Lincoln Financial Group Life Insurance
Underwriting niches: breast & prostate
cancer, cigar smokers,lenient on build for
seniors, aggressive U/W for larger face
amounts and permanent policies
If you are thinking about purchasing life insurance from Lincoln Financial you have landed in a good place. This Lincoln Financial life insurance review will address the company's history and financial ratings, product offerings, underwriting niches, and pricing.
Lincoln National entered the insurance market in 1905, using the name of the president credited with holding the union together. Lincoln Financial's insurance division has steadily grown ever since, with a strong financial ratings. In fact, A.M. Best , the foremost ratings authority on the life insurance industry, rates Lincoln as A+. You can learn more about Life insurance carriers financial strength ratings here.
A+ (Superior) from A.M. Best
AA- (Very Strong) from S&P
A+ (Very Strong) from Fitch
94 COMDEX score 91
Lincoln TermAccel is the flagship term insurance product sold by Lincoln. With a 100000-500000 min-max benefit, the product is sold in 15, 20 & 30 year terms. This product is part of an accelerated underwriting platform that allows for telephone applications, no exam or blood/urine required in most cases, and policy decisions in under 48 hours.
TermAccel is convertible to permanent insurance and available riders include Children's rider, Waiver of Premium, and Accelerated Benefits for Terminal Illness
Lincoln's Life Elements product is similar to TermAccel, but with a higher minimum (250000) and no stated max. High benefit applications will be given individual consideration. The available terms are 10, 15 & 30 years. Life Elements provides the same rider options as TermAccel.
Lincoln offers several variations of universal life insurance ,including a a traditional UL, an indexed UL and a variable UL. The traditional model is tied to interest rates, the variable UL is tied directly to the equities markets and the popular indexed is a hybrid that credits interest based on stock index performance but is not actually a security instrument like the VUL. While much safer now, universal life has a tumultuous history, you can read about here .
There are several underwriting niches for which Lincoln Financial is known. Among them is speed , the accelerated underwriting platform is among the fastest of major carriers. Lincoln Financial is also noted for competitive pricing on large face amount policies.
In health specific underwriting Lincoln is thought to be very aggressive particularly when underwriting permanent policies.
Some of the specific areas where Lincoln has shown more lenient underwriting are high cholesterol, breast cancer, prostate cancer, occasional cigar smokers and heavier folks over 70.
Lincoln Financial is super competitive in some cases and appears expensive in others. However, it is important to note that even in cases where they appear expensive they are often the best deal.
You may be asking: "How can the be?"
it all comes down to the underwriting class you are given. If Lincoln Financial is the most expensive of the major carriers at standard rates but the more competitive carriers would grade you as table 2/B or 4/D, then the "more expensive" standard rate would be the best deal.
If you would like to see accurate rates based on underwriting class for Lincoln Financial term life insurance, simply input your information into the quote tool and press "Display Quotes". Just bear in mind that, as I have discussed, the best rate is not always the best deal for your particular health situation.
n cases where Lincoln Financial is not among the most competitive rates (for example lower insurance amounts), there are over 50 carriers available at the Life Insurance Help Desk. Whether it's a condition that Lincoln chooses not to see more favorably than others or an accelerated underwriting option you are looking for, the Life Insurance Help Desk will be happy to help you get the best deal possible.
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Jim Tobin is the owner of Life Insurance Help Desk, a Fairfield County, CT. life insurance agency. You can find him on LinkedIn and Facebook. Over the past 10 years, Jim has used his CFP-financial planning designation to help individuals with their life insurance needs. In addition to working with life insurance clients, Jim teaches ESL classes in his spare time. He resides with his beautiful wife Nicole and the 3 cats that rule their lives..
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