Lincoln Financial Life Insurance Review – Is It Right for You?

Since its founding in 1905, Lincoln Financial Group has grown into a trusted leader in the life insurance industry, serving over 17 million customers. But is it the right choice for you?

In this review, we’ll discuss Lincoln’s life insurance products, pricing, underwriting process, customer reviews, and how it compares to other life insurance companies so you can make an informed decision.

• Year Founded: 1905
• AM Best Rating: “A” (3rd highest)
• Moody’s Rating: “A2” (6th highest)
• S&P Rating: “A+” (5th highest)
• Total Customers: 17+ million
• Best for: High face amounts ($500,000+), high-risk applicants, hybrid/LTC policies
• Competitors: Prudential, Banner Life, Corebridge Financial, Pacific Life, John Hancock

Lincoln Financial is a top player in the life insurance market. As of Q4 2023, Lincoln ranked:

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

Lincoln is especially competitive for face amounts of $500,000 or greater and offers strong underwriting for high-risk health conditions.

However, Lincoln Life & Annuity Company of New York is the only Lincoln entity available in New York. If you need coverage in NY, better options may exist with Guardian, NY Life, and Mass Mutual.

From term insurance to permanent life insurance, Lincoln offers solutions to meet your needs.

Lincoln offers two main term life insurance products:

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

• Term Lengths: 10, 15, 20 & 30 years
• Minimum Coverage: $250,000
• Underwriting: Traditional (includes paramedical exam)
• Best for: High-risk applicants (cancer, diabetes, heart conditions)
• Riders Available:
  • Accelerated Benefits Rider
  • Children’s Level Term Rider
  • Waiver of Premium Rider

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

• Term Lengths: 10, 15, 20 & 30 years
• Minimum Coverage: $100,000
• Underwriting: Accelerated (lab-free for qualified applicants)
• Best for: Healthy individuals looking for a fast, affordable policy.
• Riders Available:
  • Accelerated Benefits Rider
  • Children’s Level Term Rider
  • Waiver of Premium

Which Term Policy Should You Choose?

• If pricing is the same, choose LifeElements, which has more flexible underwriting.
• If you are young and healthy, TermAccel offers a faster approval process.

Other companies to consider for accelerated underwriting include Protective, Banner Life, and Symetra.

Lincoln does not offer whole life insurance but has two types of universal life insurance.

• Best for: Long-term death benefit protection
• Issue Ages: 20-80
• Minimum Coverage: $100,000
• Indexing options: S&P 500, Fidelity AIM Dividend Index
• Available Riders:
  • Chronic & Terminal Illness Accelerated Benefits
  • Care Coverage
  • Disability Waiver
  • Overloan Protection

The target audience for this policy is individuals between the ages of 30-55, although there are situations where it makes sense for other age groups.

• Best for: Cash value accumulation & retirement income
• Issue Ages: 20-80
• Minimum Coverage: $100,000
• Indexing Options: S&P 500, Fidelity AIM Dividend Index
• Available Riders: Similar to the WealthPreserve 2 policy

Which Universal Life Policy Should You Choose?

• If you want guaranteed long-term coverage, go with WealthPreserve 2 IUL.
• WealthAccumulate 2 IUL is a better choice to build cash value.

Other companies that compare to Lincoln include North America and John Hancock.

One of Lincoln’s most popular policies, MoneyGuard, is a universal life insurance policy with long-term care benefits. It’s a good option for estate planning and LTC needs.

Several riders are available to customize your policy:

• Accelerated Benefit Rider – If you are diagnosed as terminally ill, you may accelerate up to 50% of the death benefit up to $250,000.
• Children’s Level Term Insurance Benefit Rider – The child rider is available for issue to all children aged 15 days to 18 years. Coverage amounts from $1,000 to $15,000 are available.
• Waiver of Premium Benefit Rider – If the insured becomes disabled, Lincoln will waive all premiums required during the disability.

The availability of riders varies by product, state, age, health, etc.

Lincoln’s pricing varies based on age, health, term length, and coverage amount. Lincoln is most competitive for:

• High face amounts of $500,000 or greater.
• High-risk underwriting for cancer, heart disease, and diabetes.
• Cigar smokers and tobacco chewers (non-smoker rates are available)

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

• Ages: 18-60
• Coverage: $100,000 – $2.5 million
• Term Lengths: 10, 15, 20, 30 years
• Medical Exam: None for qualifying applicants
• Approval Time: 1-2 days

Best for: Healthy individuals who want fast approval without a medical exam.

• Required for higher-risk applicants or policies over $2.5 million.
• Lincoln is strong in high-risk underwriting for:
  • Cancer survivors
  • Heart conditions
  • Hepatitis
  • Tobacco & Cigar users

Here’s Lincoln’s consumer guide – Lincoln Consumer Guide to Underwriting

• Pros:
  • Strong financial ratings (A+ from S&P, A from AM Best)
  • Fast approval for healthy applicants with TermAccel
  • Competitive for high-risk underwriting
  • Top-ranked hybrid life/LTC product (MoneyGuard)
• Cons:
  • No whole life insurance is available
  • Stricter underwriting for TermAccel vs LifeElements
  • Limited coverage options in New York.

You may reach customer service at 877-275-5462 or log into your account – here

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 Financial is a strong option for individuals seeking affordable term life insurance, flexible universal life insurance, or a hybrid long-term care solution.

With competitive rates for high face amounts, strong financial stability, and excellent underwriting for high-risk applicants, Lincoln is worth considering.

The best way to know if Lincoln Financial is right is to compare rates and policy options with those of other top insurers.

Get a Free Quote Today with no pressure and no obligation!