Lincoln National is one of the most competitive companies when it comes to coverage amounts of $500,000 or greater.
Lincoln is a great company worth considering for your life insurance needs.
Lincoln Financial Group Review
In our review of the best life insurance companies, we cover the following.
Lincoln Overview
Life insurance is offered by Lincoln National Life Insurance Company and Lincoln Life & Annuity Company of NY.
Recently ranked as the 4th largest life insurer in terms of revenue with $14.2 billion in revenue,
Lincoln was ranked #2 in universal life insurance sales and #3 in overall life insurance sales.
With over $260 billion dollars of assets under management, Lincoln is a great life insurer to consider.
Ratings
Independent rating organizations as of 11/1/2018
AM Best = A+ (2nd highest of 16)
Moody’s = A1 (5th highest of 21)
S&P = AA- (4th 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.
Underwriting Review
Lincoln is very competitive in certain high-risk life insurance niches such as cancers, hepatitis, tobacco users, and more.
Prostate cancer is also a specialty of Lincoln.
Examples of other medical conditions where Lincoln is competitive include:
- Heart Disease Life Insurance
- Diabetes Life Insurance
- Hepatitis Life Insurance
Non-medical Underwriting Expertise includes:
- Non-Tobacco Life Insurance
- Private Pilots
We pretty much shop every case to Lincoln as they are going to be one of the better companies for health issues.
Check here for more details about how life insurance underwriting works.
Lincoln Professional Advantage Program
Lincoln offers a no-lab, no-exam process for certain clients that meet Lincoln’s executive physical guidelines.
Here’s a quick list of those requirements:
- Executive physical completed within the past 18 months.
- Ages 25-65
- Income – $200,000 minimum annual income
- Occupation must be executive, professional, white-collar.
- U.S. citizens and green cardholders only.
- Preferred Plus, Preferred and Standard rates only.
- Limited to index universal life products.
If you meet the criteria, up to $20,000,000 of coverage is available.
Table Reduction Program (TRP)
Lincoln has a table rating reduction program.
Insureds’ rated up to Table 3, receive “standard” rates when buying a universal life policy.
Unfortunately, we just received word that Lincoln is suspending the table reduction program, effective June 22nd.
Product Information
A number of different types of life insurance, including term life insurance products and universal life insurance products.
Lincoln LifeElements Level Term
LifeElements is Lincoln’s term life insurance product.
LifeElement features include:
Level Premiums – During the 10, 15, 20-year term life insurance or 30 year term life period, premiums remain level.
Automatic Face Amount Decreases – At the end of the level term, the face amount of coverage decreases each year.
With most companies term policies,
The premium skyrockets to a level that forces most people to lapse their policy, replace it, or convert it (if available).
With Lincoln, they decrease the policy amount at the end of your level term period.
The premium remains similar to what you are currently paying for a period of time.
Conversion to permanent life insurance is available to the lesser of the level term period or prior to turning age 70.
Universal Life Insurance Products
Universal life insurance products include no lapse guaranteed death benefits, cash value universal life, and index universal life.
Lincoln also offers a survivorship product for estate planning purposes.
Lincoln WealthAccumulate IUL
This indexed universal life insurance policy offers you the potential to build cash value over time.
Interest credited is based on the performance of the S&P 500.
Lincoln offers a number of allocation options including their
- Perform Indexed Account
- Balanced Indexed Account
- Conserve Indexed Account
- Fixed Account
This policy offers many features that indexed universal life insurance buyers desire.
Competitors of Lincoln for index universal life policies include Equitable, John Hancock, and others.
We’ll be happy to provide you with illustrations and consumer approved product details when we discuss.
Lincoln Life Insurance Riders
Lincoln offers life insurance riders for their policies.
The riders available will depend on the product type you choose, the state of policy ownership, and other factors.
We’ll explain them with your quotes.
Accelerated Benefit Rider
Lincoln’s accelerated benefit rider is a no-cost rider.
You may accelerate up to 50% of the death benefit up to $250,000 in the event you are diagnosed as terminally ill.
The exact details vary by state as some states define terminally ill as 12 months while others define it as 6 months.
This rider may not be available in all states.
Children Level Term Insurance Benefit Rider
Child riders provide inexpensive life insurance in the event 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 – $15,000 are available.
Underwriting may consist of obtaining medical records.
After policy issue, children who are born, adopted, and stepchildren are automatically added to the policy.
The children level term insurance benefit rider expires on or after the policy anniversary of the child’s 25th birthday.
The child rider expires on the earlier of when the youngest child turns age 25 or the insured reaches age 65.
There is a paid-up life insurance benefit with this rider 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.
Waiver of Premium Benefit Rider
If the insured becomes totally 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 age 18-59.
Conclusion:
When we discuss your life insurance with you, we’ll let you know what companies have to say in terms of underwriting and price.
Please take a few minutes to submit your quote request today.
Keep in mind that there is never any pressure or obligation with our life insurance service.
We’ll provide you with the information you need in order to make an informed decision about your life insurance.
Michael J Horbal
I’m the owner of RiskQuoter. We specialize in life insurance underwriting, helping you get the best rates whether you have perfect health or a history of medical problems.
Last Updated – January 26, 2021