Lincoln Financial Life Insurance Review 2024 (2024)

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Lincoln Financial offers affordable life insurance rates for recreational users of marijuana and those with preexisting conditions. Buyers have choices, including term, universal, and other plans customized to meet individual needs up to a point. The company is known for also offering workplace benefits and retirement plans. We'll discuss your policy options, how much a Lincoln Financial policy costs, and how the company stacks up with its competitors.

Business Insider has compared Lincoln Financial Life Insurance against over 30 other providers to find the best life insurance companies.

Lincoln Financial Life Insurance

Lincoln Financial is a reliable and trustworthy company. Lincoln Financial received an A from AM Best and a low rate of complaints based on the NAIC's complaint index. Continue reading to learn about its cost, available plans, and how it compares to other life insurance providers.

Lincoln Financial Life Insurance Cost

Lincoln Financial doesn't offer an online tool to get a term life insurance quote. So, you'll have to speak to a Lincoln Financial representative 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.

Policygenius reports the average monthly cost for a term life insurance policy for 35-year-old males and females (with a standard 20-year term length and a $500,000 benefit) from Lincoln Financial as approximately $32 and $27, respectively.

According to Insider's article on the average life insurance cost, the average life insurance rate for 35-year-old males (with a standard 20-year term length and a life insurance benefit of $500,000) is about $30 per month. A term life policy for 35-year-old female costs about $26 per month. So, the price of a Lincoln Financial term policy is on par with the industry average.

How to file a claim with Lincoln Financial Life Insurance

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.

Ideal Applicants for Lincoln Financial Life Insurance

Getting affordable life insurance can be challenging if you live with preexisting medical conditions. However, since Lincoln Financial Group Lincoln Financial Group Life Insurance offers medical exam waivers, shoppers with mental health or other preexisting conditions can qualify for coverage at competitive rates.

Lincoln Financial is also known to be friendly toward recreational marijuana users. The company doesn't classify marijuana as a tobacco product and won't increase rates based on marijuana use alone.

Life insurance plans from Lincoln Financial

Lincoln Financialacts as a generalist in life insurance. Some competitors specialize in term, universal, whole, or other singular life insurance types. Lincoln Financial offers term and permanent options, but whole life policies are not currently available. The longevity and reliability of universal life insurance plans balance against the affordability and accessibility of term options. Read on to learn a bit more about Lincoln Financial's 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 preexisting 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 offer 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. Of course, 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

Lincoln Financial Universal Life Insurance

Lincoln Financial only offers three universal life policies. Its universal plans provide permanent coverage to pay out in the event of your death at any age. 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 universal life insurance plans.

Universal

Indexed Universal

Variable Universal

Protection

Lifetime protection

Extended protection

Customizable amount and duration

Growth goals

Conservative risk and growth

Some market loss protections, medium growth

Aggressive investments, high returns

Growth rate

Set interest rate

Interest rates based on S&P 500

Interest rates fluctuate with the market

Tax penalties

Income tax-free

Income tax-free

Income tax-free

Lincoln Financial Variable Universal Life Insurance

The primary difference between the base Lincoln Financial universal life insurance plan and variable life insurance lies in how you invest your cash value.

While cash value in a universal life policy grows in the insurance company's portfolio, variable life insurance cash value can grow in conjunction with the stock market. The base universal plan with Lincoln Financial uses a set interest rate, which is generally low. Variable universal life is the most aggressive plan with high risks and rewards during specific periods. As such, this plan is better for younger buyers. What should you know about Lincoln Financial's variable universal life products?

  • Lincoln VUL One - With this policy, you get a guaranteed death benefit, despite how the market performs, with the potential to earn more. It also has a cash value component.
  • 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.
  • Lincoln SVUL One - This insurance policy covers two lives with a guaranteed death benefit, regardless of how the market performs.

Lincoln Financial Index Universal Life

Index Universal Life policy offers the same benefits as a universal life policy. However, you can grow your cash value in index stocks and options with an index universal life policy. Returns match the S&P 500. Plans include:

  • Lincoln WealthAccumulate 2 IUL - Tracks the S&P 500 with a cash value component.
  • Lincoln WealthPreserve 2 IUL - Tracks the S&P 500 with a cash value component. It also includes a death benefit lasting up to 40 years or age 90, whichever comes first.
  • Lincoln WealthPreserve 2 Survivorship IUL - Tracks the S&P 500 and has a cash value component for two lives.

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 riders - 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 Group Lincoln Financial Group Life Insurancewill return all premiums during specific policy years.

Lincoln Financial Life Insurance FAQs

What is Lincoln Financial Group known for?

Lincoln Financial sells life insurance, annuities, retirement plan services, and group protection.

Is Lincoln Financial a big company?

Lincoln Financial Group employs more than 11,000 employees and has principal offices in 11 locations.

Compare Lincoln Financial Life Insurance

Learn more about how Lincoln Financial stacks up against top life insurance providers.

Lincoln Financial Life Insurance vs. Prudential Life Insurance

We base our customer service evaluation on resources like JD Power and the data set from the National Association of Insurance Commissioners (NAIC) complaint index. The average NAIC complaint index score is 1.00, meaning if a company scores below 1.00, it has fewer complaints than the industry average. If the company scores above 1.00, it has more complaints than the industry average.

Prudential's complaint index score of 8.65 is significantly higher than its competitors. In contrast, Lincoln Financial has a complaint index score of 0.30, lower than the industry average. On the other hand, JD Power's most recent life insurance study rates Prudential with a score of 773 out of 1,000. Lincoln Financial got a 764 rating, meaning both companies enjoy high customer satisfaction.

We used AM Best, a popular credit rating agency, to assess the financial stability of a company. A++ is the highest score a company can receive, which means it can carry out its financial obligations. Anything lower than a B indicates a company may struggle to clear its debts or pay claims to its customers. Our rating system awards five stars for financial strength to companies with an A+ or higher.

Lincoln Financial received a decent score of A, while Prudential scored slightly higher with an A+.

Lincoln Financial, at first glance, is the cheaper option. However, Prudential's higher customer satisfaction and financial stability may justify the extra cost. It's also important to consider other factors when purchasing a life insurance policy. For instance, applicants over 60 may get better rates with Prudential than its competitors, but young, healthy shoppers may find Lincoln Financial more affordable.

Prudential Life Insurance Review

Lincoln Financial Life Insurance vs. Banner Life Insurance

Banner Life has a complaint index score of 0.35, significantly fewer complaints than its competitors. Lincoln Financial has a complaint index score of 0.30, also considerably fewer complaints than the industry average. The 2022 JD Power Life Insurance study rates Lincoln Financial 764 out of 1,000. Banner Life is not rated.

Lincoln Financial scored an A, while Banner Life scored slightly higher with an A+. Both these companies have a strong outlook.

Both companies are evenly matched, but you may get marginally better customer service and pricing with Banner Life than with Lincoln Financial. Both are great for preexisting conditions as it offers no medical exam life insurance options. Banner Life also has term lengths of up to 40 years, some of the highest in the industry. However, if you're a marijuana user, Lincoln Financial may get you the most competitive rates.

Banner Life Insurance Review

Lincoln Financial Life Insurance vs. Brighthouse Financial Life Insurance

Brighthouse Financial has a complaint index score of 0.34 and a JD Power score of 744 out of 1,000. Lincoln Financial has a complaint index score of 0.30 and a score of 764 out of 1,000 with JD Power. Both companies come in strong when it comes to customer service.

Lincoln Financial and Brighthouse Financial scored A with AM Best, indicating a bright future for both companies.

For better rates and customer experience, you may appreciate working with Brighthouse Financial. Both offer great no-medical exam options and lightning-fast application decisions. But, again, if you're a recreational marijuana user, Lincoln Financial may offer the most competitive rates.

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.

Alani Asis

Alani Asis is a personal finance expert with experience covering insurance, retirement, and credit at both Business Insider and LendingTree. Her work has been published in AARP, CNN Underscored, Forbes, Fortune, PolicyGenius, and U.S. News & World Report.ExperienceAlani is a former insurance fellow on the Personal Finance Insider team. She’s reviewed life insurance and pet insurance companies and has written numerous explainers on travel insurance, credit, debt, and home insurance.She is passionate about demystifying the complexities of insurance and other personal finance topics so that readers have the information they need to make the best money decisions.ExpertiseAlani’s areas of personal finance expertise include:

  • Car insurance
  • Life insurance
  • Home insurance
  • Travel insurance
  • Pet insurance
  • Credit
  • Credit cards
  • Retirement planning

EducationAlani is a graduate of the University of Hawaii at Manoa, where she earned a degree in political science and history.

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Lincoln Financial Life Insurance Review 2024 (2024)

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