Lincoln National Life Insurance Review

No medical exam term life insurance up to age 60

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Lincoln Financial Group

Lincoln Financial Group

Our Take 

Lincoln National offers very competitive term life rates for all ages, with many term policies requiring no medical exam. It also offers multiple universal life policies for flexible coverage, as well as survivorship policies for spousal coverage. With a 100+ year history and strong financial foundation, Lincoln National is a solid choice for term life policies. 

  • Pros & Cons
  • Key Takeaways
  • Specifications
Pros & Cons
Pros
  • Most policies offer level premiums

  • Wide range of universal life policies

  • Mobile app available

Cons
  • No whole life policy options

  • Applicants must apply through a Lincoln Financial agent (phone or online)

Key Takeaways
  • Lincoln National offers convertible term policies that can be turned into permanent policies.
  • The compnay is a long-standing life insurance provider with excellent financial strength.
  • Lincoln National offers nine types of life insurance policies along with several available riders.
  • Lincoln National’s complaint index score from the NAIC is far below average for the company size.
Specifications
  • Year Founded 1905
  • Kinds of Plans Term, Universal, Indexed Universal, Variable Universal, Survivorship Universal
  • Number of Plans 9
  • Payment Options Monthly, annual
  • Official Website www.lfg.com

Introduction

Lincoln National Life Insurance offers multiple term and universal life insurance policies at reasonable rates. We researched Lincoln National’s financial stability, policy plan options, riders, website tools, and customer service reviews to help you compare the life insurance policy options of Lincoln National with the competition. 

Company Overview

Lincoln National Life Insurance was founded in 1905 in Fort Wayne, Indiana, and is a wholly-owned subsidiary of Lincoln Financial. Lincoln National was actually granted permission to use Lincoln’s name and likeness in its business by Abraham Lincoln’s son, Robert Todd Lincoln.

Lincoln National offers multiple types of term and universal life insurance policies for all ages. The policies also offer several riders to enhance coverage and add flexibility to the overall policies. While policy quotes are not available online, Lincoln does offer quick coverage with no medical exam via their TermAccell policy.

Lincoln National Life Insurance is licensed in 50 states, but actual availability varies by product and state.

Lincoln National Life Insurance also offers annuities, workplace retirement plans, and employee benefits.

Available Plans 

Lincoln National Life Insurance offers nine life insurance plans including two term policies and four universal life policies (with two survivorship variants). Lincoln National Life Insurance offers a life insurance selector tool to help potential customers find which type of insurance is right for them.

Lincoln National term life policies have a level premium period where premiums stay the same, then premium rates will increase annually until age 95.

Lincoln TermAccel

The Lincoln TermAccel is its accelerated underwriting term life offering with coverage from 10 to 30 years in length and benefits from $100,000 to $1,000,000. This policy is available from ages 18 to 60, and many applicants can receive coverage within a few days, some without a medical exam required. 

This offering is a convertible term life policy that can be converted into a whole life policy at the end of the term.

Lincoln LifeElements

The Lincoln LifeElements is a standard term life insurance policy with coverage lengths of 10 to 30 years. This policy is designed for larger coverage amounts, with minimum coverage starting at $250,000 and no set maximum (subject to underwriting). LifeElements coverage is available from age 18 to age 80, with longer policies decreasing the age limit the longer the term.

This is also a convertible term policy that can be turned into a permanent life policy at the end of the term.

Lincoln LifeGuarantee Universal Life Insurance

Lincoln National offers universal life insurance with flexible insurance premiums, guaranteed death benefit, and cash value accumulation. This policy allows clients to choose their premium amount, when those premiums are paid, and adjust the death benefit amount as well. Clients can also borrow against the cash value of the policy, but be aware that doing so reduces the death benefit amount.

There is also a survivorship variant of this policy which covers two people instead of just one. The death benefit is paid out upon the passing of the second person covered by the policy. It offers the same flexibility in premium payments, death benefit amount, and length of the policy, as well as the same level premium guarantee.

The Lincoln LifeGuarantee Universal Life Insurance policy is not available in New York.

Lincoln WealthAccumulate 2 Indexed Universal Life Insurance

The Lincoln National WealthAccumulate 2 Indexed Universal policy is a form of permanent life insurance where the cash value can earn interest tied to the performance of one of five indexes. This policy gives the potential for growing the cash value while offering downside protection with an interest rate guarantee. 

Universal life policies allow clients to borrow against the cash value of the policy tax-free but will reduce the death benefit.

Lincoln WealthPreserve 2 Indexed Universal Life Insurance

This indexed universal life policy is similar to the WealthAccumulate, but with a guarantee that the cash value of the policy will never earn less than 1% interest. It also offers a longer-term coverage of up to 40 years (or age 90, whichever comes first).

Lincoln Variable Universal Life Insurance

Lincoln National Life Insurance’s variable universal life policy allows clients to invest the cash value of the policy in up to 75 different investment options. This policy offers a guaranteed death benefit no matter how the market performs or if the cash value of the policy diminishes due to poor performance. The cash value can also be borrowed against tax-free or withdrawn (loans and withdrawals will reduce the policy surrender value and death benefit).

While variable universal life policies are the most flexible in terms of investing cash value, there is no downside protection and the cash value of the account may lose value.

Lincoln AssetEdge Variable Universal Life Insurance

This universal life policy has access to the same 75 investment options as the traditional plan but with built-in options to access the cash value tax-free once the account reaches a certain threshold. Policies are customizable with flexible premiums, term lengths, and death benefit amounts.

Lincoln National also offers survivorship variants to their universal life insurance policies.

Available Riders

Lincoln National offers several riders for its life insurance policies. Riders offer additional benefits or custom coverage options to the insurance policies. Rider fees are typically billed as a small percentage of the policy premium or as a flat annual fee. Fees vary by policy, product, and options selected.

Here are the riders available from  Lincoln National Life Insurance:

Accelerated Benefits Rider

This rider pays a partial death benefit if the insured is diagnosed with a terminal illness with a life expectancy of six months or less.

Disability Waiver of Premium Rider

If you become permanently disabled and are unable to work, you may be eligible to have your premiums waived.

Children’s Level Term Insurance Rider

This rider offers level term life insurance for your children up to $15,000 in term coverage per child. There is no additional cost for this rider.

Bonus Cash Value Rider

For variable universal life policies, you can choose to purchase a bonus rider at issue, adding to the policy cash value for more potential growth and return. This rider is subject to availability and details must be obtained from a Lincoln National Life Insurance agent directly.

Customer Service: Lots of Ways to Connect

Lincoln National Life Insurance offers support over the phone, online, via social media, by mail, fax, or in person at one of their local offices. There is also an app to access your account on your mobile device. Basic customer service questions may be answered via social media, such as Facebook and Twitter.

Lincoln National Life Insurance customer service business hours are Monday-Friday 8:00 a.m. to 6:00 p.m ET.

Customer Satisfaction: Excellent Scores  

Lincoln National receives far fewer complaints than life insurance companies their size. The NAIC ranks customer complaints via the complaint index. While an average complaint score is 1.0 (the lower, the better), Lincoln National received a 0.09 score. Its 2018 score was identical and the 2019 score was almost the same at 0.10. 

J.D. Power also ranks companies based on customer satisfaction, and it ranked Lincoln Corporation 13 out of 23 life insurance companies in the U.S. in its 2020 Life Insurance Study. This is slightly lower than the industry average based on their application and orientation (on-boarding process), communications, interaction, price, product offerings, and statements.

Financial Strength: A+ (Superior)

AM Best rated Lincoln National Life Insurance’s parent company, Lincoln Financial, an A+ (Superior) rating, based on its very strong balance sheet, strong operating performance, favorable business profile, and very strong enterprise risk management. 

This financial strength and a high rating from AM Best assures customers that Lincoln Financial can pay out claims as they arise.

Cancellation Policy: Minimum Available

Lincoln National Life Insurance offers the minimum state “free-look” period for insurance policies. This free look lets customers sign up for an insurance policy, and cancel for any reason for a full refund. Lincoln National Life Insurance doesn’t advertise its free-look period, which means it is providing the minimum amount of time the state allows (usually 10 days).

Cancellation terms vary between life insurance policies after the free look period has ended. Lincoln National Life Insurance term life policies can be canceled at any time, but the company will not provide a refund of premiums paid. 

For universal life policies, you will need to reach out to a Lincoln National Life Insurance agent for specifics on their cancellation terms.

Lincoln National’s cancellation fees are not publicly listed, and may vary per policy.

Price of Lincoln National Life Insurance: Varies by Policy 

Lincoln National Life Insurance premiums are not publicly available, but most of its policies offer level premiums. Prices will vary by policy type, term length, benefit amount, and optional riders elected. To obtain a quote from Lincoln National, customers are required to contact a Lincoln Financial advisor via phone or find a local agent nearby.

How Lincoln National Life Insurance Compares to Other Life Insurance

Lincoln National Life Insurance offers quite a few policy options for all ages. With no medical exam term policies up to age 60 and multiple types of universal life insurance options, Lincoln National Life Insurance gives clients a wide selection of coverage options.

But there are quite a few high-quality life insurance companies to choose from, so here’s how Lincoln National stacks up against the competition.

Lincoln National Life Insurance vs. Allstate Life Insurance

Both Lincoln National and Allstate offer quite a few life insurance policies including term and universal life policies. Both companies also offer no medical exam term life insurance as well. But while Lincoln National Life Insurance requires that applicants speak directly with a Lincoln Financial advisor, Allstate allows customers to apply for term life insurance completely online.

Here are a few more differences between Lincoln National and Allstate:

  • Allstate offers flexible term plans, allowing users to choose exact term lengths and coverage amounts.
  • Lincoln National offers seven universal life plans, giving customers more options than most competitors.
  • Allstate offers multi-policy discounts on their insurance policies.
  • Lincoln National offers survivorship options for their universal life policies.

While Lincoln National offers quite a few universal life insurance policy options, Allstate customers may benefit from their discounts and flexible term policies. 

Read our full Allstate Life Insurance review.

  Lincoln National (subsidiary of Lincoln Financial) Allstate Life Insurance
Market Share Third-largest in the U.S., 5.86% Eighth-largest in the U.S., 2.80%
Number of Plans Nine Four
Online Quotes Available? No Yes (term life only)
Service Method Email, phone, in-person, social media Email, phone, in-person, social media
AM Best Rating A+ (Superior) A+ (Superior)
Complaints Index 0.09 (Excellent) 0.29 (Very good)
Final Verdict

Lincoln National offers life insurance policies for young and old alike, providing access to no-exam term policies, universal policies, and survivorship options for flexible coverage. With convertible term policies and 75 investment options for cash value policies, Lincoln National is worth a look.

With a 100+ year history, strong financial support, and outstanding customer service rankings from the NAIC, Lincoln National Life Insurance is a great option for life insurance coverage.

Methodology 

All of our reviews of life insurance companies are based on extensive research and analysis of each company's offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.