Lincoln Heritage is a carrier that specializes in final expense life insurance policies. They offer a plan called Funeral Advantage that promises cash benefits within 24 hours for approved claims, plus level premiums for the duration of the policy. Their flagship product is promoted by television commercials, mailer promotions and radio advertising.

Funeral Insurance by Heroes is a whole life policy that provides up to $20,000 in death benefit protection. It also has a cash value that grows over time with interest, giving families access to the money at any time for any reason, not just funeral expenses.

One of the main pros to this type of final expense insurance is that there are typically no medical exams required, meaning almost everyone can qualify. Another pro is that the premiums are typically much lower than a traditional life insurance policy for similar coverage. This makes it an affordable option for many seniors.

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However, a major con to this type of insurance is that the claims process can be lengthy. This can be due to the insurer not requiring a copy of the original policy or because there is not enough information on the death certificate. This can be a big frustration for beneficiaries and loved ones.

In addition, a lot of these policies have a waiting period to get the full death benefit. This is typically a two-year waiting period for younger applicants and it increases to three years once they turn 50. This is to prevent people from buying the policy and then passing away soon after. This can be frustrating for loved ones and beneficiaries who need the funds quickly.