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Lincoln Financial Life Insurance Review

Lincoln Financial is a large, well-recognized insurance and financial corporation. Created in 1905, Lincoln Financial works with companies and individuals. They offer policy options for people with varying health conditions, therefore especially appealing to people with underlying medical conditions or people with below average medical portfolios. They are also known for having an application process that people can fast-track, which is a great option for those looking to save time and get coverage as soon as possible. 

Lincoln financial offers term, universal, variable universal, and indexed universal life insurance. 


Term Life Insurance

Term life insurance is a type of coverage that lasts for a limited period of time, or term. Lincoln Financial offers term periods of 10, 15, 20, or 30 years. Coverage ends as soon as the term is over, making this a big disadvantage to term policies. However, the benefit to term policies is their affordability compared to permanent life policies. 

Lincoln Financial Group offers term life insurance with a guaranteed tax-free death benefit. 

Lincoln Financial offers two types of term life insurance policies: Lincoln TermAccel® Level Term and Lincoln LifeElements® Level Term.

Lincoln TermAccel® Level Term (2019)

  • Provides competitive rates for people ages 60 and under (face amounts of $1,000,000 or less).

  • Phone interview application process that is simple and convenient.

  • Electronic processing that can be approved in as little as two days if no labs are required. 

Lincoln LifeElements® Level Term (2019)

  • Opportunity to have no lab work done (if qualified)

  • Phone interview process that has an average quicker processing time than paper application processes 

  • Provides competitive rates for people 30 and older (face amounts of $1,000,000 or above)

  • Provides competitive rates for people 55 and older (face amounts of $500,000 and above)


Universal Life Insurance

Universal life insurance is a type of permanent life insurance that accumulates cash value that the policyholder is able to access. 

Lincoln Financial Universal Life Insurance offers lifetime coverage with a lot of options for flexibility. With Universal Life Insurance the policyholder is able to get coverage while simultaneously building cash value. Cash values enable the policyholder to make withdrawals and take out loans for personal reasons, although that can decrease the death benefit. 

Lincoln Financial offers different types of Universal Life Insurance Options which include: Lincoln LifeGuarantee ® UL (2019), Lincoln LifeGuarantee® SUL (2019), Lincoln WealthAccumulate® IUL (2019), Lincoln WealthPreserve® IUL, Lincoln VULONE (2019), Lincoln AssetEdge® VUL (2020). 

It should be noted that Lincoln LifeGuarantee® UL (2019) and Lincoln LifeGuarantee® SUL (2019) are not available in New York.

Lincoln LifeGuarantee ® UL (2019)

  • Guaranteed death benefit 

  • Offers guaranteed premiums

  • You have the ability to adjust: amount of guaranteed death benefit protection, frequency and amount of premium payments, and the length of the guarantee period. 

Lincoln LifeGuarantee® SUL (2019)

  • Offers guaranteed premiums

  • Provides real-estate planning that can guarantee death benefit to beneficiaries after the second of the two policyholders die

  • Includes additional Riders 

  • You have the ability to adjust: amount of guaranteed death benefit protection, frequency and amount of premium payments, and the length of the guarantee period.

Lincoln WealthAccumulate® IUL (2019)

  • Help protect you from market loss with downside protection

  • Provides security for beneficiaries 

  • Chronic illness protection option

  • Access to cash value 

Lincoln WealthPreserve® IUL 

  • Chronic illness protection option

  • Potential tax-advantages cash value growth 

  • Preserve assets

  • Minimize tax exposure as well as volatility on policy assets

Lincoln VULONE (2019)

  • Lifetime death benefit protection

  • Access to potential cash value

  • Ability to choose from over 75 investment options

Lincoln AssetEdge® VUL (2020)

  • Income tax-free death benefit

  • No income limits

  • Complete ownership of investment options

  • Additional Riders available


Ease of Application

The application for Lincoln Financial is convenient and easy. There is no medical exam needed, unless there is tobacco use involved. Approval happens within two or three days, which is much faster than the usual six week average. In addition, they offer term life insurance with a simple phone interview application. 


Pros and Cons

Cons of Lincoln Financial Group

No whole life policy option. For those looking for a whole life policy they will have to look into other company options. 

Permanent policies are expensive. Lincoln’s term life policies are competitive, however, especially for younger applicants the permanent policies can be on the pricey side.

Pros of Lincoln Financial Group

Fast Turnaround. Lincoln Financial approves policies within days. Making it one of the fastest ways to apply for life insurance, as most companies take weeks to make a decision. 

Affordable for older applicants. Life insurance gets more expensive with age. However, with prices below industry averages, Lincoln’s term life insurance is a great option for people in the 50’s or 60’s.

No medical exam needed for certain applicants. If you meet certain requirements, (the main requirement being no tobacco use) then Lincoln’s TermAccel policy does not require a medical exam or lab test. Additionally, Lincoln does not require a medical exam for renewals of policies or convergence of a term policy to a permanent policy. 


Special Features

The most unique feature of Lincoln Financial is their turnaround. Need life insurance coverage quick? Lincoln has an average time of two days to get policies approved, guaranteeing quick coverage for those in search of immediate coverage.


Third Party Ratings

Overall, Lincoln Financial receives less complaints than the expected average for a company of its size.

  • Better Business Bureau: A-

  • Consumers Advocate: N/A

  • Consumer Affairs: N/A

  • NAIC complaint index: .28