Lincoln Financial life Insurance review

Lincoln Financial                         Life Insurance Review

by Jim Tobin, CFP ®

 

Critical Takeaways

  • A.M. Best Rating :  A+
  • Competitively Priced 
  •  Market Leaser for Impaired Risk Cases
  • Lenient on Weight/Build for seniors
lincoln financial

Life Insurance Help Desk Rating

Lincoln Financial Carrier Specifics

Policy Options

Term, Universal Life

Term Lengths

10,15,20,30

Riders

Available

Ratings

A+ - A.M. Best

States

NY Unavailable

Mo. Pricing

Competitive

Customer Service

Issue Age

18-60

Min. Coverage

$100K

No Exam Option

Yes

Lincoln Financial Life Insurance Review
COMPARE RATES INSTANTLY
  • Male Female
    Yes No

Expert Review Of  Lincoln Financial Life Insurance

Jim Tobin promo

Reviewed by

Jim Tobin, CFP®

Why you can trust this review

At Life Insurance Help Desk, we value our editorial independence. We keep our reviews strictly factual so you can use them to make informed decisions. Life insurance carriers referred to on this site do not approve reviews. 

Lincoln Financial Carrier Specifics

Lincoln Financial Carrier Specifics

Policy Options

Term, Universal Life

Term Lengths

10,15,20,30

Riders

Available

Ratings

A+ - A.M. Best

States

NY Unavailable

Mo. Pricing

Competitive

Customer Service

Issue Age

18-60

Min. Coverage

$100K

No Exam Option

Yes

Expert Review Of  Lincoln Financial Life Insurance

Jim Tobin promo

Reviewed by

Jim Tobin, CFP®

Why you can have confidence in This review

At Life Insurance Help Desk, we value our editorial independence. We keep our reviews strictly factual so you can use them to make informed decisions. Life insurance carriers referred to on this site do not approve reviews. 

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 primary points of comparison between life insurance companies. This includes company's history and financial ratings, product offerings, underwriting niches, and pricing.

Lincoln Financial Company History

While Lincoln Financial is a major financial services provider, the scope of this article is limited to life insurance offered by its subsidiary Lincoln National life insurance.

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.

Lincoln Financial Ratings

Lincoln Financial has consistently demonstrated the strength to meet it's ongoing obligations and conduct new business. 

Banner financial ratings

  A+

Banner financial ratings

  A+

Banner financial ratings

  AA-

COMDEX

  94

Lincoln Financial Life Insurance Products


TermAccel

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

Life Elements

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.   

Universal Life

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 product 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.

Lincoln Financial Life Insurance Riders

Available term policy riders include:

Waiver of Premium 

Spouse Term Rider 

Accelerated Death Benefit 

Childrens Rider

Accidental Death & Dismemberment

Additionally there is a privilege to convert to permanent coverage without proof of insurability.  Conversion privileges vary with product.

Lincoln Financial Life Insurance Rates

Lincoln Financial Life Insurance  is often priced competitively, other times rates are significantly higher than competitors. However, this pricing is not  simply "apples to apples". Rather, Lincoln's pricing reflects a business  model that accepts more health risks. This can be important to you if you are in less than perfect health. 

For instance if Lincoln rates a  47  year old woman with a history of mild anxiety cancer as "preferred" while other "slightly better priced" companies rate her as "standard plus", the more expensive company  becomes the cheapest. Take a look:

Company

Coverage

Product

Mo. Pymnt.

Prudential

500K

Essential 30

$127.31

Banner

500K

OPTerm 30

 126.15

SBLI

500K

Level -30

 127.31

AIG

500K

Term-30

 126.90

Lincoln

500K

Term Accel 30

 94.50

So as you can see in this example , the final price has just as much to do with the underwriting decision as it does with the rates you see on quote tools.

However, even when the rating class is "apples to apples" , Lincoln is super competitive in both the preferred and standard classes.

Lincoln Financial Underwriting Highlights

There are several underwriting niches for which Lincoln Financial is known. Among them is speed 0, 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 

heavier folks over 70.   

Lincoln Financial No Exam Options

Term Accel 

Term Accel is the accelerated underwriting platform in use by Lincoln.  It uses the application questions and publicly available information to make a decision. 

This platform speeds the underwriting process considerably. However, it is only available for applicants under the age of sixty who 

Lincoln will classify as Preferred or better. Additionally, this policy can only be issued for up to one million dollars. Applications requiring more coverage  will need to go through traditional underwriting.

Lincoln Financial  Customer Service

Lincoln National Life, the life insurance subsidiary of lincoln Financial has an excellent customer service record. In fact The National Association of Insurance Commissioners  or NAIC  show a complaint index of .012, well below the 1% national average.

J.D. Power & Assoc. scores Lincoln at 750 and the Better Business Bureau does not cover Lincoln Financial at this time.

Lincoln Financial  Contact Information

Address:1300 South Clinton Street
Fort Wayne, IN 46802

Phone:(877) 275-5462

Web:https://www.lfg.com/public/individual

Lincoln Financial : Final Thoughts

Lincoln Financial is an excellent carrier. Along with Prudential, AIG, and Pacific Life, Lincoln offers a competitive rate while aggressively underwriting some specific niches.

Whether you are you and healthy or have some health challenges, Lincoln Financial is worth a look.  In any case where you have a question about your health class, the best advice is to speak with an experienced independent agent with access to a multitude of carriers.

Thank you  for using the Life Insurance Help Desk to to research Lincoln Financial life insurance. We hoped it helped and we hope you contact us with any questions.

Bonus: The 5 most common mistakes people make buying life insurance and how to avoid them

(Click Twice)

The Time to get covered is now!...

See just how easy buying life insurance can be....compare accurate life insurance rates in just seconds.

__CONFIG_colors_palette__{"active_palette":0,"config":{"colors":{"62516":{"name":"Main Accent","parent":-1}},"gradients":[]},"palettes":[{"name":"Default Palette","value":{"colors":{"62516":{"val":"rgb(5, 5, 65)","hsl":{"h":240,"s":0.86,"l":0.14}}},"gradients":[]}}]}__CONFIG_colors_palette__
Get Started Now