Lincoln Financial Life Insurance Company – One of the best life insurance companies represented by us is the Lincoln Financial Life Insurance Company. Lincoln Life Insurance accommodates numerous niches in the market. They are worth considering if you’re looking for affordable term and GUL life insurance rates. Read on for our complete Lincoln Financial Life Insurance Company review.
Lincoln Financial Group
Review Summary
Lincoln Financial Group provides shoppers with several life insurance product options. Lincoln is one of the best life insurance companies that you can find. They are one of the go to insurers for a variety of situations and should be looked at closely by anyone looking for term and permanent life insurance.
Lincoln Financial Life Insurance Company Review
If you’re in search of reviews about Lincoln Life Insurance, you’re in the right spot. This review of Lincoln Life insurance will comment on the organization’s advantages and disadvantages, and provide readers with other options. Ready to learn more about the Lincoln Financial life insurance company?
Overview
The Lincoln Financial Group got its start over a hundred years ago in 1905. Also known by the names Lincoln National Corporation, Lincoln National Life Insurance Company, and the Lincoln Life & Annuity Company of New York.
Financial Ratings
Lincoln National ratings include:
- A.M. Best rating: A+
- Fitch rating: A+
- Moody’s rating: A1
- S&P rating: AA-
- Comdex ranking: 90
Lincoln’s A.M. Best Company Rating
The Lincoln Life Insurance company has an A+ rating with A.M. Best Company. This is vital for those who are worried about the company paying out a death claim if they have life insurance. With regards to the company’s financial status, Lincoln Financial Insurance is very strong with a total life insurance in force of $705 billion!
How Strong?
Lincoln Life Insurance Products
Term Life
Lincoln provides no medical exam and medical exam options
Universal Life
Need longer coverage? Lincoln offers GUL and IUL options.
Term Life
Lincoln sells two term life insurance products:
- Lincoln LifeElements Level Term (Medical Exam)
- Lincoln TermAccel (No Medical Exam)
Lincoln LifeElements Level Term
The Lincoln Life Elements Level Term policy is an insurance policy that has a guaranteed level premium for your pick of 10, 15, 20, or 30 years (note: in Maryland, the 30-year term isn’t an option). For the term, the premium is fixed. Once your term life insurance expires, your policy will be renewed yearly until the age of 95.
Think about using term life insurance for mortgage insurance, life insurance for a divorce or SBA loans.
Lincoln TermAccel
Want to skip the medical exam? Lincoln’s TermAccel no medical exam term life insurance is available when you meet certain underwriting requirements.
You can get your application approved in as little as 2 business days when no exam is required. TermAccel is a level term life insurance policy and can be purchased for 15, 20 or 30 years. Coverage amounts from $100,000 to $1 Million.
You are also able to convert this policy to Lincoln’s permanent policy.
Lincoln sells a few permanent life insurance products for shoppers looking for longer coverage.
- Lincoln Life Guarantee UL
- Indexed UL Accumulator
Lincoln Life Guarantee UL
Lincoln Life Guarantee UL offers a level death benefit choice on a Universal Life product that provides a premium that’s guaranteed. Please note that the life insurance for a Guaranteed Universal Life product provides permanent coverage. GUL is often nicknamed “Lifetime Term”.
Indexed UL Accumulator
Lincoln’s Indexed universal life gives shoppers the flexibility that universal life provides. It also gives you the ability to have higher cash value growth potential than other products.
Think about using permanent life insurance for funding buy-sell agreements, estate planning, or securing coverage for your lifetime.
Lincoln Life Insurance Quotes
Let’s take a quick look at Lincoln Financial’s life insurance rates based off of a 30-year old non smoking male in good health. Sample quotes are based on a 20 year term and $500,000 death benefit. Rates are subject to change. Your final rate will be based on final underwriting.
| COMPANY | Policy | Monthly Rate |
|---|---|---|
| AIG | Select-a-Term | $21.12 |
| Banner Life | OPTerm | $21.45 |
| John Hancock | Term | $26.96 |
| Lincoln Financial | LifeElements | $28.45 |
| Lincoln Financial | TermAccel | $21.01 |
| Mutual of Omaha | Term Life Answers | $21.67 |
| Principal | Term | $22.76 |
| Protective | Custom Choice UL | $20.38 |
| Protective | Classic Choice Term | $20.22 |
| Prudential | Term Essential | $34.21 |
| SBLI | Level Premium Term | $21.33 |
| Transamerica | Trendsetter Super | $22.37 |
| Transamerica | Trendsetter LB | $24.96 |
Pros and Cons
Where does Lincoln shine and where can they improve?
PROS
- Strong Financials
- Term Life Products
- Permanent Life Products
- No Medical Exam Option
CONS
- Average Customer Service Reviews
- High face amounts for term life aren't as competitive
- No Whole Life
The Good
Lincoln Life Insurance Over Age 70
Lincoln Financial may benefit clients who are 70 years of age and suffer from diabetes based on the following criteria:
- Diagnosed within the last few years,
- Diagnosed with Type 2 diabetes,
- No history of proteinuria,
- A1C over the last 12 months 6.0 or below,
- Favorable cardiac workup,
- No history of neuropathy or retinopathy,
- Good lipids (meets required lipids criteria).
Lincoln Life is a reputable life insurance company, as you can ascertain from the details above. That said, Lincoln Life does have some shortcomings. Just like all life insurance companies.
The Bad
Anything Bad About Lincoln Life Insurance?
There aren’t that many things that we don’t like about Lincoln, but their lack of a whole life insurance product is one.
Lincoln Financial Group doesn’t offer a whole life policy option
This is a shame for those who need whole life insurance, even though I usually suggest term for the majority of situations. Universal life insurance is ideal if you require a permanent life insurance policy that is more affordable than whole life.
Be mindful that several life insurance companies will provide the option on your behalf to modify your term life insurance to a whole life policy over the duration of the insured time.
Lincoln Financial Group doesn’t, but you can change to a Universal Life policy. Further, as standard for most insurance providers, you will find several informal stories online sent by people who are disgruntled with their experience from an insurance program that Lincoln Financial Group provided.
Underwriting Niches
Lincoln Life Insurance Underwriting Niches: Lincoln Financial Life is a fantastic organization, but they flourish in some areas more than others. Here are examples of how Lincoln is the best fit for certain preexisting health conditions and lifestyle situations:
- Applicants who smoke pipes, cigars, nicotine gum, chewing tobacco, electronic cigarettes, nicotine patches, and other tobacco products (except cigarettes) may test positive for nicotine yet still obtain a standard rate class. That said, on the application, the client must be honest about their use of tobacco products.
- Clients may be eligible for the best rate class offered if zero traces of nicotine are shown on the client’s urine sample and the client smokes no more than 12 cigars annually. A client may smoke double that amount annually and still be eligible for the preferred rate class pending a lack of nicotine on the urine sample.
- With regards to blood pressure, cholesterol, and weight/height ratio build, clients older than 70 years of age are granted more freedom on underwriting requirements.
- Additionally, Lincoln Life Insurance offers more freedom when underwriting for older clients who have been diagnosed with breast or prostate cancer.
- Liberal cholesterol ratio with a preferred plus rate class is an option for clients with 5.5 HDL ratio pending that their total number is no greater than or equal to 230. For clients older than 70 years of age, the total cholesterol number jumps to 275.
- Blood pressure: For “preferred plus” rates at Lincoln Financial, applicants aged 69 or younger have a 1-year average blood pressure of 130/80 or below; those over the age of 70 should have 140/90 or below. For other “preferred” rates, applicants 69 years of age or younger may have average blood pressure up to 140/90; for those over the age of 70, up to 155/90. Applicants may have untreated or treated hypertension within these figures.
Lincoln Life Insurance Riders
You can customize your policy with life insurance riders. You can choose to add the Child Rider and Premium Waivers. These life insurance riders from Lincoln require an additional fee and are available if needed.
Your policy with Lincoln automatically includes a terminal illness rider. The terminal illness rider will pay some of the death benefits if you have been diagnosed with a terminal illness and have a life expectancy of 6 months or less.
Is Lincoln your best option?
Lincoln Financial Group is not the only life insurance company in town. Will they offer you the best deal? …Maybe.
If you’re looking for a rate for your specific issues or health concerns, use an agency that can provide you with the best options. At Life Insurance Blog, we work with over 60 top rated life insurance companies in order to help our clients.
Lincoln Financial Group company details
Name(s): Lincoln National Corporation, Lincoln National Life Insurance Company, Lincoln Life & Annuity Company of New York, The Lincoln Financial Group has been in business for over a century.
Address:
150 North Radnor-Chester Road
Radnor, PA 19087
Phone: 877-275-5462
Website: www.lincolnfinancial.com
Ratings: A.M. Best (A+), Fitch (A+), Moody’s (A1), Standard & Poor’s (AA-)
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