Lincoln National Life Insurance has been one of America’s most trusted insurance companies for nearly 120 years.
With an array of life insurance policies, ranging from term to indexed-universal life, Lincoln Financial makes it easy for individuals to find a plan that best meets their needs.
Our extensive Lincoln Life Insurance Review will explain everything you need to know about this top-notch provider!
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Is Lincoln Life a Good Company?
Lincoln Life & Annuity Company of New York is one of the few companies conducting business in New York.
Lincoln National offers affordable term and permanent insurance policies that independent agents sell in all 50 states.
Is Lincoln National the same as Lincoln Financial Group?
Yes, Lincoln Life operates under the marketing name of Lincoln Financial Group.
Lincoln Life is wholly owned by Lincoln National Corporation (LNC), a publicly held insurance holding company incorporated in Fort Wayne, Indiana.
lincoln financial group ratings
Considering the financial strength ratings from independent agencies like A.M Best, Duff & Phelp’s, Fitch Ratings, Standard & Poor’s, and Comdex is crucial.
These rating agencies perform extensive analysis to determine each insurer’s financial strength and claims-paying ability.
A rating does not guarantee financial strength but can be considered a reliable indicator of a company’s performance.
Lincoln Financial Ratings
| Rating Agency | Grade |
| AM Best | A (Excellent) |
| Duff & Phelps | AA- (Very Strong) |
| Fitch | A+ (Superior) |
| S & P Global | AA- (Very Strong) |
| Comdex | 91 |
Lincoln Financial Term Life Insurance
Lincoln Financial Term Life InsuranceWhen buying a term policy, it is essential to understand exactly how these plans work and what benefits they offer before you commit.
When you buy a term life insurance policy, the insurance company determines the premium based on your elected term duration and death benefit.
Premiums remain the same for your selected term, with longer-duration plans costing more than shorter-term lengths.
Lincoln National Life Insurance is worth looking into if you’re considering a term life insurance policy.
Lincoln National offers two affordable term life insurance portfolios with level term lengths of 10, 15, 20, or 30 years.
Term Accel is ideal for healthy buyers looking for a quick electronic application process. Coverage amounts start at $100,000 and go up to $1 million for buyers ages 18 to 60.
With Term Accel, you will do a quick phone interview with the underwriting department and often do not need to complete a medical exam.
Life Elements is suitable for buyers needing more coverage, starting at $250,000 and going up to $5 million for buyers ages 18 to 80.
With Life Elements, you must complete a medical exam, and your medical records are often required.
Both Lincoln National term products allow partial or full conversion privileges during your level-term or until age 70.
Plus, you are automatically approved and do not need to go back into the underwriting process again when converting term to universal life.
You can use our calculator to compare LFG term life insurance quotes to other competitive insurers like Banner, Lincoln Financial, Prudential, and Transamerica.
Lincoln Financial Universal Life
Lincoln Financial Universal Life One of Lincoln’s universal life plans might fit your needs if you want life insurance coverage with flexible features.
Universal life insurance is a flexible, permanent life insurance policy that provides lifelong coverage with the potential for cash value accumulation and tax-deferred savings.
Lincoln Financial recently discontinued selling standard universal life insurance but does offer a portfolio of indexed, variable, and survivorship universal life products.
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Indexed universal life insurance
Indexed universal life insurance invests your cash value to fixed or various indexes, such as the Dow Jones, S&P 500, and the NASDAQ.The cash value inside an IUL policy grows due to index performance, and your gains are generally capped at a certain percentage.
Lincoln Financial has three IUL products: the WealthAccelerateSM IUL, WeathAccumulate 2 IUL, and WeathPreserve 2 IUL.
Lincoln also offers a survivorship product called the WealthPreserve Survivorship IUL, which covers husband and wife and pays out upon the second death.
Survivorship or Second-to-die policies are often used in estate planning or for transferring wealth to kids.
Lincoln’s MoneyGuard offers a unique asset-based universal life coverage that can be used to supplement the cost of long-term care.
Your death benefit is reduced if you use the policy to pay for long-term care. If no long-term care benefits are disbursed, the policy pays out the full death benefit when you die.
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Variable universal life
Lincoln Life sells variable universal life that invests your cash values in a series of sub-accounts where you can get growth or lose money depending on the market.
These sub-accounts act like mutual funds, meaning your cash values can fluctuate based on the performance of the bond and stock market.
Variable universal life is most suitable for younger risk-tolerant buyers with more time to grow their cash values.
Lincoln Financial has several VUL products, including Lincoln VUL ONE, Lincoln AssetEdge VUL, Lincoln AssetEdge, Exec VUL, and Lincoln SVUL ONE.
IUL and VUL policies combine flexibility and protection with a long-term savings vehicle which can be appealing in today’s uncertain economic climate.
If you purchase one of LFG’s permanent products, ensure an Extended No-Lapse Minimum Premium Rider can be added to your policy.
This rider prevents your policy from lapsing regardless of your cash value performance for at least forty years or until age 90.
Unfortunately, Lincoln National has discontinued its once popular guaranteed universal life policies that provided lifetime protection to age 120.
Plus, LFG does not sell whole-life policies offering guaranteed premiums, dividends, and lifetime protection.
Universal Life Buyer’s Tip
If you need inexpensive lifetime coverage, always buy guaranteed universal life because very little money is allocated toward building savings inside your policy.
Since Lincoln’s permanent policies are primarily designed for cash accumulation, they are often more expensive than many of their competitors.
Pacific Life, Penn Mutual, Corebridge, and Protective Life have excellent permanent coverage if you are looking for cheaper alternatives.
Recently, CNBC ranked Pacific number one on its list of the best universal life insurance companies.
LFG Insurance Riders
LFG Insurance RidersLife insurance riders are add-ons to a life insurance policy that can provide extra coverage for an additional cost.
LFG offers numerous riders that can be added to its universal life portfolio that are beyond the scope of this Lincoln Life Review.
However, here is a breakdown of some popular LFG riders that can be added to some term plans and most permanent policies.
- Critical Illness: This rider lets you access the death benefit early if you experience a critical illness, like heart disease or cancer.
- Chronic Illness: This rider lets you access the death benefit during life if you cannot perform at least two activities of daily living.
- Waiver of Premium: If you become disabled and unable to pay your premiums, the waiver of premium rider ensures your policy remains in force until you can resume making payments.
- Accelerated Death Benefit: If you are diagnosed with a terminal illness, this rider will pay the death benefit before your death if you face a qualifying terminal illness.
- Child Rider: An optional rider that provides a small death benefit for one or more children in the family.
Lincoln Life Insurance Review
Lincoln Life Insurance ReviewLife insurance is an important financial consideration for individuals and their families, but it can take time to pull the trigger.
Before choosing an insurance company, you must determine the kind of life insurance you need, such as term or universal life insurance.
During our Lincoln Life Insurance Review, you learned they offer a comprehensive portfolio of cheap term and expensive indexed and variable universal life policies.
You must also select a company offering the best pricing based on your age, medical background, lifestyle, and family history.
Lincoln Life offers many competitive advantages when underwriting various medical conditions.
We typically recommend Lincoln Life for overweight people and older buyers needing affordable term insurance coverage.
Lincoln can also be a good choice for someone with diabetes, certain
types of cancers, or those with a coronary artery disease history.
You can still qualify for Lincoln Life’s best rates even when your cholesterol or hypertension is controlled with medication.
It’s good to know that Lincoln also offers nontobacco rates for cigar, pipe, marijuana, and chewing tobacco users.
Most companies will automatically classify applicants using alternative tobacco products at much higher smoker rates.
Buying Lincoln Life Insurance
Buying Lincoln Life Insurance The process of qualifying for a life insurance policy can vary depending on the company, type of coverage, and the death benefit you require.
Does Lincoln Financial require a medical exam?
Because of the simplified underwriting process, you might not need a medical exam to qualify for life insurance with Lincoln’s TermAccel program.
However, many Lincoln Finacial policies require a medical exam, including blood work. Underwriters may also request consent to access your medical records.
We have represented Lincoln Financial for many years and can recommend the best process to secure coverage for your family.
We can help you shop around and examine plans from multiple insurers to guarantee you are getting the most desirable contract.
Using our calculator, you can evaluate LFG life insurance rates without speaking with an agent.
Lincoln Finacial Customer Service
Lincoln Finacial Customer ServiceIf you’re like most of us, dealing with an insurance company can be a frustrating and time-consuming experience.
If you have questions about your Lincoln Life coverage, customer service is available during regular business hours.
Lincoln Financial’s website offers live chat to help you to pay a bill, file a claim, or change your beneficiaries.
You must contact an agent to get a quote, apply for coverage, or change an existing policy. You can use Lincoln’s agent locator to find an agent near you.
If you have questions about your coverage, the Lincoln Financial phone number is 1- 800-487-1485.
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