Lincoln Financial Life Insurance Review

Lincoln Financial Group was founded in Fort Wayne, Indiana. It has been selling life insurance products since 1905. Lincoln Financial Group’s insurance companies, The Lincoln National Life Insurance Company and Lincoln Life and Annuity Company of New York offer life insurance in all 50 States and the District of Columbia. Lincoln Financial provides personal life insurance through an employer benefit plan and a network financial professionals.

Lincoln Financial has the best life insurance products available to help you meet your short-term and long-term goals. Is Lincoln Financial the right choice for you?

Lincoln Financial life insurance

Lincoln Financial offers both term and permanent life insurance policies. A term policy covers you for a short time. A term life policy can help you ensure your children get a college education and your spouse can pay the mortgage if your death occurs during the policy period.

Lincoln Financial’s permanent insurance can provide up-to-a lifetime of protection, as well as a death benefit, and savings. Lincoln Financial offers a variety of plans to suit the needs of families and individuals.

Types of coverage

Lincoln Financial has a wide range of life insurance products.

  • Level term insurance for life: Lincoln Financial has two levels of term life insurance products. They are Lincoln TermAccel or Lincoln LifeElements. Both policies are available in 10-, 15- or 20-year terms and can be renewed up to age 95. A TermAccel policy allows you to choose between a $100,000-$1 million death benefit, and LifeElements policies only have a face value of $250,000. The accelerated benefits rider allows you to get part of the death benefit in case you become terminally ill and have a life expectancy less than six months.
  • Universal insurance: Lincoln Financial’s universal insurance policies offer lifetime protection and earn a fixed interest rate. After your policy has earned a cash value you can borrow against it and withdraw funds. You can also alter your premium payments and death benefit with universal life policies. LifeGuarantee universal insurance covers a couple. It pays after the second death. This can help to protect your estate assets.
  • Indexed universal insurance: Indicated universal insurance connects your cash value with a market index like the S&P 500. The WealthAccumulate policies by Lincoln Financial provide permanent coverage. There is a floor that protects your cash value against severe market losses and an option to add an acceleration benefits endorsement. The WealthPreserve 2 IUL policy provides coverage up to 40 years or until your 90th birthday. It also earns cash value through four market indicators.
  • Variable universal insurance: Lincoln Financial’s flexible universal life policies allow you to select the death benefit and coverage duration. These policies let you choose from a variety of investment options to increase your cash value. You can also alter your policy’s death benefit or premium payments. There are several variable universal life policies available, including the Lincoln VUL One, which offers 75 investment options.

Not all Lincoln Financial life insurance products can be purchased in New York.

Cost of Lincoln Financial Life Insurance

Your age, family health history and tobacco use all play a role in determining your life insurance premium. term policies are typically more expensive than permanent policies, which only offer a death benefit. Permanent life insurance, which includes universal, indexed universal, and variable universal life policies costs more as the insurer must invest a portion of your premium in order to build a cash value.

Annual fees are charged by Lincoln Financial for term life policies. The provider charges an annual fee between $80 and $90 depending on the coverage.

Lincoln Financial Life Insurance is a great choice

There are advantages and disadvantages to Lincoln Financial life insurance policies. Signing up for Lincoln Financial life insurance through your employer could help you save time and hassle in searching for coverage.

Lincoln Financial can link you with a financial advisor from its network. A financial professional can assist you in planning for retirement and advising you on how to avoid financial trouble if you are diagnosed with a serious illness.

Lincoln Financial doesn’t offer the digital tools many policyholders want. The provider doesn’t offer online quotes. applicants must meet with a financial professional in order to apply for coverage. Lincoln Financial allows you to submit an application by phone or online, but it doesn’t offer the same streamlined process as other insurers.

Reviews, complaints, and ratings about Lincoln Financial

J.D. Power publishes an annually updated study on life insurance companies. It rates them based upon their performance in areas like claims handling, policy offers, price, and ranks them based on a 1,000 point overall customer satisfaction index. J.D. In J.D. Power’s 2020 U.S. Life Insurance Study Lincoln Financial was ranked 13th among 23 insurers with an overall customer satisfaction score of 749. This is 14 points lower than the industry average of 763.

AM Best has awarded Lincoln Financial a A+ (Superior), financial strength rating. This means that the provider is in a good position to meet its claims obligations.

The National Association of Insurance Commissioners maintains an index that rates insurers according to the complaints it receives. The index uses a baseline of 1.0. Scores below 1.0 signify lower complaints than the average, and scores above 1.0 mean that there is a problem. Lincoln Financial’s .10 NAIC complaint score was better than the national average.

The Better Business Bureau has awarded Lincoln Financial Group an rating. In the past three years, 66 customers have filed BBB complaints about the carrier. Most complaints were about product or service issues like invoicing issues and misappropriated loan payments.

J.D. J.D.763/1,000
AM Best financial ratingA+ (Superior)
NAIC complaint score0.10
BBB ratingA-

Lincoln Financial Group offers additional policies

Lincoln Financial offers the following:

  • Accident insurance – This type of insurance is available to help cover a variety of expenses, such as hospital bills, diagnostic examinations, and ambulance fees.
  • Dental insurance: Benefits for these Preferred Provider Organization Plans include exams, extractions, fluoride treatment, or surgery and x-rays.
  • Insurance for critical illness: Funds from critical illness insurance are paid directly to the policyholder. They can be used to cover all expenses including groceries and mortgage payments.
  • Short-term and long-term disability insurance: Short-term disability insurance is a way to help with expenses after childbirth, or for rehabilitation costs following an injury or illness. Long-term disability insurance, which can replace up to 60% your income after a covered serious injury and up to $5,000 per monthly, is available.
  • Vision insurance: Lincoln Financial offers vision insurance that allows you to choose between in-network and out-of-network providers. It also covers preventative care, contact lenses, frames and lenses.

Most Frequently Asked Questions

Which is the best life-insurance company?

Your needs will determine the best life insurance company . While some companies offer only term life insurance, others can provide a broad range of permanent and term coverages.

Is it better to have a term life or a whole-life?

It all depends on your specific needs. Term life insurance covers you for a specific period of time, typically one to thirty years. Permanent life insurance policies provide lifetime protection and can also earn cash value. Talk to an agent about your life insurance needs.

What amount of life insurance do you need?

Consider your goals and needs to determine the right amount of life insurance. You may need sufficient coverage to replace your income for at least one year if your spouse or partner is dependent on you. If you want your children to be able to afford college, you should calculate how much it would cost to pay for them to finish a four-year or five-year degree program. You can use online calculators from many companies to determine the right level of coverage. Or, you can contact a licensed agent to discuss what you need.