and a cash benefit to cover your final expenses. Final expense insurance helps cover end-of-life expenses, commonly known as burial insurance or funeral insurance. The application only requires a few health questions. No physical examination is required. Almost everyone is approved, regardless of health problems.
Funeral Consumer Guardian Society (FCGS) offers family support services at no additional charge to all policyholders. Funeral Advantage policyholders can count on a live representative from FCGS to help their survivors take care of the many details that arise following the death of a loved one.
Life Insurance Cash Benefit
Among the country’s largest final expense insurance companies, Lincoln Heritage Life Insurance Company insures Funeral Advantage policies. The company helps people cover their final expenses, such as funerals and burials.
- Upon approval of a claim, cash benefits are credited within 24 hours.
- Up to $20,000 in life insurance coverage is available.
- You will only be asked a few health-related questions on the application. No examination is necessary to apply.
- It’s a simple, one-page application.
- Even people with health issues can get coverage.
- As long as the premiums are paid, the rate and benefit will remain constant during the policy period.
- You can receive an additional $100,000 in case of accidental death.
Family Support Services
After a policyholder passes away, we want the funeral arrangements to be as simple and easy as possible for their loved ones. The FCGS immediately takes action on your behalf to assist those in charge of funeral arrangements with the many details that arise immediately after the death of a loved one.
- You can also choose the style of funeral you want when you enroll in Funeral Advantage insurance coverage.
- FCGS maintains a secure record of your wishes.
- For your loved ones to use in time of need, we provide a toll-free number available 24 hours a day.
- The FCGS team takes immediate action – comparing up to three funeral homes to find the lowest possible price.
- Cremation can save families up to $1,100 compared to traditional funerals, which save families $1,850.
Our FCGS is independent of any religion, funeral home, cemetery, or specific approach to funerals. There is never any pressure or obligation to purchase any service.
Final Expense Insurance
There is only one life insurance policy offered by Lincoln Heritage Life Insurance Company, its Funeral Advantage policy. The Funeral Advantage plan is a whole life insurance policy covering a limited set of funeral expenses. Last expense insurance is also called final expense insurance.
Funeral Advantage Life Insurance Coverage
Whole life insurance policies from Funeral Advantage offer coverage up to $20,000. The cash value of these policies is steadily increasing over time. Unlike the death benefit, the cash value of a policy can be borrowed for emergency expenses or premium payments. A whole life insurance policy has a level death benefit and amount of premiums over the policy’s period.
It is relatively simple to apply to Lincoln Heritage, and no medical exam is required. Answering some questions about your health is the only thing you need to do, but honesty is the key. Lincoln Heritage may deny your beneficiary’s payout if any of the answers you provide are incorrect.
Lincoln Heritage has a two-year waiting period for policyholders under 50. If you qualify for immediate coverage, you’ll qualify for the company’s “modified plan.” The waiting period rises to three years once you turn 50.
As a beneficiary, you’ll receive a payout equal to your premiums plus 10%–30% interest if you die during the waiting period. Final expense insurance is frequently subject to waiting periods, particularly when limited underwriting. The insurance industry wants to limit the risk of sick people purchasing coverage and then passing away shortly after.
You may qualify for the modified plan if you have been diagnosed with or treated for any of the following conditions in the last two years:
- Heart disease
- Coronary artery disease
- Lung, liver, or kidney disease
- Alzheimer’s disease, dementia, or ALS
- Complications (such as amputation or blindness) related to diabetes
Each Lincoln Heritage life insurance policy includes membership in the Funeral Consumer Guardian Society, even though it is not a part of the policy. Through this organization, you can provide your funeral preferences and get guidance for your family members after you die. You can do the majority of this work yourself, but this option can be helpful. Let your funeral home know your final wishes, and make arrangements as soon as possible.
Cost Of Funeral Advantage Life Insurance
You can expect Lincoln Heritage’s rates to be average if you are middle-aged or healthy. In contrast, their prices are significantly higher than their competitors if you only qualify for their modified plan.
An unhealthy person usually finds Funeral Advantage to be more expensive. Shopping around can help you find better rates, even if every insurance company charges higher premiums for certain health problems. Due to Lincoln Heritage’s independence, it won’t be able to find you a better-priced alternative.
Lincoln Heritage’s Add-on Policies And Riders
Several Lincoln Heritage riders and add-ons are available to provide additional benefits while you are alive as well as after you pass, though these will increase your premiums:
- Insurance coverage for death and dismemberment after an accident
- Child rider (coverage for your children)
- Discount plans for vision, dental, and pharmacy services
- Prevention of identity theft
- Plans to lower medical bills
- Health care system assistance
- Protection against auto expenses
In addition to their accidental death and dismemberment coverage, Lincoln Heritage features several other attractive add-ons. If you die in an accident, representing 5% of all deaths in the U.S., you will receive up to $100,000 in additional death benefits. The cost of coverage by the unit is less than $15 per month, and you can purchase coverage for up to five units.
Restrictions Of Funeral Advantage
There are only a few conditions that would cause you not to be eligible for Funeral Advantage. Among these are being HIV-positive, having AIDS, being diagnosed with a terminal illness, being incarcerated, hospitalized, or being on hospice care.
The only way to buy Lincoln Heritage insurance is through captive agents. These representatives do not offer life insurance from any other companies and cannot help you compare rates or features from multiple companies.
If you live in any of the following states, you will not be able to name a funeral home as your beneficiary under the Funeral Advantage program:
- New Jersey
- South Dakota
- West Virginia
We recommend naming your friend or relative as your beneficiary rather than a funeral home if you trust them to handle your funeral. It is difficult to manage burial planning and associated costs during an emotional time. Still, if the total costs are less than your death benefit, your beneficiary can keep the rest of the payout.
Lincoln Heritage Funeral Advantage Payments
Like most insurers, Funeral Advantage lets you pay by direct bill or automatic bank draft, but Lincoln Heritage lets you pay by credit card. If you fail to pay the premium on time, you have a grace period of 31-60 days, depending on your state, to pay the premium before the coverage lapses. Lincoln Heritage allows you to take out an “Automatic Premium Loan” from your policy’s cash value, but remember, you’ll need to pay it back later.
Are you interested in learning more about different grants and programs that can help you with your living situation? Check out the rest of Gov Relations’ blog section today!