Lincoln Financial Life Insurance Reviews: A Complete Assessment for [2024]
Are you tired of searching for a life insurance company with a combination of an A+ financial score, great customer service and low rates? Look no further! This Lincoln Financial Life Insurance review will reveal why this respected carrier should be a wise choice to consider for your new policy.
With over a century of experience, Lincoln Financial has become one of the most competitive and trusted names in the industry.
Why choose Lincoln Financial? Well, for starters, they have a solid financial foundation with over 300 billion dollars in managed assets. That’s right, your future is in safe hands. Plus, they hold an impressive A+ financial rating, giving you the peace of mind you deserve.
But what sets Lincoln Financial apart from the rest? It’s their commitment to providing personalized solutions for your unique needs. Whether you’re planning for retirement, protecting your family’s future, or simply looking for financial stability, Lincoln Financial has you covered.
Table of Contents
What Is the Story Behind Lincoln Financial’s History?
In 1905, a small group of businesspeople from Fort Wayne, Indiana, created a new life insurance company. The company will be focused on honesty, dependability, and the best customer service. The company would be named after one of our nation’s greatest presidents, Abraham Lincoln.
Naming a life insurance company after Mr. Lincoln would mean this new company would have to walk through the reputation of one of the most respected men that ever lived.
Today, Lincoln Financial is a vital member of the Lincoln National Group of companies, having generated the respect and the excellent reputation they initially pursued 119 years ago.
This Lincoln Financial review will cover a lot of the great benefits the company offers.
What Is Lincoln’s Current Financial Rating?
As of the third quarter of 2023, Lincoln Financial reported managed assets of 386 billion. Operating revenue of $4.9 billion, net income of $691 million, and income from operations of $664 million.
The Lincoln Financial Review will showcase some of the unique goals they have met for quality life insurance products.
Financial Strength Ratings:
A.M. Best: A+
Standard & Poor’s: AA-
Moody’s: A1
Fitch: A+
These are some of the very best ratings you will ever see for a life insurance company to obtain. Lincoln Financial is in the highest-ranking bracket possible. This spells stability and trust in their policyholders and prospective life insurance applicants.
Lincoln Financial’s Product Line
Term Life Insurance:
“TermAccel” is a specific term life insurance product that utilizes a convenient application by telephone. If you meet their health history guidelines, no lab work will be required.
These policies can be issued in as little as two days, which means you could have a policy in hand in a fraction of the time it would take a conventional term life insurance policy to be issued.
The TermAccel policies have very competitive premiums and offer the flexibility to convert your Term policy to one of Lincoln’s permanent policies, such as Universal Life.
TermAccel Product Details:
Minimum Face Amount – $100,000
Maximum Face Amount – $500,000
Term Periods – 15, 20 & 30 years
Supplemental Benefit Riders:
Children’s Rider:
For an additional cost, this rider offers level Term insurance for all insured children.
Accelerated Benefits Rider:
This excellent rider pays out a portion of the policy face amount if the insured is diagnosed with a terminal illness that only gives them six months or less to live.
Waiver of Premium Rider:
The waiver of premium rider waives the premium if the insured becomes disabled and can no longer pay the premiums.
Lincoln LifeElements:
1. Highly competitive rates for applicants 45 years old and above with face amounts of $500,000 and above.
2. Fast & Simple telephone applications with approval times of several days.
3. No Lab Work if you meet their medical guidelines.
4. Ability to convert your term life policy into a permanent universal life policy.
LifeElements Details:
1. A minimum face amount of $250,000.
2.The maximum face amount of individual consideration for each applicant and underwriting limits.
3. Term periods of 10, 15 & 30 years.
Supplemental Benefits:
As with the “TermAccel” policy, you can choose between the Accelerated Death Benefit Rider, the Waiver of Premium Rider, and the Children’s Rider.
Universal Life Insurance:
1. Lincoln LifeGuarantee UL
2. Lincoln LifeCurrent UL
3. Lincoln LifeReserve UL
Universal Life Products Offer:
1. The opportunity to generate cash value over time with a fixed interest rate.
2. The option to designate the amount of your monthly premium.
3. The option to change the amount of your policy face amount with the approval of the underwriting department.
4. Earn interest that will be tax-deferred.
Lincoln Financial’s Rates vs. the Top Ten Carriers
To simplify this example, we will use the rates of a 30-year-old male in the preferred non-tobacco class with a face amount of $500,000 for 20 years. These are the best term life insurance quotes from 13 competitive life insurance companies.
1. John Hancock – $306.50
2. Lincoln Financial – $310.00 (TermAccel Plan)
3. AIG American General – $314.00
4. Transamerica – $315.00
5. Protective Life – $317.27
6. Banner Life – $318.99
7. SBLI – $319.00
8. MetLife – $319.00
9. AXA Equitable – $319.00
10. United of Omaha – $332.50
After reviewing this list of life insurance companies, I believe you will agree that Lincoln Financial is a force to be reckoned with when offering competitive premiums.
However, keep in mind that all life insurance companies underwrite their applications differently. This means that the most applicable companies should be used for each specific need and health history.
Over 6,000 Life Insurance Agents Depend on Lincoln Financial
Life insurance agents like Lincoln Financial so much that this company is usually their own choice for life insurance.
Many life insurance agents in the US like working with Lincoln Financial. This is because they know the underwriting department will go out of its way to help their clients get the lowest rates. Lincoln’s financial stability gives the agents a decisive vote of confidence.
Many years from now, Lincoln Financial should remain in a solid financial position when a death claim is reported. The company will be able to pay claims promptly and efficiently. Insurance agents have many legal liabilities in this industry, and their companies paying claims are just one of them.
Excellent Rates for Marijuana and Tobacco Users
Lincoln Lincoln will offer Preferred Best rates to marijuana smokers who smoke up to three times a month.
Applicants who use tobacco products such as chewing tobacco, pipes, cigars, nicotine gum, nicotine patches,
and electronic cigarettes can test positive for nicotine. They will receive a standard rate class if they disclose tobacco use on their application.
Traditional cigarette use does not fall into this niche market. Lincoln has some of the lowest rates for cigarette smokers. The best life insurance rates will depend on a good health classification.
For cigar smokers, if no trace of nicotine shows up in the applicant’s urine sample, the client can qualify for the best rate class available.
The applicant would have to use a maximum of 12 cigars per year. Applicants can also use up to 24 cigars per year to receive a preferred rate class as long as nicotine does not appear in the urine test. Lincoln Financial is also the most liberal life insurance company for marijuana smokers.
Liberal Underwriting for Medical Conditions
Applicants over the age of 70 years old can receive more liberal underwriting. This is especially true if they have health conditions such as high cholesterol, high blood pressure, or are overweight, according to the height & weight build chart.
Lincoln has been very liberal regarding applicants with breast or prostate cancer. This is also due to the much higher success rate the medical profession has for treating prostate and breast cancer patients than in past years.
A super preferred rate class is also available to folks with high cholesterol with a 5.5 HDL ratio as long as the total number is below or equal to 230. However, for applicants over 70 years of age, the total cholesterol may jump as high as 275 for people age 70 or older.
Lincoln Financial Provides Outstanding Group Plans
1. Term life insurance along with accidental death and dismemberment coverage.
2. Short-Term Disability Insurance
3. Long-Term Disability Insurance
4. Dental Insurance
5. Critical Illness Insurance
6. Accident Insurance
7. Vision Insurance
Long-Term Care and Annuities:
Lincoln Financial has some of the best long-term care provisions on the market if you are looking for protection in your later years from being confined to a nursing home.
Lincoln MoneyGuard II:
Many today want to help protect their retirement savings from health-related and age-related expenses like long-term care. With the Lincoln MoneyGuard II program, you have the flexibility to prepare for the future. This is universal life insurance with an optional long-term care benefit rider, giving you a choice of premium payment options.
Unlike traditional long-term care insurance, the cost of your policy is set at issue and will never increase. Even if you never need care, your policy provides benefits, provided all planned premiums are paid.
Annuities, especially the fixed-rate versions, can offer an excellent investment for people who have money to invest but want to stay clear of any financial downfalls, such as Stocks and Mutual Funds. Unfortunately, many people have learned how fast you can lose money when you base your investments on the stock market.
Fixed annuities, for all practical reasons, give you a designated interest rate that will never change if another financial disaster occurs in the United States.
Lincoln MyGuarantee Plus:
Lincoln MYGuarantee Plus annuity is a fixed annuity that gives you a guaranteed interest rate of 5 to 10 years, depending on your specific needs. This is one of the best annuities for many investors.
Take a Moment to Compare Lincoln Financial’s Rates
Take a moment to see how Lincoln Financial stacks up against over 40 of its competitors in our quoting system and see for yourself. You can compare term life insurance and universal life insurance quotes by comparing them side-by-side.
You can use the form on the right or our instant life insurance quoting system.
How to Secure the Lowest Term Life Insurance Rates in 2024 YouTube Video
Our Final Thoughts
I hope this Lincoln Financial life insurance review has answered most of your questions. Lincoln is one of the most competitive companies, hands down. We constantly shop the market for our selection of over 40 trusted companies.
We always ensure that the company we advise our clients to apply with will best fit their specific needs and budget.
Thank you for visiting our website and reading this Lincoln Financial review. I hope this has addressed most of your questions concerning this excellent choice for life insurance.
All the best,
Jack Venturi
Should you have any questions or need further assistance, please don’t hesitate to call us at 815-390-7545 for a prompt response.
