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Investor’s Heritage Life Insurance Review

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Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best...

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UPDATED: Nov 30, 2018

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Investor’s Heritage Life Insurance Company is a Kentucky-based insurer focused on final expenses planning. They also offer traditional life insurance and annuity products.

About Investor’s Heritage

Investor’s Heritage was founded in Lexington, Kentucky in 1960. Over the following decades, several subsidiaries were created to cover other geographical areas, all of which were eventually merged into the main company.

In 1963 Kentucky Investors, Inc. bought the majority of the shares in Investor’s Heritage, and three decades later completed the task, buying out the remaining stock in 1999. In 2009, the holding company’s name was changed to Investors Heritage Capital Corporation, which owns Investor’s Heritage Life Insurance Company as well as the investment arm, Investor’s Heritage Financial Services.

Today the company is licensed to do business in 30 states, and the headquarters is located in Frankfurt, Kentucky. The Life Insurance Company sells pre-need, final expense, and traditional life insurance, while annuities and other investment products are sold through the Financial Services Company. All products are available through local agents.

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Investor’s Heritage Products

Investor’s Heritage sells a lineup of basic life insurance products, both for final expense planning and general needs.

Pre-need Funeral Planning

The Legacy Gold plan is a pre-need life insurance plan that allows the policyholder to provide money in advance to pay funeral costs in the future. Investor’s Heritage works with funeral homes to allow the policyholder to make all final plans ahead of time, from cemetery plots and caskets to the funeral service itself. The costs are covered by the chosen plan.

This product can be issued for ages 0-100 and offers coverage amounts from $500 up to $25,000. The Legacy Gold plan a simplified issue product, which means there are no medical exams required

Final Expense Planning

The Heritage Final Expense 2 plan (HFE2) is a whole life insurance policy designed to leave enough money behind to handle funeral and other final expense costs. This plan differs from a pre-need plan in that the money is not specifically earmarked, and can be used by those left behind at their discretion.

This plan has an issue age of 0-80 years old with benefit amounts ranging from $2,000 to $25,000. For issue age over 65, the cap on death benefit is $15,000. Again, it is a simplified issue policy with no medical exam required.

As a whole life policy, the HFE2 includes a guaranteed death benefit as well as a cash accumulation account.

Whole Life

The HLW Choice Whole Life plan is a traditional whole life insurance policy with issue amounts of $25,000 and up, for those who want to leave a larger legacy. Issue age for this policy is from 0-80 with guaranteed death benefits, level premiums, and cash accumulation.

Several riders can be added to this plan, including additional term life insurance, accidental death benefits, a child rider, and more.

Youth Protector

Investor’s Heritage offers a juvenile life insurance policy called Heritage Youth Protector. This is a term life insurance policy with the option to convert to permanent life at age 25. Issue age for this product is 30 days to 21 years, with issue amounts ranging from $5,000 to $25,000.

Both guaranteed insurability and waiver of premium riders can be added to this product.

Credit Life

Heritage refers to their term life insurance product as Credit Life. This coverage is convertible to whole life and is offered as a single or joint product with the option of single or modal premiums. Both level and decreasing coverage options are offered.

Issue age is from 18 through 70, with benefits starting at $10,000.

Investments

Through the financial services branch of the company, Investor’s Heritage Financial Services Company, there is a wide range of products offered. These are issued by a different company and include annuities, mortgage protection, and even loans.

These are not listed on the Investor’s Heritage Life Insurance Company website, as they are provided by another company.

Rates

It is not surprising that Investor’s Heritage does not offer an online quoting option. Insurers in the funeral planning market rarely offer this option as most of their business comes from agent solicitation. In the pre-need market, much of the marketing takes place directly through partner funeral homes.

We would not expect policies from this company to compete well in terms of monthly rates against larger insurance companies, nor are simplified issue products generally the cheapest in terms of premiums. As these products are often marketed to those with more limited options in terms of life insurance, they tend to be more expensive.

Claims

Claims information on the company website is very limited. There is a toll-free number with an extension listed, but no further details.

There is an entire section for downloadable forms on the site, however, there does not appear to be a claims form. It would be helpful to see more information for beneficiaries on what they need to do and what to expect from the claims process. While they will likely be given this information over the phone, in the Internet age most people expect to see it readily available online.

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Ratings and Consumer Reviews

Investor’s Heritage Life Insurance Company has an A+ rating with the Better Business Bureau (BBB). There is only one complaint listed in the past three years; that complaint was closed in the past 12 months.

We found very little in the way of reviews for this company. Google has one review, oddly listing the company as Investor’s Heritage Printing although the address matches the life insurance company and the listing is clearly for the insurance company. The single review is a 3-star rating but appears to be positive.

The Bottom Line

Investor’s Heritage is the type of company most people will encounter when working with an agent or a funeral home to make final plans. The information on their products is limited and rates are not available, but the products may appeal to those with specific needs. For those in search of traditional life insurance products, be sure to do your homework and compare rates and options before committing to one company.

For a list of companies that we recommend, visit our Best Insurance Companies page.

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About Eric Stauffer

Author: Eric StaufferI am a former insurance agent and banker turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.

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