MoneyGeek’s Take: Is Lincoln Financial Right for You?
Lincoln Financial offers a range of policy options ideal for young adults looking for short-term coverage and policies with various investment options. However, older customers who want the best whole life insurance would be better off with companies like State Farm.
Lincoln Financial offers high coverage caps and universal policies with tax-free benefits and growth potential, so it’s a great option for those who want policies that can build cash value over time.
Learn more about policy options from Lincoln Financial in our in-depth review so you can make an informed decision before applying.
At a Glance: Lincoln Financial Life Insurance

pros
Online or phone interview options available for application completion
Medical exams are not required for all policy types
Low complaint index
cons
No online quote feature
Does not offer whole life insurance
COMPANY HIGHLIGHTS
Lincoln Financial was established in 1905 and offers life insurance policies in all states. The company provides various life insurance products for individuals, employers and professionals. This provider had a National Association of Insurance Commissioners (NAIC) complaint index of 0.39 in 2022, meaning that for a company of its size, it received fewer complaints than the average expected.
Lincoln Financial offers term life policies of 10, 15, 20 or 30 years and coverage limits ranging from $100,000 to $1,000,000 and above based on individual factors. Customers can convert term policies to permanent policies at the end of the policy’s term.
Lincoln Financial also offers permanent life insurance policies with flexible coverage amounts, premium payment options and coverage durations. Permanent life insurance options include universal policies, indexed universal and variable universal. Lincoln Financial does not offer whole life insurance policies.
You can customize your Lincoln Financial policy to suit your needs with various riders available, including an accelerated benefits rider, waiver of premium rider and more. However, limitations and exclusions apply to riders depending on your policy type and other factors.
Compare Life Insurance Rates
Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.
- Is Lincoln Financial Right for You?
- At a Glance: Lincoln Financial Life Insurance
- Lincoln Financial Life Insurance Policy Options Explained
- Term Life Insurance Options From Lincoln Financial
- Universal Life Insurance Options From Lincoln Financial
- Final Expense Insurance Options From Lincoln Financial
- Lincoln Financial Life Insurance Riders
- How to Buy Life Insurance From Lincoln Financial
- What to Do if Lincoln Financial Denies You Coverage
Key Takeaways
Lincoln Financial offers term policies with coverage amounts ranging from $100,000 to over $1 million.
Lincoln Financial’s permanent life insurance options include indexed universal and variable universal life policies.
Lincoln Financial does not offer whole life insurance policies.
Lincoln Financial Policy Options Explained
A report from The Life Insurance Marketing and Research Association (LIMRA) indicates that carrying life insurance increases feelings of security, with up to 68% of insured people feeling secure compared to only 48% of non-insureds. You can choose from different policy options to find the best coverage based on your unique financial situation and needs.
Term Life Insurance Options From Lincoln Financial
Lincoln Financial’s term life insurance policies offer flexible terms and coverage options to suit those who need temporary life insurance for short-term needs like education expenses or mortgage payments.
Term Life policies available to Lincoln Financial include:
Lincoln TermAccel Level Term
This term policy is ideal for those in good health looking for quick coverage that does not 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 $2,500,000.
Premiums are fixed for the policy term's duration, and policyholders can convert their term policy to a permanent policy when the term policy expires. Policyholders 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 of up to $2.5 million. 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 the policy to a permanent one when it expires. Available riders include accelerated benefits rider, children's level term rider and waiver of premium rider.
Lincoln Financial’s term life insurance policies are ideal if you want coverage for short-term needs, such as education expenses or mortgage payments. These policies suit young applicants in good health who need flexible coverage amounts.
Universal Life Insurance Options From Lincoln Financial
Lincoln Financial offers Indexed Universal Life policy options with customizable coverage amounts, premiums and duration, including:
Lincoln WealthAccelerateSM Indexed UL
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 WealthAccumulate 2 IUL (2020)
This policy offers a death benefit plus access to cash value and growth flexibility through six indexed accounts, including Fidelity AIM Dividend Indexed Account-Fixed Bonus, Fidelity AIM Dividend Indexed Account, S&P 500 Multiplier Indexed Account, S&P 500 Fixed Bonus Indexed Account, S&P 500 Traditional Indexed Account and S&P 500 Performance Trigger Indexed Account. You can add a chronic illness protection rider to this policy.
Lincoln WealthPreserve 2 IUL (2020)
This policy offers a long-term death benefit guarantee for up to 40 or 90 years. You also get tax-advantaged cash value growth through five indexed accounts, including Fidelity AIM Dividend Indexed Account - Fixed Bonus, Fidelity AIM Dividend Indexed Account, S&P 500 Fixed Bonus Indexed Account, S&P 500® Traditional Indexed Account and S&P 500® Performance Trigger Indexed Account. You can add optional chronic illness protection to this policy for enhanced protection.
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 cash value growth potential based on your market-driven fund allocations. These policy options include:
Lincoln VULONE (2021)
This policy features a guaranteed death benefit for life and various investment options to grow your cash value. You can access your cash anytime and add a chronic illness rider or long-term care expense protection to your policy.
Lincoln AssetEdge VUL (2022)
This policy offers tax-free death benefit protection 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 (2020)
This policy is similar to the Lincoln AssetEdge VUL (2022), offering a tax-free death benefit and income potential through policy loans. You also have access to 75 plus variable investment options, four indexed account options and a fixed account with predictable growth. You can include an accelerated benefits rider, chronic illness or long-term care to your policy.
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.
Lincoln Financial offers indexed and variable universal life policies ideal for those who want flexible permanent coverage and premium amounts, as well as cash value growth through various investment options.
Compare Life Insurance Rates
Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.
Lincoln Financial’s Life Insurance Riders
Life insurance riders are add-on benefits that are available at an additional cost that you can use to customize your life insurance coverage to suit your individual needs.
Lincoln Financial offers the following riders:
Rider | Description |
---|---|
Children’s Term Rider | Provides level term coverage for all the policyholder’s children. |
Accelerated Benefits Rider | Pays out part of the death benefit if you become terminally ill. |
Supplemental Term Insurance Rider | Allows you to add additional, convertible level term insurance for a loved one |
Long-Term Care Expense Protection Rider | Pays part or all of the death benefit for qualified long-term care expenses if you |
Payor Waiver of Premium Benefit | Waives the premium payments if you become totally disabled while your policy |
Lincoln LifeAssure Accelerated Benefits Rider | Pays part or all of the death benefit if you develop a permanent chronic illness. |
Lincoln LifeEnhance Accelerated Benefits Rider | Pays out part or all of the death benefit if you develop a permanent chronic |
Estate Protection Rider | Offers additional term insurance on your survivorship policy in the first four |
Extended No-Lapse Minimum Premium Rider | Extends the no-lapse premium included with the policy, subject to a specified |
Overloan Protection Rider1 | Ensures that the minimum death benefit will be $10,000, offering protection for |
Return of Premium Rider | Allows you to have up to 100% of your premiums returned during certain |
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.
How to Buy Life Insurance From Lincoln Financial
Do Your Research
Lincoln Financial does not have an online quote feature, but you can speak to an agent for more information. You can also get more information through the Tele-App or simple phone interview application. Compare available policy options to find a plan that best suits your needs.
Compare 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. Keep in mind that some policy options have age restrictions and may require medical exams based on your age or health condition.
Health 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.
Approval
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
Life insurance policies are subject to underwriting, so it is not unusual for applications to sometimes be declined. If this happens to you, taking the following steps will help you find an alternative.
Contact Your Broker
It is important to establish why your application was declined by speaking to your agent or broker. This information will guide what you need to change to improve your insurability.
Lifestyle Changes
Risky lifestyle habits like smoking, being overweight and others may lead an insurer to decline or postpone approval of your application. In such instances, making healthy lifestyle changes, like quitting smoking or maintaining a healthy weight, may help boost your chances of approval.
Explore Other Options
Lincoln Financial and other insurers offer life insurance policies that do not require medical underwriting. This means you may still be able to get a policy such as final expense insurance, but prices for such policies tend to be high, and coverage caps are typically low.
Frequently Asked Questions About Lincoln Financial Life Insurance
MoneyGeek answered frequently asked questions about Lincoln Financial to help you learn more.
sources
- Lincoln Financial. "About Us." Accessed March 13, 2023.
- Lincoln Financial. "Add More Protection." Accessed March 13, 2023.
- Lincoln Financial. "Indexed Universal Life insurance." Accessed March 13, 2023.
- Lincoln Financial. "Permanent Life." Accessed March 13, 2023.
- Lincoln Financial. "Term Life." Accessed March 13, 2023.
- Lincoln Financial. "Variable Universal Life Insurance." Accessed March 13, 2023.
- NAIC. "Lincoln Natl Life Ins Co National Complaint Index Report." Accessed March 13, 2023.
- LIMRA. "2022 Insurance Barometer Study." Accessed March 13, 2023.