Lincoln Financial Life Insurance Review

By Michael Horbal - Updated on 01/10/2024

Lincoln National is one of the most competitive companies for $500,000 or greater coverage amounts.

We cover the following in our review of the best life insurance companies.

Is Lincoln National a Good Company?

Lincoln National Life Insurance Company and Lincoln Life & Annuity Company of NY offer life insurance.

Recently ranked as one of the largest life insurers in terms of revenue with $17.3 billion in revenue,

Lincoln was ranked #2 in universal life insurance sales and #3 in overall life insurance sales.

With over $308 billion of assets under management, Lincoln is a great life insurer to consider.

Financial Strength

  • AM Best = A (3rd highest of 16)
  • Moody’s = A1 (5th highest of 21)
  • S&P = A+ (5th highest of 21)
  • Fitch = A+ (5th highest of 19)

Ratings as of 05/9/2023 and subject to change.

Insurance companies include Lincoln National Life Insurance Company and Lincoln Life & Annuity Company of New York.

How Easy is it to Get a Policy with Lincoln?

Lincoln is very competitive in certain high-risk life insurance niches such as cancers, hepatitis, tobacco users, and more.

Lincoln has recently improved the underwriting process by introducing e-Interviews, where you submit medical information online.

Previously the interview would be completed via a telephone call.

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

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

We pretty much shop every case to Lincoln as they will 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 clients meeting 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, and white-collar.
  • U.S. citizens and green cardholders only.
  • Preferred Plus, Preferred, and Standard rates only.
  • Limited to index universal life products.

Up to $20,000,000 of coverage is available if you meet the criteria.

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.

We just received word that Lincoln is again offering the TRP program!

Are Lincoln Policies Competitive?

Several different types of life insurance, including term life insurance products and universal life insurance products.

Lincoln TermAccel

Lincoln TermAccel is an accelerated paperless term life product that offers:

  • Paperless e-ticket submission
  • You complete an e-interview online, no phone calls
  • If you meet the criteria, no paramed exam or labs are required
  • Your policy is delivered to you electronically.

TermAccel offers the following:

  • Level-term periods of 10, 15, 20 & 30 years
    • 10, 15 and 20-year =Ages 18-60
    • 30-year – Ages 18-55 for non-smokers (age 50 for smokers)
  • Minimum face amount – $100,000
  • Maximum face amount – $2,500,000
  • Conversion available to permanent policies subject to rules
  • Riders available:
    • Accelerated Benefit Rider
    • Children’s Level Term
    • Waiver of Premium

Lincoln’s TermAccel is an excellent option if you are looking for accelerated underwriting and competitive pricing.

One of the downsides of TermAccel is that the maximum total amount of life insurance available is $2.5 million.

Lincoln LifeElements Level Term

LifeElements is Lincoln’s term life insurance product.

LifeElement features include:

Level Premiums – During the 10, 15, and 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 company’s 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 some time.

Another company that does something similar to this is Fidelity with its RAPIDecision Senior Life policy.

Conversion to permanent life insurance is available to the lesser of the level term or before turning 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 IUL

Lincoln offers several IUL life insurance policies, including:

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 several 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.

AuguStar Life is a new company (formerly Ohio National) that offers index IUL and Index whole life compared to Lincoln.

When we discuss, we’ll happily provide you with illustrations and consumer-approved product details.

MoneyGuard

MoneyGuard is a universal life insurance policy that offers long term care insurance benefits.

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 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.

Children Level Term Insurance Benefit Rider

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.

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 aged 18-59.

Does Lincoln Provide Good Customer Service?

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.

Remember that 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.

Lincoln National Life Insurance Company Contact Information

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

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