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: July 14, 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
Lincoln TermAccel is a good fit for healthy buyers who want fast coverage without a medical exam. It offers 10-, 15-, 20- and 30-year terms with coverage from $100,000 to $2.5 million, and your premiums stay level during the initial term. After the level term ends, the death benefit gradually decreases while premiums stay the same or decline slightly.
You can convert your policy to any of Lincoln's universal or variable universal life products within the first seven years or before age 70, whichever comes first. Available riders include accelerated benefits, children's term and waiver of premium.
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.
LifeElements Age Eligibility
Lincoln Financial's LifeElements term life insurance issue ages vary by term length and tobacco use:
10-year | 18-80 | 18-80 |
15-year | 18-75 | 18-70 |
20-year | 18-70 | 18-65 |
30-year | 18-55 | 18-50 |
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.
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 policy combines life insurance with long-term care coverage. The policy pays for qualified long-term care expenses first, and any unused benefit is paid to your beneficiaries as a death benefit. Using long-term care benefits reduces the remaining death benefit dollar for dollar.
You can choose from flexible premium payment options, and benefits cover services such as home care and assisted living. Unlike standalone long-term care policies, MoneyGuard pays the full original death benefit to your beneficiaries if you never use the long-term care coverage. With standalone LTC policies, you lose all paid premiums if care is never needed. MoneyGuard removes that risk.
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. |
Critical Illness | Allows you to access a portion of the death benefit if diagnosed with qualifying critical illnesses, including heart attack, end-stage renal failure or certain cancers. A charge applies if the rider is exercised. Availability varies by policy type. |
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 offers competitive term life insurance rates in our analysis, especially at higher coverage amounts and for applicants under age 70. Below, we compare its pricing by age and coverage level against national averages.
Cost by Age
Lincoln Financial averages $28 per month for a 20-year-old nonsmoking woman and $35 for a man with a 20-year, $500,000 policy. Rates remain at or below the national average through age 60, when Lincoln costs $23 per month less than average for women and $27 less for men. At age 70, however, the pattern reverses: women pay $106 more per month than the national average, while men pay $68 more.
20 | $28 | -$1 (-5%) | $35 | -$1 (-3%) |
30 | $31 | $0 (0%) | $37 | -$1 (-2%) |
40 | $46 | -$0 (-1%) | $60 | +$1 (+2%) |
50 | $99 | -$3 (-3%) | $132 | -$5 (-4%) |
60 | $263 | -$23 (-8%) | $368 | -$27 (-7%) |
70 | $950 | +$106 (+13%) | $1,200 | +$68 (+6%) |
* Rates shown are for nonsmokers in average health with a 20-year, $500,000 policy.
Cost by Coverage Level
Lincoln Financial offers its strongest value at coverage amounts of $250,000 and above. At $250,000, its rates are 20% to 23% below the national average, the second-cheapest option in our analysis for women and the third-cheapest for men. At $500,000, rates are roughly in line with the national average. For $750,000 and $1 million policies, Lincoln's pricing advantage returns, with rates running 5% to 8% below average. At the $100,000 coverage level, though, its premiums are slightly above the national 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.
How Lincoln Financial Evaluates Applications
Lincoln Financial's underwriting guidelines are more flexible than many competitors, particularly for people who use marijuana or other non-cigarette tobacco products.
- Marijuana users can qualify for nonsmoker rates. Lincoln doesn't automatically classify marijuana use as tobacco use, so you can receive nonsmoker pricing if the rest of your health profile qualifies.
- Cigar and pipe users can also qualify for nonsmoker rates. Eligibility depends on overall risk factors, but Lincoln evaluates these applicants more favorably than many insurers that automatically assign tobacco rates.
- Motor vehicle records (MVRs) are required only above certain coverage amounts. Lincoln reviews driving records for applicants ages 16 to 40 seeking $250,000 or more in coverage and for applicants 41 and older seeking $500,000 or more. Lower coverage amounts don't require an MVR.
- Family medical history can affect your health classification. If your parent or sibling died before age 65 from coronary artery disease, a heart attack or stroke, you may not qualify for Lincoln's best rate class, though you can still be approved for coverage.
If you have a unique health history or use marijuana, cigars or pipes, ask a Lincoln Financial agent or independent broker for a preliminary underwriting assessment before applying.
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 consider 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 |
$37 (F), $46 (M) | 10-40 years | 20-75 | $10 Million | A+ | 4.5 | |
$37 (F), $46 (M) | 10-30 years | 18-80 | $10 Million | A | 4.4 | |
$38 (F), $47 (M) | 10-30 years | 20-70 | $10 Million | A+ | 4.3 | |
$45 (F), $56 (M) | 10-30 years | 21-55 | $1.5 Million | A+ | 4.3 | |
$38 (F), $54 (M) | 10-30 years | 18-80 | $10 Million | A+ | 4.2 | |
$44 (F), $58 (M) | 10-30 years | 18-70 | $10 Million | A- | 4.2 | |
$42 (F), $54 (M) | 10-40 years | 18-75 | $10 Million | A+ | 4.1 | |
$49 (F), $60 (M) | 10-30 years | 18-80 | $10 Million | A+ | 4 |
Bottom Line: Is Lincoln Financial Right for You?
Lincoln Financial offers its strongest value at the $250,000 coverage level, where rates are 20% to 23% below the national average and among the lowest in MoneyGeek’s analysis. It also offers favorable underwriting for marijuana users and allows term policyholders to convert to any Lincoln permanent product within the first seven years. MoneyGuard adds a hybrid life and long-term care option not offered by other companies in our comparison. Its NAIC complaint index of 0.22 also points to a strong service record.
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
Yes, permanent life insurance policies from Lincoln Financial accumulate a cash value that you can borrow against.
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.
No, life insurance policies from Lincoln Financial don’t pay dividends.
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.
Lincoln Financial policies 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.
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.
Lincoln Financial lets beneficiaries receive life insurance proceeds as a lump sum, installments or a refund annuity. Installment payments are available monthly, quarterly, semiannually or annually and can be sent by check or electronic funds transfer. Most claims are processed within five to seven business days after all required documents are received.
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.
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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.