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Lincoln National Life Insurance Company Review

Lincoln Financial Group

Reviewed By: Rob Pinner

Rob PinnerRob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002. Full Bio >

Checked By: Holly Mitchell

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.
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Last Updated: November 26th, 2023

Life insurance provides financial security for you and your loved ones when you die. When purchasing a policy, it’s essential to choose a stable life insurance company that can honor its obligations once you’ve paid your premiums.  In this Lincoln National Life Insurance Company review, we will explore what life insurance products and riders the company offers and help you decide whether Lincoln National is best for you.

Is Lincoln National a Good Life Insurance Company?

Lincoln National Life Insurance Company is the fifth-largest insurer in the U.S. and a well-known member of the Fortune 500.

Established in 1905, Lincoln National insurance policies come with highly competitive rates and streamlined underwriting options for various health conditions.

This makes it an attractive option for people who have less-than-perfect medical profiles.

Lincoln National Insurance Company Ratings

Lincoln National Life Insurance Company is a subsidiary of the Lincoln Financial Group, a financial services company with superior industry ratings.

  • A.M. Best – A+ Superior
  • Fitch – A+
  • Moody’s Investor Service – A1
  • Comdex Score – 91
  • Standard and Poor’s – AA

In 2023, Lincoln National ranked 222 out of 500 on the Fortune 500 List and 220 on the Barron’s 500.

The company also ranked 13 out of 23 in J.D. Power’s U.S. Life Insurance Study for customer satisfaction.

As of December 2023, the Lincoln Financial Group has over  $300 billion in total assets. The company is publicly traded under the symbol LNC on the NYSE.

Lincoln National Life Insurance Products

Lincoln National Life Insurance Company offers term, universal, indexed-universal, and variable-universal term life insurance policies.

Term Life Insurance

Term life insurance insures you for a fixed period, such as 10, 15, 20 or 30 years.

Should anything unexpected happen during the fixed term, the insurance provider will ensure that your family is protected and not adversely affected by your debt.

It also guarantees an income-tax-free death benefit should anything happen to you during the fixed term.

Lincoln National offers two term life insurance policies:

Lincoln LifeElements® Level Term  

The Lincoln LifeElements is available for 10, 15, 20, and 30 years for people ages 18 to 80.

The minimum face amount is $250,000, and the maximum varies depending on the policyholder’s circumstances.

There are some restrictions on this policy based on age and tobacco use. Lincoln will offer non-tobacco rates if you chew tobacco or smoke cigars or pipes.

You can complete your application over the phone, and if no lab work is required, you can get your approval within days.

The following riders are available:

  • Accelerated benefits
  • Children’s term insurance
  • Waiver of premium for disability

Lincoln TermAccel® Level Term  

TermAccel is a term insurance product available for 15, 20, or 30 years for people ages 18 to 60 who need life coverage of $100,000 to $2,500,000.

TermAccel is issued through a fully electronic process.  If you pass the health interview and no lab work is required, you could get your approval in days, not weeks.

You can convert either of these term insurance policies to a permanent life insurance policy before your 70th birthday or the end of the term, whichever comes first.

The following riders are available:

  • Accelerated benefits
  • Children’s term insurance
  • Waiver of premium for disability

Universal Life Insurance

Lincoln National Insurance Company’s universal life insurance policy offers permanent, flexible life coverage that builds cash value.

The built-in cash value lets you withdraw or take out loans for personal needs.

However, any withdrawals you make could reduce your death’s final benefit amount and the policy’s cash value.

The highlights of Lincoln National’s universal life insurance products include:

Lincoln LifeGuarantee UL  

  • Cash value components that offset death benefits
  • Flexibility on death benefit amounts
  • Guaranteed premiums
  • Level death benefit option
  • Lifetime insurance coverage

Lincoln LifeGuarantee SUL 

  • Excellent estate planning product
  • Flexibility on death benefit amounts
  • Guaranteed premiums
  • Insures two people (payable after the second person dies)
  • Lifetime insurance coverage
  • Survivorship universal life policy

Lincoln LifeGuarantee SUL 

  • Survivorship universal life policy
  • Lifetime insurance coverage
  • Insures two people on one policy (payable after the second person dies)
  • Provides estate liquidity
  • Guaranteed premiums
  • Flexible amount of guaranteed death benefit protection
  • Customizable death benefit amounts

Lincoln LifeCurrent UL

  • Adjustable premium payments and coverage
  • Cash value growth
  • Guaranteed coverage protection
  • Universal life policy

Lincoln LifeReserve UL

  • Long-term, tax-deferred cash value accumulation
  • Three death benefit options

Optional riders include Accelerated Benefits, Children’s Term, Disability Waiver, Guaranteed Insurability, Estate Protection, and Spouse Term Riders.

Variable Universal Life Insurance

The universal life insurance products from Lincoln National Insurance Company combine investment with term insurance.

This provides customers with an opportunity to build cash value while protecting loved ones from life’s eventualities.

Remember, universal life insurance has a fixed interest rate. But with variable universal life insurance, the cash value fluctuates, which could get you a higher or lower return potential.

Lincoln National’s variable life insurance has outstanding flexibility regarding death benefits and premiums.

Customers can choose the amount and frequency of payments, giving them greater control over their finances.

A dozen variable universal life policies are available at Lincoln National, including single-life and survivor life insurance products.

The highlights of the company’s variable life insurance products include:

  • A wide range of riders
  • The cash value component depends on the performance of the policy’s allocations.
  • Choice of where to invest your premiums
  • Flexible death benefits
  • Flexible premiums
  • Single life insurance products
  • Tax-deferred earnings

Eligibility and Application Process

Some restrictions are based on tobacco use, height and weight (BMI) ratio, and other health conditions.

But overall, the company provides competitive rates for people with various health conditions.

Lincoln National’s website offers access to downloadable applications and policy change forms. Plus, it has a live chat option.

The company also provides fast-track applications if you pass a phone health interview. This means you may not need to undergo a medical exam to qualify.

Pros & Cons of Lincoln National Life Insurance

Here is a quick summary of the advantages and disadvantages of Lincoln National Life Insurance Company:


  • Financially stable
  • High industry ratings
  • Over 100 years of experience
  • Application is relatively quick (up to 20 days)
  • Competitive underwriting for healthy customers
  • High customer satisfaction rating
  • Other financial services available
  • Streamlined underwriting that enables you to skip the medical exam
  • Wide range of riders


  • Long and complicated application
  • No online quote system
  • No online account access
  • Only children’s term riders, no juvenile policies

You can use the life insurance calculator on this page to get a lincoln financial life insurance quote.

Doug Mitchell, CLU

Doug Mitchell, CLU

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent close to 30 years in the life insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health. Some other notable items about Doug: Top of the Table Million Dollar Round Table member (MDRT). (MDRT is a global, independent association of the world’s leading life insurance advisors) | Premier Partner with Lincoln Financial and Cabinet Member | Served two years as President of the Auburn/Opelika Association of Financial Advisors | Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award | New York Life, Executive Council Member | Currently serves as President of Ogletree Financial, a life insurance General Agency. | Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

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