Whether you are shopping for low-cost term insurance or an Indexed Universal Life policy, you must know who you are getting in business with.
Like any company that sells products or services, some are really great to do business with and some can easily disappoint you.
The good news for all shoppers is that you can determine in advance whether the company you’re considering is worth your time and money or if you should keep on looking.
Our intention here is to provide the information you need if you’re considering Lincoln Financial Group for life insurance. This is our company review.
About Lincoln Fiancial Group
Founded in 1905, Lincoln National Life Insurance Company was permitted to use the Lincoln name by Robert Todd Lincoln, the late Abraham Lincoln’s son.
By providing insurance products for hard-working Americans combined with the power of acquisitions, Lincoln National Life increased its company footprint by growing its book of insurance business.
Now headquartered in Philadelphia, Lincoln provides financial products and insurance products in four categories to accommodate all its clients and prospective clients through various subsidiary companies:
- The Lincoln National Life Insurance Company located in Fort Wayne, IN
- Lincoln Life and Annuity Company of New York located in Syracuse, NY
- Lincoln Financial Distributors
- Lincoln Financial Advisors – services employer-sponsored retirement plans
- Lincoln Financial Securities Corporation – uses independent financial professionals for distribution.
- Lincoln Financial Foundation – provides charitable contributions in selected communities.
Today, as Lincoln Financial Group, we’re a well-recognized family of companies steeped in our namesake’s ideals. We work together with financial professionals, employers and organizations to help individuals and families confidently plan their financial futures and protect their loved ones.
Lincoln Financial Group’s Ratings and Stability
Insurance is often described as “a promise to pay in exchange for a premium” and as such, it’s essential that the insurance company you choose has a solid financial foundation that will enable it to meet all its obligations, whether claims or operating expenses.
In many cases, the client-insurer relationship must be maintained for decades and the company you choose for this relationship must be able to be there when you need them.
The ratings from national rating services for Lincoln National Life Insurance remain consistently high:
|Rating Service||Assigned Rating||Description|
|A.M. Best||A+ (Superior)||2nd highest of 16|
|Fitch Ratings||A+ (Strong)||5th highest of 19|
|Moody's Investors Service||A1 (Good)||5th highest of 21|
|Standard & Poor's||AA- (Very Strong)||4th highest of 21|
Lincoln National Life Insurance Products
Lincoln National continually competes in the Term Life Insurance market by offering competitive rates and fully electronic processing of applications.
Lincoln TermAccel® Level Term
Lincoln’s TermAccel product is ideal for insurance shoppers who are under 60-years old and want coverage of $1,000,000 or less. The company uses a very simple and efficient phone interview to gather the information for the application. If lab work is not required, the company will use fast electronic processing to deliver approvals in a couple of days.Here are actual rates for a $500,000 20-year term policy for a very healthy male and female non-smoker:
|Applicant's Age||Male Non-Smoker||Female Non-Smoker|
Lincoln LifeElements® Level Term
The LifeElements Level Term policy was designed for applicants who are 30 or older and need more than $1 million death benefit. This term product also uses a telephone interview rather than a paper app and underwriting is expedited for quick approval.
Lincoln LifeGuarantee® UL
Lincoln’s LifeGuarantee UL policy is designed to offer guaranteed life insurance for a lifetime while still building cash value that can be accessed by the policyholder through loans or partial surrender.
Since this is a Universal Life policy, the flexibility of the policy enables the policyholder to accommodate life events that can require premium flexibility or a change in the death benefit. Lincoln also offers various optional insurance riders that will allow the applicant to broaden their coverage and add living benefits.
Lincoln WealthAccumulate® IUL
Lincoln Financial Group has become a leader in the IUL market by offering products that meet the needs of clients who wish to accumulate wealth or preserve wealth over their lifetime. This insurance/investment product is often used by high-income earners who will likely max-out traditional investment products like the 401(k) or IRA and are disappointed with the investment constraints placed by the federal government.
The WealthAccumulate IUL offers:
- Substantial wealth accumulation opportunities the freedom to choose
- Access to your policy’s cash value at any age and for any reason
- Protection from volatile markets during downsides
- Financial security for surviving loved ones
- Optional riders that help with chronic, critical, or terminal illness expenses
Lincoln WealthPreserve® IUL
The WealthPreserve IUL was designed for protecting assets and significant cash growth. The policy will satisfy consumers who want to create and leave a financial legacy that can help pay for estate and inheritance taxes. This policy provides solutions for:
- Preserving assets to protect your family now and for years to follow
- Mitigating your risk of tax exposure and the effects of market volatility
- Providing tax-advantaged cash account growth of your policy
- Health expense benefits if you are diagnosed with a covered illness
Lincoln Financial Group also offers several Variable Universal Life products for consumers who want the opportunity to earn the highest interest possible and willing to accept the risk for doing so:
- Lincoln VULone (not available in NY)
- Lincoln AssetEdge® VUL (not available in NY)
- Lincoln AssetEdge® Exec VUL (not available in NY)