Lincoln Heritage Life Insurance Company offers term and whole life policies that provide death benefits and optional living benefits for qualifying individuals, primarily seniors and veterans. The company, a subsidiary of Lincoln Financial Group, focuses on affordable coverage for those who may have difficulty obtaining traditional insurance, using simplified issue underwriting and, in some cases, guaranteed issue options.
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Company Background and Market Position
Founded in 1998 as part of Lincoln Financial Group's diversification strategy, Lincoln Heritage operates under the group's financial strength rating of A (excellent) from A.M. Best. Its niche is senior‑focused life insurance, especially products that do not require a medical exam. The firm leverages the parent's capital to support claims and maintain competitive premiums.
Key Product Types
Term Life Insurance
Term policies are offered in 10‑year and 20‑year increments, with face amounts ranging from $5,000 to $100,000. These policies are typically "simplified issue," meaning applicants answer health questions but do not submit lab work. Premiums are level for the term and can be converted to a permanent policy before the term expires.
Whole Life Insurance
Whole life coverage is available with guaranteed issue for ages 50‑80, providing a modest death benefit (usually $5,000–$25,000) without health questions. Cash value accumulates slowly and can be borrowed against, though the primary purpose is protection rather than investment.
Eligibility and Underwriting
Eligibility centers on age (generally 50‑80 for guaranteed issue, up to 85 for simplified issue) and residency in the United States. Applicants must be U.S. citizens or permanent residents. Simplified issue underwriting evaluates answers to health questions; most applicants are approved unless they have serious, uncontrolled conditions. Guaranteed issue policies accept all applicants within the age range, but premiums are higher and benefits lower.
Benefits and Riders
Standard benefits include a lump‑sum death benefit paid tax‑free to beneficiaries. Optional riders may include:
- Accelerated Death Benefit – up to 50% of the face amount can be accessed if the insured is diagnosed with a terminal illness.
- Waiver of Premium – premiums are waived if the insured becomes disabled and unable to work.
Riders are subject to additional underwriting and cost.
Cost Factors and Premium Examples
Premiums depend on age, gender, health status, and coverage amount. Below is a simplified illustration of typical monthly premiums for a healthy 60‑year‑old male:
| Product | Face Amount | Monthly Premium |
|---|---|---|
| Simplified Issue Term (20‑yr) | $50,000 | $45 |
| Guaranteed Issue Whole Life | $10,000 | $68 |
Actual rates vary; a full quote requires personal details.
Application Process
The process is streamlined:
- Complete an online or paper application with basic health questions.
- Provide proof of identity and residency (driver's license, utility bill).
- For simplified issue, a brief medical questionnaire is reviewed; no lab work is required.
- Upon approval, the policy is issued within 7‑14 days, and the first premium is due immediately.
Guaranteed issue policies may be issued within 48 hours after paperwork is received.
Considerations Before Buying
Pros:
- Easy qualification for seniors and those with health challenges.
- Fast issuance, especially for guaranteed issue.
- Backed by a financially strong parent company.
Cons:
- Higher premiums compared to fully underwritten policies.
- Limited coverage amounts; may not meet larger estate planning needs.
- Cash value growth in whole life is modest.
Potential buyers should compare Lincoln Heritage's offerings with other senior‑focused insurers, assess whether the coverage amount meets their financial obligations, and determine if the simplified or guaranteed issue route aligns with their health profile and budget.