Lincoln Financial offers affordable life insurance for recreational marijuana users and those with pre-existing conditions. Buyers have choices, including term, universal, and other plans customized to meet individual needs — up to a point. The company is also known for offering workplace benefits and retirement plans.
Business Insider compared Lincoln Financial Life Insurance against the best life insurance companies and found it to be a standout offering, with a variety of term and universal life options. We'll discuss policy options, how much a Lincoln Financial policy costs, and how the company stacks up against its competitors.
Lincoln Financial Life Insurance Overview
Lincoln Financial Group Life Insurance offers term, indexed universal, and variable universal life insurance.
Its term life insurance offers up to $2.5 million without a medical exam, which is great for people concerned about how their health might affect their premiums. Additionally, it offers the option to convert to a permanent life insurance policy.
Lincoln Financial's indexed and variable universal life insurance offers cash value growth through various investment options. VUL policyholders can also choose a fixed account with predictable growth, much like a base universal life insurance policy.
Lincoln Financial is a reliable and trustworthy company. It received an A from AM Best and has a low complaint rate based on the NAIC's complaint index.
Lincoln Financial Life Insurance Pros and Cons
Lincoln Financial Life Insurance Pros
- Offers some policies with no medical exam required
- Offers convertible term life insurance
- No-lapse guarantee for universal life
Lincoln Financial Life Insurance Cons
- Cannot obtain quotes online
Lincoln Financial Life Insurance Plans and Coverage
Lincoln Financial offers term and universal life insurance. Read on to learn more about Lincoln Financial's coverage options.
Lincoln Financial Term Life Insurance
If you're looking for an affordable option during your prime working years, term life insurance may be the way to go. With term life insurance, you're looking at temporary coverage (approximately 10 to 30 years) with lower premiums and a life insurance benefit of your choice. At specific points, most term life insurance plans can convert the policy to a permanent one, but conversion is based on underwriting approval at that time.
Lincoln TermAccel
Lincoln TermAccel is an affordable, temporary policy with level premiums. You can purchase this policy without a medical exam if you have minor pre-existing conditions. Also, Lincoln Financial has a lightning-speed underwriting process, meaning you can get approved in as little as two days. This policy caters to young, relatively healthy buyers. However, seniors and those with more significant health issues may need a plan with a complete medical exam.
With this policy, you can apply to convert to a permanent life insurance plan before the end of your term limit or before you turn 70, whichever comes first.
- Term lengths: 10, 15, 20, or 30 years
- Minimum coverage: $100,000
- Maximum coverage: $2,500,000
- Eligible ages: 18-60
Lincoln LifeElements
Lincoln LifeElements offers the same term life benefits as TermAccel with the added option to decrease your policy's face value in year four of your policy.
For eligible applicants, Lincoln Financial may waive medical exams if you apply for coverage through LincXpress Tele App. This policy is for relatively healthy buyers. Agents may quote medical exam-based life insurance policies if risk factors are too high.
- Term lengths: 10, 15, 20, or 30 years
- Minimum coverage: $250,000
- Maximum coverage: Varies
- Eligible ages: 18-80
Policyholders can convert their insurance before the end of their term or before they turn 70, whichever comes first.
Lincoln Financial Universal Life Insurance
A universal life policy also allows you the flexibility to determine your monthly premium and the dollar amount of your death benefits with the ability to earn cash value, tax-deferred. Unlike term policies, there's no set benefit. Instead, the death benefit and value grow over time. So, the longer you pay, the greater your death benefit will be. See below for an easy comparison of Lincoln Financial's universal life insurance plans.
Lincoln Financial offers two types of universal life insurance: indexed and variable.
Lincoln Financial Indexed Universal Life
Lincoln Financial offers four indexed universal life insurance policies, which allow you to grow your cash value according to the growth of stock indexes. All Lincoln Financial IUL plans offer returns matching the S&P 500.
Plans include:
- Lincoln WealthAccelerate IUL: This IUL plan prioritizes quick underwriting. Qualified applicants can get coverage without a medical exam. Applicants between 20 to 55 are eligible for coverage. Face amounts range from $100,000 to $1.5 million.
- Lincoln WealthAccumulate 2 IUL: Tracks the S&P 500 and Fidelity AIM Dividend Index to determine cash value growth.
- Lincoln WealthPreserve 2 IUL: Tracks the S&P 500 and Fidelity AIM Dividend Index to determine cash value growth. It also includes a death benefit lasting up to 40 years or age 90, whichever comes first.
- Lincoln WealthPreserve 2 Survivorship IUL: The same as the WealthPreserve 2 IUL, but covers two people under one policy.
Lincoln Financial Variable Universal Life Insurance
While cash value in a universal life policy grows in the insurance company's portfolio, variable life insurance cash value can grow with the stock market instead of a base interest rate. Variable universal life is the most aggressive plan, which carries high risks and rewards. As such, this plan is better for younger buyers.
Lincoln Financial offers one variable universal life insurance plan, known as the Lincoln AssetEdge VUL. This policy offers an income tax-free death benefit and the potential to borrow from your death benefit. Policyholders can replace income through policy loans or early withdrawals.
The AssetEdge VUL plan offers 75 variable investment options and four indexed account options. You can also opt for a fixed account that offers predictable growth more in line with a base universal life insurance policy.
Additional coverage options from Lincoln Financial
Accelerated benefits rider: Death benefits become living benefits for care if you develop a terminal illness. In short, you can withdraw money early to pay for medical costs, costs of living, and more while sick.
Long-term care expense protection rider: It pays up to the entirety of your death benefit if you develop a temporary or chronic illness.
Disability waiver of specified premium benefit rider: This rider offers coverage if you become disabled.
Waiver of premium rider: This rider waives premiums temporarily if you become disabled. As a result, policyholders don't have to worry about cancellations due to non-payment during this time.
Children's term insurance rider: Policy owners can add their children under their existing life insurance policy.
Return of premium rider: Lincoln Financial will return all premiums during specific policy years.
Lincoln Financial Life Insurance Cost
Lincoln Financial Group Life Insurance doesn't offer an online tool to get a term life insurance quote, so you'll have to speak to a Lincoln Financial representative to get a premium estimate. However, Lincoln Financial works closely with agents across the country, so you can easily find a qualified professional to run a quote for you and answer your life insurance questions.
Alternatively, Policygenius offers quotes for Lincoln Financial term life insurance. We used the third-party aggregator to obtain the following quotes for a 20-year policy with a $500,000 benefit:
| Age | Sex | Lincoln Financial Quote | Average Cost |
| 20 | Female | $22.46 | $23 |
| 20 | Male | $26.51 | $30 |
| 30 | Female | $24.56 | $23 |
| 30 | Male | $29.20 | $29 |
| 40 | Female | $34.32 | $35 |
| 40 | Male | $43.64 | $43 |
| 50 | Female | $65.34 | $78 |
| 50 | Male | $86.49 | $102 |
| 60 | Female | $153.82 | $194 |
| 60 | Male | $221.99 | $269 |
Based on the quotes we received, Lincoln Financial falls roughly in line with the industry average, though it offers cheaper rates for seniors than the industry average.
Lincoln Financial Life Insurance Claims Process
You can submit a claim using Lincoln Financial's online portal or call 800-487-1485 for its claims department. Aside from your personal information, you'll need to provide the policyholder's information, including their policy number and Social Security number.
Lincoln Financial Customer Reviews and Ratings
In the most recent JD Power customer satisfaction survey in 2023, Lincoln Financial scored 788 out of 1,000, just two points lower than the average of 790. It scored higher than competitors like Guardian Life, Midland National Life, and John Hancock.
The National Association of Insurance Commissioners' complaint index rates a company based on how many complaints it receives against its share of the market. The average NAIC complaint index score is 1.00, meaning if a company scores below 1.00, it has fewer complaints than expected for a company of its size. If the company scores above 1.00, it has more complaints than the industry average. Lincoln Financial scored 0.30, indicating that it has far fewer complaints than expected.
Lincoln Financial Life Insurance Alternatives
Lincoln Financial Life Insurance vs. Prudential Life Insurance
Prudential Life Insurance and Lincoln Financial are very similar life insurance companies, both offering term and various universal life options.
Prudential has three term life options: SimplyTerm, Essential, and PruTerm One. Its SimplyTerm is most similar to Lincoln Financial's TermAccel. SimplyTerm maxes out at $1 million, while Term Accel offers a maximum of $2.5 million in death benefits. Essential has a built-in accelerated death benefit, while Lincoln Financial's term life requires policyholders to add a rider to access accelerated death benefits. Lincoln Financial also lacks a short-term life insurance option.
It's worth noting that quotes show Prudential's term life insurance premiums are cheaper than Lincoln Financial's. A 20-year, $500,000 policy would cost $22.31 for a healthy 30-year-old female and $26.25 for a male. The same Lincoln Financial policy would cost $24.56 for a female and $29.20 for a male.
Prudential's universal options are very similar to Lincoln Financial's. Prudential's variable universal life insurance option offers 50 investment options, compared to Lincoln Financial's 75 options. Both have a no-lapse guarantees.
While Lincoln Financial and Prudential's policies are fairly equal, with Prudential even offering a greater selection of term life options with cheaper quotes, it's worth mentioning how the companies fare in customer service. This is where Lincoln Financial easily surpasses Prudential.
Prudential's NAIC complaint index score of 8.65 is significantly higher than its competitors, especially compared to Lincoln Financial's 0.30. Additionally, JD Power's most recent life insurance study rates Prudential with a score of 779 out of 1,000, compared to Lincoln Financial's 788 ratings.
Ultimately, Lincoln Financial may be the better option for customer service alone and some more flexibility if you're looking for a VUL policy.
Read our Prudential life insurance review.
Lincoln Financial Life Insurance vs. Banner Life Insurance
Like Lincoln Financial, Legal & General America Life Insurance offers term and universal policies. Its term option offers exam-free coverage, up to $2 million. Customers who take a medical exam can get over $10 million in coverage in term life coverage. Banner Life has term lengths of up to 40 years, some of the highest in the industry.
Banner policies are also cheaper than Lincoln Financial. Premiums for a 20-year, $500,000 term life policy for a 30-year-old male would be $18.25 for Banner, while the same Lincoln Financial policy would cost $29.20.
Banner's universal life insurance offers cash value growth, but does not offer the same investment options that Lincoln Financial offers. However, it has a built-in accelerated death benefit, up to $500,000 or 75% of the death benefit, whichever is less.
Ultimately, Banner is a better option for term life insurance, but Lincoln Financial has the stronger universal life policies, especially if you're looking for cash value growth.
Read our Banner life insurance review.
Lincoln Financial Life Insurance FAQ
Quotes for most Lincoln Financial policies must be obtained through an insurance agent. However, you can get term life quotes online through Policygenius.
Yes, Lincoln Financial is a big company. Lincoln Financial Group employs more than 11,000 employees and has principal offices in 11 locations.
No, Lincoln Financial does not offer whole life insurance.
Why You Should Trust Us: How We Reviewed Lincoln Financial Life Insurance
The four primary criteria we use to review life insurance providers are affordability, customer service, reliability, and company offerings.
Companies receive five stars for cost when premiums are close to the industry average cost of life insurance. According to our guide on the average cost of life insurance, a life insurance policy may run you about $40 to $55 a month. However, cheap life insurance doesn't mean you're getting quality coverage. So we weigh affordability against the company's offerings, customer service, and other factors.
We used the latest JD Power life insurance study to determine which company offers quality customer service. Approximately 3,000 life insurance customers score insurance companies yearly based on communication, interaction, price, product offerings, and statement satisfaction. Companies ranking above the industry average of 774 points have strong customer service.
We also used AM Best, a renowned credit rating agency, and the NAIC's complaint index to evaluate a company's financial stability and trustworthiness. AM Best tells us a company's financial health, and the NAIC's complaint index scores a company based on the aggregate total of complaints it receives.
Finally, we looked at what each company has to offer, including policy options, riders, and features like medical exam waivers. We also determined which demographic would most benefit from the company based on its product and prices.
Read more about how Business Insider rates life insurance.
