Lincoln Financial Group (aka Lincoln National Life Insurance Company) is a life insurance company that offers competitive term life insurance and universal life insurance.
This Lincoln Financial Group Review Covers:
Lincoln offers competitive term life insurance to consumers and is one the most competitive when it comes to coverage amounts of $500,000 or greater.
As part of our review of the best life insurance companies, we cover the following.
Lincoln Overview
Lincoln Financial Group offers life insurance products through its life insurers Lincoln National Life Insurance Company and Lincoln Life & Annuity Company of New York.
Lincoln was 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.
Lincoln Ratings
Independent rating organizations reported the following on 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)
Lincoln National Life Insurance Company is available in all states except New York. Lincoln Life & Annuity Company of New York handles all business in New York.
Lincoln Underwriting Review
Lincoln is very competitive in certain high-risk life insurance underwriting niches such as cancers, hepatitis, tobacco users and more.
Lincoln is one of the best life insurance underwriters for prostate cancer.
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 we work on to Lincoln as they are going to be one of the better companies for many health issues.
Check here if you would like 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 profession.
- 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 where insured 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.
Lincoln Product Information
Lincoln offers 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 will decrease the policy at the end of your level term period leaving the premium the same or similar to what you are currently paying.
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
Lincoln offers universal life insurance products with no lapse guaranteed death benefits, universal life products that build cash value, and index universal life products. 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, 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 that will be explained with your quotes.
Accelerated Benefit Rider
Lincoln’s accelerated benefit rider is a no-cost rider that accelerates up to 50% of the death benefit up to $250,000 to you 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.
We’ll provide you with the details based on your state.
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 without underwriting.
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 Benefit Rider is available for insureds age 18-59.
In 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, and we’ll help you with determining the amount of life insurance to consider.
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.
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