The Lincoln National Life Insurance Company

Advertiser Disclaimer

Certain links on this page will refer you to products we might recommend. This creates no additional cost to you, and helps provide us an income so we can continue to bring valuable information to your fingertips. For more information on how we're paid, click our link below.
Full Disclosure

Lincoln National Life Insurance Company is a strong, trustworthy provider with a lineup of affordable and flexible term and universal policies.

A.M. Best

A+

BBB

A-

J.D. Power

750

The Good

  • Financial security
  • Great user experience
  • Variety of policy options
  • High-risk underwriting
  • Additional financial products
  • Quick turnaround time

The Bad

  • No online quotes
  • Higher costs for young healthy applicants

Product Availability

Policy Types
  • Term
  • Universal
  • Indexed
  • Variable
Riders
  • Accelerated death benefit
  • Accidental death benefit
  • Change of insured
  • Children’s term
  • Exec rider
  • Guaranteed insurability
  • Overloan protection
  • Spouse term
  • Surrender value
  • Waiver of premium

Review Breakdown

Overall

4.16

Price/Value

3.1

Financial Strength

3.5

User Experience

2.9

Product Availability

3.2

Brand/Size

3.9

Price/Value

A handful of life insurance companies might offer the exact type of coverage you need, but at vastly different costs.

While a few extra dollars on premiums a month may not seem like much, it can add up to thousands of dollars over the life of your policy.

That’s why it’s important to compare rates from multiple providers to make your decision.

To give you an idea of how Lincoln’s rates stand up to the competition, here’s a glance at a $500,000, 20-year term life insurance policy for a 39-year-old male, who is in great health and is not a smoker.

CompanyAmountProductMonthlyAnnual
Sagicor$500,000Sage Term 20$28.10$312.20
Lincoln$500,000TermAccel 20$27.52$314.50
Protective$500,000Classic Choice Term 20$27.02$316.05
AIG$500,000Select a Term 20$27.76$324.70
Principal$500,000Term Insurance 20$27.99$325.51

The average applicant can expect to pay reasonable rates for term coverage from Lincoln, though they aren’t always the most cost competitive.

Younger applicants will likely find cheaper options elsewhere, while older applicants can find below-average rates with Lincoln.

Additionally, Lincoln offers some of the fairest underwriting for applicants with adverse health conditions.

They’re particularly good for former smokers, cancer survivors, and those who have recently lost a significant amount of weight.

Financial Strength

Life insurance is a massive investment into your family’s future.

As such, it’s imperative that you choose a life insurance company with financial fortitude you can count on.

LFG holds a very long track record of sound financial investing, easily reflected in its “A” level ratings from the major agencies, A.M. Best, Fitch, Moody’s and Standard & Poor’s.

These companies set the benchmarks for how well a consumer can trust the solvency and future outlook of a carrier.

Here are the ratings, respectively:

A.M. Best A+
FitchA+
Moody’sA1
Standard & Poor’sAA-

We can also look at Lincoln Financial Group’s performance to gauge its financial strength.

The company has over $16.4 billion in revenue in 2020, placing them in the top 5 of all life and health insurance companies, with average account balances totaling $267 billion.

Based on their ratings and powerful performance, you can wholeheartedly trust Lincoln to pay out your life insurance benefits.

User Experience

Another factor that is well worth considering in your search for the right life insurance company is user experience.

Whatever step of the life insurance process you’re in, whether you’re comparing quotes or filing a claim, shouldn’t be overly complicated.

The best life insurance companies communicate clearly, provide helpful resources, and make applying for life insurance a pleasant and simple experience.

We’ll take a look at Lincoln’s user experience below.

Ratings

Customer ratings give us a sneak peak at a life insurance company’s user experience.

J.D. Power’s annual U.S. Life Insurance Study looks at specific elements of a company’s customer experience, including:

  • Product offerings
  • Price
  • Statements
  • Interaction
  • Communication
  • Application

Lincoln Financial received an overall satisfaction score of 3 out of 5 from J.D. Power, signifying their user experience is “about average.”

The Lincoln Financial Group also has an “A-” from the Better Business Bureau, though it isn’t accredited.

This scores evaluates Lincoln’s transparency, business practices, and response to customer complaints.

Website

Lincoln’s website does a great job of presenting key details about the company’s history, financial performance, and corporate responsibility.

When it comes to Lincoln’s products, you can find educational resources about the basics of life insurance and calculators to help you determine your coverage needs.

You can also compare all of Lincoln’s policies, as the company provides ample information about coverage amounts, eligibility requirements, and riders often left out by other carriers.

Policyholders can receive their policies and find claim forms online, though they’ll have to call in to update their payments methods, change beneficiaries, or update their address.

Application

Applying for a policy form Lincoln is relatively simple and straightforward, though J.D. Power assigned the application process a below-average score of 2 out of 5.

Instead of getting quotes and jumpstarting the application process online, you’ll need to contact a Lincoln agent.

From there, you will submit to a quick phone interview where you’ll answer questions about your health and lifestyle.

If you’re 60 or younger, in great health, and seeking less than $1 million of coverage, you may be able to skip the medical exam, expediting the application process.

Otherwise, your next step will be to schedule a medical exam.

Lincoln’s turnaround time on traditionally underwritten coverage is reasonable, taking up to 20 days.

Product Availability

Lincoln has a versatile lineup of life insurance products on offer, including:

  1. Term
  2. Universal
  3. Indexed Universal
  4. Variable Universal

Whether you need a short duration policy or one to last a lifetime, you have plenty of options with Lincoln Financial Group.

Term

Among Lincoln’s term life insurance, you get two main choices:

  • Lincoln TermAccel®
  • Lincoln LifeElements®

The TermAccel® is a better option for younger applicants.

This potentially exam free product can be issued in as little as two days, all electronically, with up to $1 million in coverage for applicants under the age of 60.

Lincoln LifeElements® could also allow you to skip the blood test (though we find it less common with older applicants).

With just a simple phone interview, someone over the age of 30 who needs more than $1,00,000 in coverage can be approved quickly.

For those over the age of 55, the amount is reduced to $500,000.

Universal & Indexed Universal

You have quite a few choices if you are looking for permanent insurance.

Within the fixed product line up, Lincoln offers:

  • Lincoln LifeGuarantee® UL
  • Lincoln LifeGuarantee® SUL
  • Lincoln LifeCurrent® UL
  • Lincoln LifeReserve® UL
  • Lincoln LifeReserve® Indexed UL Accumulator
  • Lincoln WealthAccumulate® IUL
  • Lincoln WealthPreserve® IUL
  • Lincoln WealthPreserve® Survivorship IUL
  • Lincoln WealthAdvantage® Indexed UL (NY Only)

The most basic universal policies promote level premiums and guaranteed death benefits, and the most advanced offer unique solutions for estate planning and wealth preservation.

Universal life products can provide a little more flexibility than a term or whole life product with adjustable premiums and tax-deferred growth.

Many of these policies can also be enhanced with a rider.

For example, the Lincoln LifeGuarantee® UL comes with the possibility to add:

  1. Coverage Protection Guarantee (CPG)
  2. Accelerated Death Benefit Rider (ADB)
  3. Children’s Term Rider
  4. Spousal Term Rider
  5. Disability Waiver of Premium

The indexed universal policies allow for potentially more cash value growth as they’re tied to market indices, like the S&P 500.

Variable

If you are prepared to take on additional risk for the possibility of additional gains throughout your lifetime, you may want to consider a variable policy (offered only through a registered representative).  

The primary options are the:

  • Lincoln VULONE
  • Lincoln AssetEdge® VUL
  • Lincoln AssetEdge® Exec VUL
  • Lincoln SVULONE
  • Lincoln PreservationEdge® SVUL

Whether you are looking to take on a lower level of risk but still beat the low-interest environment we’re in, or higher risks for much more satisfying gains, you can do as you please.

The SVUL options are survivorship policies, meaning they are spread across two lives, useful for estate planning, legacy planning, and wealth preservation for couples or businesses.

(Some of these products are not available in the state of NY.)

Brand/Size

In 1905, Lincoln National Life Insurance Company was founded in the city of Fort Wayne, staking Indiana as its original headquarters.

The name is a direct implication of the U.S. President Abraham Lincoln, as the company’s founders sought to imbue the idea of integrity and leadership among its consumers.

The company was even given authorization from Robert Todd Lincoln, the son of the late Abraham Lincoln, to do so.

Lincoln spread its wings into the reinsurance category early on, as well as buying up other companies as it successfully grew its business.

By 1969, the company went public and was traded on the New York Stock Exchange under the ticker symbol of LNC, where it still is being traded today.

Up until the 90s, the company continued its aggressive acquisitions of many other insurance companies but sold off pieces of its healthcare business in 92 to focus more strictly on life insurance.

1998 saw the change of Lincoln’s marketing name to Lincoln Financial Group, to help distinguish the different aspects of Lincoln’s growth as both an insurance and investment company.

Lincoln has a well-developed market share in insurance for individuals and the workplace, along with retirement plans, executive bonus plans, and retirement and investment avenues.

Lincoln is also one of the few core strengths for the long term care insurance (LTCi) industry, where its nearly a staple insurer.

Today, the Lincoln National Corporation sits in the top 25, according to Forbes, based on its assets.

The company has over 8.6 million policyholders, a number that continues to climb.

Accolades

Lincoln National has received many prestigious awards in its century in business. most recently including:

  • Forbes #1 Insurance Company for Customers
  • Forbes #68 Best Employers for Women
  • Corporate Angel award for assisting cancer patients with free travel
  • DEI’S Best Place to Work for Disability Inclusion

Philanthropy

Lincoln is also committed to changing the lives of people outside of its client-base and staff.

The Lincoln Financial Foundation spearheads its philanthropic arm for educating youth, developing fair and economically sound workplaces, and expanding creativity through the arts.

In 2018, Lincoln donated over $8.3 million in grants, employee matches, and donations to organizations in need.

Brand Recognition

Few companies host such a strong public image of fortitude, strength, and history as Lincoln National does.

For anyone in Philadelphia, the LFG name is very prominent as it stands atop the Philadelphia Eagles’ stadium, Lincoln Financial Field.

Beyond Philadelphia, Lincoln is a recognizable name.

The company keeps up its connection to customers using several social media platforms.

You can find Lincoln of Facebook, Twitter, Instagram, and Youtube.

Consensus

LFG is a trusted name, with a strong consensus among policyholders, insurance agents, and financial advisors.

With greater than 100 years of business under its belt, Lincoln hosts the complete package of excellent and affordable insurance products, ranking close to our list of top 10 best life insurance companies.

As a player in long term wealth generation, their indexed and variable universal life insurance policies are great contenders.

Though their term life policies aren’t quite as competitive for healthy applicants, if you want to host your insurance plans with just one carrier, the value is strong enough to warrant doing so.

The Lincoln National Life Insurance Company

Website
lfg.com
Phone
(877) 275-5462
Address
1300 South Clinton Street
Fort Wayne, IN 46802

Company Name (and subsidiaries)

  • Lincoln Financial Group
  • Lincoln Life & Annuity Company Of New York
  • Lincoln Financial Distributors, Inc. (Variable)

Author:

Avatar

Jason Fisher

Jason Fisher is the founder and CEO of BestLifeRates.org, LLC. and a multi-state licensed life insurance agent who has helped over a million Americans seek out affordable coverage, compare quotes, or get their family and businesses covered.