Lincoln Financial sells term life insurance, three types of indexed and variable universal life insurance, and a hybrid long-term care and life product called MoneyGuard. Term coverage runs from $100,000 to $2.5 million across 10, 15, 20 and 30-year options. Permanent policies offer flexible premiums and cash value growth through indexed or variable investment accounts. Lincoln doesn't offer whole life insurance.
Lincoln Financial Life Insurance Review 2026: Pricing, Pros & Cons
Lincoln Financial offers competitive rates, flexible policies and convenient online applications across term and permanent life insurance.
Read our Lincoln Financial life insurance review to learn about its coverage options, pricing, pros and cons, and decide if it's the right insurer for you.
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Updated: June 11, 2026
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At a Glance: Lincoln Financial Life Insurance Review
Lincoln Financial
MoneyGeek Rating
3.7/ 5
3.7/5Affordability
3.5/5Customer Experience
4.1/5Coverage
Average Monthly Cost
$46 (women), $60 (men)Based on 20-year term policy with $500,000 coverage amount for a 40-year-old nonsmoker with average health.Ages Supported
18-80
Lincoln Financial Policy Options
Term Life Insurance
Lincoln Financial’s term life insurance policies work best for people who want straightforward coverage with fixed premiums. Both the TermAccel and LifeElements policies let you lock in rates for 10, 15, 20 or 30 years and convert to permanent coverage at the end of the term.
Lincoln TermAccel Level Term
This term policy works well for people in good health looking for quick coverage that doesn’t require lab exams. The Lincoln TermAccel Level Term is available for 10, 15, 20 or 30 years, and coverage levels range from $100,000 to $2.5 million.
Premiums are fixed for the policy term's duration, and you can convert your term policy to a permanent policy when the term policy expires. You can customize their policy with various riders, including an accelerated benefits rider, children's level term rider and waiver of premium rider.
Lincoln LifeElements Level Term
This term policy is available for applicants up to age 60. Term options vary from 10, 15, 20 or 30 years with coverage levels from $250,000. Maximum coverage amount depends on individual underwriting. Depending on your profile, you may not need lab work and a phone interview to qualify for coverage.
Premiums are fixed for the duration of the policy term, and if you elect to continue coverage at the end of the term, premiums will increase annually. You can also convert your policy to a permanent plan when it expires. Available riders include accelerated benefits, children's level term and waiver of premium.
Universal Life Insurance
Lincoln Financial's indexed universal life policies credit interest based on a market index with downside protection, so cash value grows when markets rise but doesn't decline in down years. Variable universal life policies let you allocate cash value across up to 75 investment options, including indexed accounts and a fixed account, accepting more market risk for more growth potential.
Lincoln WealthAccelerate IUL
With this policy, you get a death benefit plus growth potential through your choice of two indexed accounts: the S&P 500 Traditional Indexed Account or Fidelity AIM Dividend Indexed Account with Fixed Bonus. Indexed accounts have downside protection to safeguard your investment from market losses. You can also add various riders to your policy to customize your coverage.
Lincoln WealthBuilder IUL
Lincoln WealthBuilder IUL combines death benefit coverage with growth potential through five indexed accounts, including S&P 500 Traditional, S&P 500 Dynamic Intraday TCA Enhanced VCI and Fidelity AIM Dividend Fixed Bonus options. The policy offers downside safeguards from market losses while providing access to cash value for life needs or retirement income supplementation. You can add optional riders, including chronic illness protection and a multiplier rider on eligible accounts.
Lincoln WealthBuilder ECV IUL
Lincoln WealthBuilder ECV IUL focuses on high early cash value access, making it suitable for premium financing and business insurance needs. It includes an Early Cash Value Endorsement option and offers five indexed accounts with built-in market volatility protection. This policy works well for premium financing and business insurance due to its high early cash value access and tax-deferred growth options.
Lincoln WealthPreserve 2 Survivorship IUL (2022)
This policy offers coverage for up to two lives under a single policy. You also get growth opportunities for cash value through six indexed accounts, including Fidelity AIM Dividend Indexed Account - Fixed Bonus, Fidelity AIM® Dividend Indexed Account, S&P 500 Multiplier Indexed Account1, S&P 500 Fixed Bonus Indexed Account, S&P 500 Traditional Indexed Account and S&P 500 Performance Trigger Indexed Account.
Lincoln Financial also offers Variable Universal Life insurance policies with flexible premiums and death benefits and cash value growth based on your market-driven fund allocations. These policy options include:
Lincoln AssetEdge VUL (2022)
This policy offers tax-free death benefit coverage and cash value growth with supplemental income potential. You can choose from up to 75 variable investment options, four indexed account options with downside protection and a fixed account that offers predictable growth. You can adjust your investments as needed throughout the policy term and include optional riders in your policy to customize your benefits.
Lincoln AssetEdge VUL (2025)
Lincoln AssetEdge VUL (2025) updates the company’s variable universal life design with structural changes that improve flexibility and simplify management. It removes earlier allocation restrictions, allowing full access to indexed account options in all policy years. It introduces an Enhanced Overloan Protection Endorsement that activates earlier and expands loan support for heavily funded policies. Lincoln also adjusted the no-lapse guarantee mechanics and removed lower-use provisions like the Change of Insured Rider.
Lincoln AssetEdge SVUL
Lincoln AssetEdge SVUL covers two lives under one survivorship policy, offering death benefit coverage plus growth through more than 75 investment options and four indexed accounts with protection from market losses. This provides tax-deferred growth, tax-free income access and no-lapse protection for up to 20 years. It works well for estate planning, wealth transfer, charitable giving and business continuity needs. Optional riders include living benefits for unexpected care expenses.
Lincoln AssetEdge Exec VUL (2020)
This policy is available to individuals and business owners. With the Lincoln AssetEdge Exec VUL (2020), you get a tax-free death benefit, tax-efficient cash value growth and supplemental income. Policyholders also get 75 plus variable investment options, four indexed account options and a fixed account. This policy includes enhanced surrender value as an automatic rider that waives all surrender charges.
Hybrid Long-Term Care and Life Insurance
Lincoln Financial’s MoneyGuard line offers hybrid long-term care and life insurance designed for people who want coverage for future care needs with the added benefit of a guaranteed death benefit. MoneyGuard policies use linked-benefit structures, so the coverage can pay for qualified long-term care services first, and unused benefits pass on as a life insurance payout. Note that using long-term care benefits reduces your available death benefit dollar-for-dollar, so you should plan your coverage amount accordingly.
You choose flexible premium payment schedules and can access claims for home care, assisted living and similar services. MoneyGuard suits buyers who want a predictable long-term care funding mechanism and don't want to risk losing premiums if care is never needed. Unlike standalone LTC policies, MoneyGuard pays a death benefit if no care is used.
Lincoln Financial’s Life Insurance Riders
Lincoln Financial offers eight rider options, most at an additional cost, though availability varies by policy type.
Rider | Description |
|---|---|
Children’s Term | Provides level term coverage for all the policyholder’s children. |
Accelerated Benefits | Pays out part of the death benefit if you become terminally ill. |
Supplemental Term Insurance | Allows you to add additional, convertible level term insurance for a loved one or business partner. This rider is not available with all policies. |
Payor Waiver of Premium Benefit | Waives the premium payments if you become totally disabled while your policy is in force. |
Lincoln LifeAssure Accelerated Benefits | Pays part or all of the death benefit if you develop a permanent chronic illness. |
Lincoln LifeEnhance Accelerated Benefits | Pays out part or all of the death benefit if you develop a permanent chronic or terminal illness. |
Estate Protection | Offers additional term insurance on your survivorship policy in the first four years of the policy’s term. |
Extended No-Lapse Minimum Premium | Extends the no-lapse premium included with the policy, subject to a specified minimum premium. |
Overloan Protection | Ensures that the minimum death benefit will be $10,000, offering financial protection for those with heavily loaned policies. Lincoln introduced an Enhanced Overloan Protection Endorsement in 2025 with no upfront fee. |
Rider availability varies by policy type and your eligibility. Contact Lincoln Financial for a full list of riders.
Lincoln Financial Life Insurance Cost
Lincoln Financial is most competitive at the coverage levels where many buyers shop, particularly $250,000 and above, while charging a modest premium above average rates at the $100,000 level. At $250,000, its rates are 20% to 23% below the national average, and it's the second-cheapest option in our analysis for women and the third-cheapest for men. That advantage fades at $500,000, where Lincoln's rates for 40-year-olds are within $1 per month of the industry average. At higher coverage amounts, though, the company's pricing edge returns, with rates running 7% to 8% below average.
$100,000 | $17 | +$1 (+8%) | $20 | +$1 (+6%) |
$250,000 | $22 | -$6 (-23%) | $28 | -$7 (-20%) |
$500,000 | $46 | -$1 (-2%) | $60 | +$1 (+2%) |
$750,000 | $63 | -$5 (-7%) | $81 | -$4 (-5%) |
$1,000,000 | $79 | -$7 (-8%) | $102 | -$8 (-7%) |
* Rates shown are for nonsmoking 40-year-olds in average health with a 20-year term.
How to Get Lincoln Financial Life Insurance
Lincoln Financial policies are available in all states, though policy options may vary based on location. This provider has a convenient phone app and phone interview application process that makes getting coverage easy.
- 1Do your research
Lincoln Financial doesn't offer online quotes. Contact a licensed agent or call Lincoln directly to get rates for your age, health class and coverage amount. The Tele-App and phone interview options let you complete the application without an in-person meeting.
- 2Compare quotes
Individual factors like age and health status impact life insurance rates, so it pays to compare quotes to find the best rates for your profile. Some policy options have age restrictions and may require medical exams based on your age or health condition.
- 3Health check
Your health may impact your insurability, so health checks may be required depending on the type of policy, coverage level and other factors. Lincoln Financial also has policy options with no exam requirement, so check with an advisor to find the most suitable option for your profile.
- 4Approval
Once your policy is approved, you can choose the eDelivery option to get your policy faster. Your policy will take effect once you have made the first premium payment.
WHAT TO DO IF LINCOLN FINANCIAL INSURANCE DENIES YOU COVERAGE
If Lincoln Financial declines your application, ask your agent for the specific reason. Underwriting decisions are based on health history, lab results, lifestyle factors and financial need. Smokers, people with certain chronic conditions or those with a high-risk occupation may receive a postponement or rating rather than a flat decline. If you're declined, no-exam policies or graded benefit policies from other carriers are worth reviewing. You can also reapply after making documented health improvements.
Lincoln Financial Claims Process
Beneficiaries can file a Lincoln Financial life insurance claim online, by phone at 800-454-6265 or by mail. You'll need the policy number, a certified death certificate and completed claim forms.
Lincoln Financial assigns a dedicated claims specialist to beneficiaries and processes most claims within five to seven business days after receiving all required documentation.
For accelerated benefits riders or living benefits claims, contact your financial professional or call the claims department directly. Lincoln Financial also offers beneficiaries the option to receive death benefit proceeds as a lump sum or through other payout options.
Lincoln Financial Life Insurance vs. Alternatives
Lincoln Financial competes well on price at $250,000 and above. Banner Life and Transamerica both offer lower average rates overall and higher maximum coverage of $10 million versus Lincoln Financial's $2.5 million limit. Lincoln's clearest advantages are its eligibility for applicants up to 80 years old, no-exam coverage up to $2.5 million, and its unique hybrid life insurance and LTC plan, MoneyGuard.
Lincoln Financial doesn't offer whole life insurance. If you're seeking guaranteed cash value accumulation and fixed premiums for life, you'll need to explore other options. Our guide to the best whole life insurance companies can help you find insurers that specialize in these products.
Lincoln Financial | $46 (F), $60 (M) | 10-30 years | 18-80 | $2.5 Million | A | 3.7 |
Banner Life | $37 (F), $46 (M) | 10-40 years | 20-75 | $10 Million | A+ | 4.5 |
Transamerica | $37 (F), $46 (M) | 10-30 years | 18-80 | $10 Million | A | 4.4 |
Penn Mutual | $38 (F), $47 (M) | 10-30 years | 20-70 | $10 Million | A+ | 4.3 |
Nationwide | $45 (F), $56 (M) | 10-30 years | 21-55 | $1.5 Million | A+ | 4.3 |
Pacific Life | $38 (F), $54 (M) | 10-30 years | 18-80 | $10 Million | A+ | 4.2 |
Fidelity | $44 (F), $58 (M) | 10-30 years | 18-70 | $10 Million | A- | 4.2 |
Protective | $42 (F), $54 (M) | 10-40 years | 18-75 | $10 Million | A+ | 4.1 |
Mutual of Omaha | $49 (F), $60 (M) | 10-30 years | 18-80 | $10 Million | A+ | 4 |
Bottom Line: Is Lincoln Financial Right for You?
Lincoln Financial is a competitive option if you want $250,000 or more in coverage, no-exam approval or permanent life insurance with cash value growth potential. Its rates rank among the lowest in our analysis at the $250,000 tier and improve again at $750,000 and above. The MoneyGuard hybrid long-term care product is a unique offering no other carrier in our analysis provides.
Lincoln is a good fit if you:
- Want $250,000 or more in coverage and are shopping for competitive rates
- Need to apply up to 80 years old
- Want no-exam approval up to $2.5 million
- Are considering indexed or variable universal life with cash value growth
- Want hybrid long-term care and life coverage through MoneyGuard
Consider other insurers if you:
- Are shopping for a $100,000 policy, where Lincoln's rates run about 6% to 8% above average
- Need more than $2.5 million in coverage
- Want whole life insurance, which Lincoln doesn't offer
Frequently Asked Questions
Can you borrow from your Lincoln Financial life insurance policy?
Yes, permanent life insurance policies from Lincoln Financial accumulate a cash value that you can borrow against.
What’s the maximum amount of life insurance coverage available from Lincoln Financial?
Lincoln Financial's term life policies cap at $2.5 million. Permanent life insurance coverage amounts vary by policy type and are determined through individual underwriting. There is no published maximum for indexed or variable universal life policies. Contact a Lincoln Financial agent to get a coverage amount illustration for permanent policies.
Do life insurance policies from Lincoln Financial pay dividends?
No, life insurance policies from Lincoln Financial don’t pay dividends.
Can you get life insurance from Lincoln Financial if you have cancer?
Lincoln Financial evaluates cancer applicants on a case-by-case basis. Eligibility depends on cancer type, current treatment status and time since diagnosis or treatment completion. Some no-exam policies like TermAccel may be available without disclosing health history up to certain coverage amounts. Call Lincoln Financial directly or work with a broker to get a preliminary underwriting assessment before applying.
Do life insurance policies from Lincoln Financial cover death by drug overdose?
Lincoln Financial policies typically exclude intentional drug overdose deaths, particularly in the first two policy years. Accidental overdose may be covered depending on policy type and circumstances. Check your policy's exclusions section or contact your agent to confirm coverage specifics.
Do life insurance policies from Lincoln Financial cover death by suicide?
Most Lincoln Financial policies include a two-year suicide exclusion. If the insured dies by suicide within the first two years of the policy, Lincoln won't pay the death benefit. After that period, suicide deaths are generally covered. Review your specific policy documents or call Lincoln Financial at 800-454-6265 to confirm your policy's exclusion terms.
MoneyGeek scored Lincoln Financial using rate data for our baseline profile of a 40-year-old male nonsmoker in average health seeking $500,000 in coverage on a 20-year term. The MoneyGeek Score weights affordability at 50%, customer experience at 30% and coverage options at 20%. Customer experience ratings draw from customer reviews, J.D. Power life insurance study scores, AM Best financial strength ratings and NAIC complaint indexes.
More Life Insurance Company Reviews
About Patrick Bryant
Patrick Bryant is the Vertical Lead for Life and Health Insurance at MoneyGeek, where he researches insurance products, writes consumer guides and maintains the scoring methodologies behind our provider comparisons. He analyzed more than 50 life insurance carriers across multiple policy types, collecting thousands of quotes nationwide to evaluate rates, coverage options and underwriting factors. His methodologies are reviewed quarterly to reflect current market conditions and carrier data.
Sources
- Lincoln Financial. "About Us." Accessed March 27, 2026.
- Lincoln Financial. "Add More Protection." Accessed March 27, 2026.
- Lincoln Financial. "Indexed Universal Life insurance." Accessed March 27, 2026.
- Lincoln Financial. "Permanent Life." Accessed March 27, 2026.
- Lincoln Financial. "Term Life." Accessed March 27, 2026.
- Lincoln Financial. "Variable Universal Life Insurance." Accessed March 27, 2026.