American National vs. Lincoln: Best Life Insurance Company in 2021

Lincoln Heritage life insurance doesn't require a medical exam, but American National offers more life insurance products. While Lincoln Heritage allows you to have immediate coverage, the amount of said coverage is low. American National lets clients bundle policies for discounts and provides higher amount of coverage with more accessible pricing scale.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jul 19, 2021

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Quick Facts

  • Lincoln and American National both offer medical exam free policies
  • Lincoln only offers final expense polices
  • American National provides a wider array of life insurance products

Comparing life insurance companies is important if you want to find a policy that will meet your needs and protect your loved ones. Life insurance terms vary so it’s important to pay attention to Lincoln Heritage life insurance reviews like this and to reviews of American National products.

When trying to find out which company what’s best suited for you and most affordable, American National vs. Lincoln life insurance is a formidable match up. It’s best to be aware of the types of products offered, pricing, and if medical exams are required.

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Which company doesn’t require a medical exam?

If you are keen on the idea of no medical exam life insurance, Lincoln Heritage can help. This company offers final expense policies that anyone can purchase without undergoing a medical exam, saving you time and a headache if you have health concerns.

Bear in mind though that since Lincoln Heritage only provides smaller policies, the maximum coverage amount available to their clients is $20,000.

However, that doesn’t decide the winner in this American National vs. Lincoln life insurance company fight. American National Life Insurance also offers some great term life insurance policies without a medical exam.

The “Xpress” and “Xpress Plus” life insurance products from American National offer $250,000 and up to $1,000,000 in coverage respectively with no medical exam. These products can provide additional coverage for any funeral expense as well as protect your family after you are gone.

American National also let’s clients complete their purchase from the comfort of their own home by allowing them access documents via their American National login and provide e-signatures.

This makes the whole application process incredibly streamlined and lets you get coverage for yourself and your family right away.

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Which company offers more life insurance products?

Different types of insurances policies let you find the best one for your particular stage in life. Unfortunately, Lincoln Heritage life insurance only offers one type of policy know as a final expense policy which is designed to help you cover funeral costs.

As such, Lincoln Heritage offers low coverage amounts. Other companies, like American National, offer much higher coverage with different policies like whole life, that can help pay for funeral costs while also providing a financial cushion for your family.

American National, on the other hand, offers a much wider array products insurance products like whole and term life insurance. You can even purchase an American national annuity. These policies also come with much higher amounts of coverage.

You can also purchase universal policies as well as more nuanced varieties like indexed universal, and guaranteed universal if these better fit your lifestyle.

What is universal life insurance?

While whole life and term insurance are very popular products, you may never have heard of universal life insurance before. This type of American National policy is great for those who want a more hands on experience with their insurance.

The Insurance Information Institute explains that this a more flexible type of policy that is less rigid in design than a whole life insurance policy. For example, if you are in good health and pass a medical exam, you may be able to actually gain access to a higher death benefit.

Like a whole life policy, a universal policy has a cash value account which  earns a little interest over time. If enough money has grown in your account, you can actually alter your premium payments, which can provide a layer of security in case your financial situation every changes.

Of course, always talk to your insurance agent before stopping or reducing your premiums. Doings so can dry up your savings in the account and if you don’t pay attention, the policy might lapse and your life insurance coverage could be cancelled.

When it comes to product variety in the American National vs. Lincoln life insurance showdown, American National comes out on top. If you want more information on universal life insurance, you can always find out more by calling the American National life insurance phone number.

Which company offers more competitive rates?

Let’s take a look at how American National vs. Lincoln life insurance rates compare. While procuring the right amount of coverage is very important, pricing is equally high on the list for many people when trying to find the best life insurance policy.

American National offers a wide range of products and with that comes a wide range of pricing. This allows people from a variety of financial backgrounds to find a life insurance policy that not only protects their family but works with their budget as well.

Sample American National Life Insurance Average Monthly Rates by Age, Gender, and Coverage

Gender and CoverageAge 25 Average Monthly Rates Age 35 Average Monthly Rates Age 45 Average Monthly Rates Age 55 Average Monthly Rates
$100,000: 20-year term (male)$15.98$16.68$30.76$65.06
$100,000: 20-year term (female)$14.17$15.81$24.80$47.17
$250,000: 20-year term (male)$13.61$15.12$29.16$66.10
$250,000: 20-year term (female)$12.31$14.04$23.98$52.92
$500,000: 20-year term (male)$20.74$23.33$50.11$122.26
$500,000: 20-year term (female)$18.58$20.74$41.04$95.90
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Lincoln Heritage’s pricing is a bit higher than American National for far less coverage. 50 year old female will pay about $30 / month for $10,000 in coverage with a no medical exam policy.

Lincoln Heritage does try to make payment for your policy as easy as possible. You can send payments for your insurance through the mail, or have them automatically withdrawn from your bank so you don’t forget to send it yourself.

Of course, if you like keep track of your payments but don’t want to use snail mail, you can always call in to pay with by credit card.

Lincoln Heritage also offers clients a generous grace period if a payment is missed. Depending in which state you live, you will be allotted a grace period between 31-60 days. If you make your payment during this time your life insurance coverage will not lapse.

If you need it, Lincoln Heritage does allow you to take an “Automatic Premium Loan” from the cash value of your policy in order to make a payment. These loans do need to be paid back though so it’s best to think twice before using this type of loan.

Do These Companies Offer Discounts?

If you like saving money, this next bit of information could help you decide to buy American National vs. Lincoln life insurance.

American National offers home and auto insurance as well as life insurance policies. Bundling your life, home, and auto policies with American National does make you eligible for their three line discount.

No such discounts are available with Lincoln Heritage as it specializes in final expense policies. If

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American National vs. Lincoln: Which company is best?

If you’re ready to explore American National vs. Lincoln life insurance quotes, just keep in mind what kind of coverage is best for your needs.

If you have other means of providing your family after you’ve gone and only want a simple policy to assist in covering any funeral and burial costs, Lincoln Heritage’s no medical exam policies may be the best choice for you.

Filling out a simple questionnaire will let you gain access to up to $20,000 in coverage. This is, of course, the only type of policy Lincoln Heritage has to offer.

If you are looking to provide your family with more robust protection, American National may be the best fit for you. With American National, you’ll be able to choose from a range of products, you can even benefit from bundling discounts.

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