Lincoln Financial Life Insurance Review

Lincoln Financial Group has established itself as a trusted leader in the life insurance industry since its founding in 1905. Serving over 17 million customers, Lincoln offers a comprehensive range of products.

In this article, we review Lincoln Financial’s term life insurance and universal life policies, underwriting, and financial strength and compare them to other competitive life insurance companies.

Lincoln National Life Insurance Company and Lincoln Life & Annuity Company of NY offer life insurance, annuities, long-term care products, and retirement solutions.

According to Lincoln, their rankings in life insurance policies sold as of the 4th quarter of 2023 (latest available), show that Lincoln is a top competitor:

• Hybrid Life/LTC Sales – #1
• Term Life Sales – #9
• Total Life Sales – #9

Lincoln is extremely competitive for face amounts of $500,000 or greater and is also very aggressive with high-risk life insurance underwriting for certain health issues.

Lincoln competes against companies like Prudential, Banner Life, Corebridge Financial, and others.

Lincoln’s financial strength ratings as of 10/30/2024 and is subject to change.

• AM Best = A (3rd highest of 16)
• Moody’s = A2 (6th highest of 21)
• S&P = A+ (5th highest of 21)
• Fitch = A+ (5th highest of 19)

Insurance companies include Lincoln National Life Insurance Company and Lincoln Life & Annuity Company of New York. If you need coverage in NY, we would look at other companies like Guardian, NY Life, and Mass Mutual.

The LifeElements and TermAccel are term life policies tailored to different customer needs.

LifeElements® is a traditional term life insurance product offering reliable coverage and flexibility.

• LifeElement Highlights:
  • 10-Year Term
  • 15-Year Term
  • 20-Year Term
  • 30-Year Term
• Minimum Face Amount – $250,000
• Traditional Underwriting with paramed exam
• Riders Available:
  • Accelerated Benefits Rider
  • Children’s Level Term Rider
  • Waiver of Premium Rider

LifeElements is a competitive policy and the one you would use if you have a high-risk medical history such as cancer, diabetes, or cardiac health problems.

TermAccel is an affordable term life insurance option designed for speed and convenience.

• TermAccel Highlights:
  • 10-Year Term
  • 15-Year Term
  • 20-Year Term
  • 30-Year Term
• Minimum Face Amount – $100,000
• Riders Available:
  • Accelerated Benefits Rider
  • Children’s Level Term Rider
  • Waiver of Premium

TermAccel prices tend to be more competitive than the LifeElements product, but not always. Sometimes the pricing is identical.

Many carriers now offer accelerated underwriting, including Protective, Banner, Symetra, Corebridge, Pacific Life, SBLI, Nationwide, Minnesota Life, North American, Prudential, and John Hancock.

If the price is the same, go with LifeElements, as the underwriting is more lenient. If a problem occurs, we can speak with underwriting.

For insureds who are young and healthy, TermAccel is a good option.

While some companies use the same underwriting guidelines for their traditional and accelerated term products, Lincoln does not, and getting an exception from underwriting is impossible.

Traditional universal life insurance and index universal life insurance policies are available. Lincoln does not offer whole life insurance products.

The WealthPreserve 2 IUL and its related survivorship policy are focused on providing long-term guaranteed death benefits for up to 40 years or age 90, whichever comes first.

Interest credited to your policy is based on one of the five indexes available. Two are based on the Fidelity AIM Dividend Index, and three are based on the S&P 500.

• WealthPreserve 2 IUL Highlights:
  • Issue Ages 20-80
  • Minimum Face Amount – $100,000
  • Level or Increasing Death Benefit Option
  • Index Interest Based on S&P 500 or Fidelity Index
  • Riders Available: (subject to availability)
    • Accelerated Benefits for Chronic Illness
    • Accelerated Benefits for Terminal Illness
    • Care Coverage Rider
    • LifeAssure Rider
    • LifeEnhance Rider
    • Change of Insured Rider
    • Children’s Term Insurance Rider
    • Disability Waiver
    • Overloan Rider
    • Supplemental Term Riders

Lincoln targets insureds between the ages of 35-55 with this product.

The WealthAccumulate 2 product is designed for significant cash value accumulation and growth, and distribution potential later.

• WealthAccumulate 2 Highlights:
  • Issue Ages 20-80
  • Minimum Face Amount – $100,000
  • Level or Increasing Death Benefit Option
  • Index Interest Based on S&P 500 or Fidelity Index
  • Riders Available: (subject to availability)
    • Accelerated Benefits for Chronic Illness
    • Accelerated Benefits for Terminal Illness
    • Care Coverage Rider
    • LifeAssure Rider
    • LifeEnhance Rider
    • Change of Insured Rider
    • Children’s Term Insurance Rider
    • Disability Waiver
    • Overloan Rider
    • Supplemental Term Riders
    • Surrender Value Enhancement

If you are looking for an index IUL policy that you can accumulate cash value in and access that cash value to supplement retirement, the WealthAccumulate policy is a good option.

The bottom line with index universal life insurance policies is that you need to see the full company illustrations to accurately compare these products to ones offered by North American and John Hancock, etc.

We’ll help you do that so you can make an informed decision.

One of Lincoln’s most popular policies is MoneyGuard.

MoneyGuard is a universal life insurance policy that offers long-term care insurance benefits. You will additional details here:

MoneyGuard Review

It’s a great policy that offers death benefits if you need it, or long-term care if you don’t.

If you want to convert your term life insurance policy and that policy is 8+ years old, your option is limited to the Conversion UL product.

This is a no-frills universal life insurance policy that you are not going to buy unless you absolutely have to and no other life insurance companies are available to you.

Here’s what you need to know about Lincoln Financial underwriting.

Lincoln Financial’s accelerated underwriting process offers digital applications, accelerated underwriting, and electronic policy delivery. For most cases, we submit a ticket to Lincoln, and they will email you a link to their online underwriting questions.

Your answers determine if you qualify for lab-free underwriting or require a traditional paramed exam.

Lincoln is very competitive in certain high-risk life insurance underwriting niches such as cancers, hepatitis, heart conditions, tobacco users, and more. Prudential is another company that does well with these underwriting issues.

With our process, we’ll show you how to get the most competitive life insurance with health conditions.

The TermAccel product offers accelerated underwriting and quick approvals for healthy clients that qualify.

• Accelerated Underwriting Highlights:
  • Ages 18-60
  • Face Amounts $100,000 – $2.5 million
  • Term Lengths – 10, 15, 20 and 30 years
  • No medical records required
  • No paramed exam or labs needed.

Underwriting offers are offered within 1-2 days.

If you use cigars or chew tobacco, Lincoln, Prudential, Cincinnati, and John Hancock give you non-tobacco rates even with a positive urine sample.

Here are additional details about Lincoln’s underwriting process.

Lincoln Consumer Guide to Underwriting

Life insurance riders are available to further customize your policy. The riders available will depend on the product type you choose, the state of policy ownership, and other factors.

Lincoln’s accelerated benefit rider is a no-cost rider. You may accelerate up to 50% of the death benefit up to $250,000 if you are diagnosed as terminally ill. The exact details vary by state; some states define terminally ill as 12 months, while others define it as six months.  This rider may not be available in all states.

Child riders provide inexpensive life insurance if something happens to your child. The premium for the child rider is the same, no matter how many children you have. The child rider is available for issue to all children aged 15 days to 18 years of age. Coverage amounts from $1,000 to $15,000 are available.

Underwriting may consist of obtaining medical records. After the policy issue, children born, adopted, and stepchildren are automatically added to the policy. The children’s level term insurance benefit rider expires on or after the policy anniversary of the child’s 25th birthday. The child rider expires earlier when the youngest child turns age 25 or the insured reaches age 65.

This rider has a paid-up life insurance benefit if the insured dies before the rider expires. The child rider would continue at no cost until the child reaches age 25. The rider may be converted to an individual policy with coverage amounts up to 5x the amount of the child rider.  No underwriting is required.

If the insured becomes disabled, Lincoln will waive all premiums required during the disability. There is an additional cost for this rider. Waiver of Premium is available for insureds aged 18-59.

Lincoln does not offer individual long-term disability insurance plans.

You may reach customer service at 877-275-5462

Lincoln provides online account access, and you can log in – here

Final Words

When we discuss your life insurance with you, we’ll let you know what companies have to say regarding underwriting and price.

Please take a few minutes to submit your quote request today. There is never any pressure or obligation with our life insurance service.  We’ll provide you with the information you need to make an informed decision about your life insurance.

Do you need to get in touch with Lincoln directly?

Lincoln National Life Insurance Company Address:

Mailing Address – PO Box 2108 – Greensboro, North Carolina 27420

Overnight Address – 100 North Greene Street – Greensboro, North Carolina 27401

Lincoln National Life Insurance Phone Number:

For most life insurance products – 800-487-1485