Last Updated: November 16th, 2025
Lincoln National Life Insurance Company (operating as Lincoln Financial Group) ranks as America’s fifth-largest life insurer with A/A+ financial ratings and $347 billion in assets. Founded in 1905, Lincoln offers term life, indexed universal life, and variable universal life insurance with unique non-smoker rates for cigar and pipe tobacco users, plus fully digital applications on select products.
When you’re shopping for life insurance, you want a company that will be around for the long haul. After all, what good is a policy if the insurer can’t pay out when your family needs it most?
Lincoln National Life Insurance Company, operating under the Lincoln Financial Group brand, has been protecting families since 1905. With over 120 years of experience, superior financial ratings, and a reputation for competitive rates, Lincoln has positioned itself as a reliable choice for everyday Americans looking for quality coverage.
Lincoln National and Lincoln Financial Group are the same company. Lincoln Financial Group is the parent corporation, and Lincoln National Life Insurance Company is the operating name for their life insurance division. Whether you see “Lincoln National” or “Lincoln Financial,” you’re getting the same trusted insurer.
In this comprehensive review, we’ll explore Lincoln’s financial strength, policy options, unique benefits, and whether this company is the right fit for your life insurance needs.
Company Overview: Lincoln National Life Insurance
Lincoln National Life Insurance Company operates as part of Lincoln Financial Group, one of America’s oldest and most established financial services companies. Founded in 1905, the company has grown to become the fifth-largest life insurer in the U.S.
Lincoln Financial Group is a Fortune 500 company, ranking 222 out of 500 companies. The company is publicly traded on the New York Stock Exchange under the symbol LNC and serves approximately 17 million customers with a workforce of about 10,000 employees.
As of Q3 2025, Lincoln Financial Group manages $347 billion in end-of-period account balances with $10.4 billion in statutory capital. This massive asset base demonstrates the company’s ability to meet long-term obligations and pay claims when policyholders need it most.
Lincoln focuses on providing flexible, affordable life insurance solutions for people in various life stages. From young families just starting out to retirees planning their estates, the company offers products designed to meet different needs and budgets. The company’s life insurance products rank among the top sellers in several categories, including #12 for term life sales and #2 for hybrid life insurance with long-term care benefits.
Financial Strength and Ratings
When choosing a life insurance company, financial strength matters. You need to know the company will be around to pay your beneficiaries when the time comes.
Lincoln National Life Insurance Company has earned top ratings from all major rating agencies. As of October 2025, the company holds:
| Rating Agency | Lincoln National Rating | Rank |
|---|---|---|
| A.M. Best | A (Excellent) | 3rd highest of 16 |
| Fitch | A+ | 5th highest of 19 |
| Moody’s | A2 | 6th highest of 21 |
| Standard & Poor’s | A+ | 5th highest of 21 |
These ratings reflect Lincoln’s strong ability to meet its ongoing insurance obligations. The A rating from A.M. Best, one of the most respected insurance rating agencies, indicates excellent financial strength and stability.
Key Financial Metrics (Q3 2025):
- $347 billion in end-of-period account balances
- $10.4 billion in statutory capital
- $4.8 billion in adjusted operating revenue
- $461 million in holding company available liquidity
With over $300 billion in assets and more than a century of consistent operation, Lincoln has demonstrated its ability to weather economic downturns, market volatility, and changing industry conditions. The company maintains a high-quality, diversified investment portfolio with 97% investment-grade holdings.
Customer Satisfaction and Recognition
In J.D. Power’s 2023 U.S. Life Insurance Study, Lincoln ranked 13 out of 23 insurance companies for customer satisfaction. While there’s room for improvement, this middle-of-the-pack ranking shows the company is competitive in serving its policyholders.
Lincoln has also earned recognition as one of Newsweek’s America’s Most Responsible Companies and appeared on Barron’s 500 list, which measures the largest U.S. companies by total return to investors. The company has been named to the Ethisphere World’s Most Ethical Companies list from 2022-2025.
Lincoln National Life Insurance Products
Lincoln National offers three main categories of life insurance: term life, indexed universal life, and variable universal life. Each product type serves different needs and budgets.
The company doesn’t offer whole life insurance, which some shoppers may see as a drawback. But for most people, term life insurance provides the best value. And if you want permanent coverage, Lincoln National’s universal life products offer a more affordable alternative to whole life.
Term Life Insurance Policies
Term life insurance covers you for a specific period, such as 10, 20, or 30 years. It’s the most affordable type of life insurance because it only pays out if you die during the term. If you outlive the policy, there’s no payout, but you’ve had the peace of mind knowing your family was protected.
Term life is ideal for people who need coverage for a specific timeframe, like until the kids finish college or the mortgage is paid off.
Lincoln National offers two term life insurance products:
Lincoln LifeElements® Level Term
Lincoln LifeElements is a straightforward term life product available for coverage periods of 10, 15, 20, or 30 years. This traditional term life policy provides reliable death benefit protection at competitive rates.
One standout feature is Lincoln’s tobacco policy. If you use cigars, pipes, or chewing tobacco, you may qualify for non-smoker rates. This is rare in the insurance industry and can save you thousands of dollars over the life of your policy. Only Lincoln and Prudential offer this benefit.
You can complete your application over the phone, and if you qualify for streamlined underwriting with no lab work required, you could get approved within days instead of weeks. LifeElements can be converted to permanent indexed universal life or variable universal life insurance if your needs change.
Product Details:
- Policy form: TRM6063 and state variations
- Term options: 10, 15, 20, or 30 years
- Conversion options available
- Phone or agent-assisted application
Lincoln TermAccel® Level Term
TermAccel is designed for people who want a streamlined digital application process and quick approval. It’s available for 10, 15, 20, or 30-year terms with coverage amounts that vary based on your needs.
This product uses a fully digital application process from submission to delivery. Lincoln offers no labs or medical exams for qualifying clients. If you pass the health interview and don’t need lab work, you could get approved in just a few days.
TermAccel is one of Lincoln’s “Life Made Easy” products, offering a completely digital experience that makes the application process faster and more convenient. The company’s digital platform handles everything from initial quote to final policy delivery, cutting out weeks of waiting time.
Product Details:
- Policy form: TRM6069 and state variations
- Fully digital application process
- No medical exams for qualifying applicants
- Available term lengths: 10, 15, 20, 30 years
- Conversion options available
- Not available in New York
Conversion Options
Both LifeElements and TermAccel can be converted to permanent indexed universal life or variable universal life insurance policies. This gives you flexibility if your needs change over time and you want to add cash value growth potential to your coverage.
Indexed Universal Life Insurance Policies
Indexed universal life insurance provides permanent coverage with the potential for cash value growth tied to market index performance. Your cash value grows based on the performance of market indexes, but you’re protected from market losses.
Lincoln National offers indexed universal life products for different goals, whether you’re focused on long-term protection, tax-efficient accumulation, or building wealth while maintaining death benefit coverage.
Keep in mind that any withdrawals or loans will reduce your death benefit and the policy’s cash value. But this flexibility makes indexed universal life attractive for people who want permanent coverage with growth potential.
Lincoln WealthPreserve® 2 IUL
This indexed universal life policy is designed for risk-conscious individuals and couples who want long-term guaranteed death benefit protection plus tax-deferred cash value growth potential.
WealthPreserve focuses on protection first while offering the opportunity for cash value growth based on index performance. It’s ideal for people who want permanent coverage with downside protection from market losses.
Key Features:
- Long-term guaranteed death benefit protection
- Tax-deferred cash value growth potential
- Index-linked interest crediting
- Protection from market downturns
- Flexible premium options
Product Details:
- Policy form: ICC20UL6091/UL6091 and state variations
- Not available in New York
Lincoln WealthPreserve® 2 SIUL
This survivorship indexed universal life policy covers two people (typically spouses) on a single policy. The death benefit is paid after the second person dies, making it an excellent estate planning tool.
Key Features:
- Covers two people on one policy
- Death benefit payable after the second person dies
- Tax-deferred cash value growth potential
- Estate planning and liquidity benefits
- Index-linked growth with downside protection
Product Details:
- Policy form: ICC22SUL6094/22-SUL6094 and state variations
- Not available in New York
Lincoln WealthAccelerate® IUL
WealthAccelerate is designed for individuals and couples who want a tax-efficient accumulation strategy. This product focuses on maximizing cash value growth potential while maintaining death benefit protection.
WealthAccelerate is one of Lincoln’s “Life Made Easy” products, offering a fully digital experience from submission to delivery with no labs or medical exams for qualifying clients.
Key Features:
- Fully digital application and delivery
- Tax-efficient cash value accumulation
- Index-linked growth potential
- No medical exams for qualifying applicants
- Flexible funding options
- Downside protection from market losses
Product Details:
- Policy form: ICC22-UL6093/UL6093 and state variations
- Fully digital application process
- No medical exams for qualifying clients
- Not available in New York
Lincoln WealthBuilder™ IUL
WealthBuilder is designed for people who want a balanced approach to protection and accumulation. This indexed universal life product offers tax-deferred growth potential with flexible funding options. This is Lincoln’s newest IUL product launched in 2024.
Key Features:
- Tax-deferred cash value accumulation
- Index-linked interest crediting
- Flexible premium payments
- Death benefit protection
- Multiple crediting strategies
Product Details:
- Policy form: ICC24-UL6097/24-UL6097 and state variations
- Not available in New York
Lincoln WealthBuilder™ ECV IUL
WealthBuilder ECV (Enhanced Cash Value) is Lincoln’s latest indexed universal life product that includes an Enhanced Cash Value Endorsement. This endorsement accelerates cash value growth in the early years of the policy, making it ideal for people who want to maximize early accumulation.
This product works well for people who want to maximize early cash value accumulation while maintaining long-term death benefit protection.
Key Features:
- Enhanced early cash value growth
- Tax-efficient accumulation strategy
- Index-linked performance
- Flexible funding options
- Permanent death benefit protection
Product Details:
- Policy form: ICC25-UL6098/25-UL6098 and state variations
- Enhanced Cash Value Endorsement: ICC25ECVE7127/25ECVE-7127
- Launched in 2025
- Not available in New York
Variable Universal Life Insurance
Variable universal life (VUL) insurance combines permanent life insurance with investment options. With VUL, your cash value is invested in sub-accounts similar to mutual funds. This gives you the potential for higher returns than indexed universal life, but it also comes with more risk since your cash value can go down if investments perform poorly.
Lincoln National’s variable universal life products give you control over where your premiums are invested, allowing you to build cash value based on market performance while maintaining death benefit protection.
Lincoln AssetEdge® VUL (2025)
AssetEdge VUL is Lincoln’s variable universal life product for individuals who want investment flexibility and growth potential. The 2025 version offers updated investment options and enhanced features. You choose from multiple investment sub-accounts to align with your risk tolerance and financial goals.
Key Features:
- Choice of investment sub-accounts
- Flexible death benefits
- Flexible premium payments
- Tax-deferred growth potential
- Professional investment management options
- Permanent death benefit protection
Product Details:
- Policy form: 24-VUL616 and ICC24-VUL616 and state variations
- Not available in New York
- Variable product sold by prospectus only
Lincoln AssetEdge® SVUL
AssetEdge SVUL is a survivorship variable universal life policy that covers two people on a single policy. The death benefit is paid after the second person dies, making it ideal for estate planning purposes.
Key Features:
- Covers two lives on one policy
- Death benefit payable after second death
- Investment flexibility with multiple sub-accounts
- Tax-deferred growth potential
- Estate planning and wealth transfer benefits
- Flexible premium options
Product Details:
- Policy form: 24-SVUL618 and ICC24-SVUL618 and state variations
- Not available in New York
- Variable product sold by prospectus only
Variable universal life requires more active management than other policy types. You’ll need to monitor your investments and adjust your strategy as needed. Policy values will fluctuate and are subject to market risk and possible loss of principal.
This product works best for people who are comfortable with investment risk and want more control over their policy’s cash value growth.
Comprehensive Rider Options
Lincoln offers one of the most extensive rider menus in the industry, allowing you to customize your policy for specific needs. Available optional riders to enhance your life insurance policy vary by product and state.
Protection Against Illness or Disability:
- Accelerated Benefits Rider (access death benefit if terminally ill)
- Accelerated Benefits Rider with Critical Illness
- Lincoln LifeAssure® Accelerated Benefits Rider
- Lincoln LifeAssure® Accelerated Benefits Rider II
- Lincoln Care Coverage® Accelerated Benefits Rider (LTC)
- Lincoln Critical Illness Rider
- Long-Term Care Rider
- Disability Waiver of Monthly Deduction Benefit Rider
- Waiver of Premium Rider
- Waiver of Monthly Deduction Benefit Rider
Additional Term Protection:
- Children’s Term Insurance Rider
- Estate Protection Rider
- Supplemental Term Insurance Rider on Other Insured
- Supplemental Term Insurance Rider on Primary Insured
Business Applications:
- Change of Insured Rider
- Business Exec Enhanced Surrender Value Rider
- Individual Exec Enhanced Surrender Value Rider
- Lincoln Enhanced Value® Rider
Additional Policy Protection:
- Supplemental Increase Rider
- Extended No-Lapse Minimum Premium Rider
- Overloan Protection Rider
- Enhanced Overloan Protection Endorsement
Additional Policy Performance:
- Enhanced Allocation Rider
- Multiplier Rider (applies to eligible 1-year indexed accounts)
- Early Cash Value Endorsement
For a complete breakdown of which riders are available on specific products, consult with a Lincoln representative. Some riders have additional costs, while others like the basic Accelerated Benefits Rider may be included at no charge.
Unique Benefits for Tobacco Users
One of Lincoln National’s standout features is its tobacco policy. Most life insurance companies charge significantly higher rates for anyone who uses tobacco products. Your premiums can double or even triple if you’re classified as a smoker.
Lincoln National takes a more nuanced approach. If you use cigars, pipes, or chewing tobacco, you may qualify for non-smoker rates. The company also extends non-smoker rates to marijuana users.
This is extremely rare in the insurance industry. Only Lincoln National and Prudential offer this benefit.
If you’re a cigar smoker or use chewing tobacco occasionally, this policy could save you thousands of dollars over the life of your policy. The difference between smoker and non-smoker rates is substantial, sometimes cutting your premiums by half or more.
This makes Lincoln National an excellent option for tobacco users who don’t use cigarettes.
Application and Underwriting Process
Lincoln National offers several ways to apply for life insurance, depending on the product you choose.
You can complete your application over the phone with a licensed agent. Some products, like TermAccel, use a fully electronic application process that’s faster and more convenient.
Fast-Track Underwriting
Lincoln National offers streamlined underwriting that may allow you to skip the medical exam. Products like WealthAccelerate IUL and TermAccel offer fully digital experiences with no labs or medical exams for qualifying clients.
If you pass a phone health interview and meet certain criteria, you could get approved in just a few days instead of waiting weeks for lab results.
This fast-track option is available for both term and permanent life products, depending on your age, coverage amount, and health profile.
Application Timeline
Standard applications with a medical exam typically take up to 20 days for approval. Fast-track applications without lab work can be approved in just a few days.
Forms and Support
Lincoln National’s website provides downloadable applications and policy change forms. The company also offers live chat support to answer questions during the application process.
Eligibility and Underwriting Considerations
Lincoln National has some restrictions based on age, tobacco use, and health conditions. But overall, the company provides competitive rates for people with various health profiles.
Age ranges vary by product:
- Term life products: Specific age ranges vary by product and state
- Indexed universal life products: Vary by specific product
- Variable universal life products: Vary by specific product
The company uses height and weight (BMI) ratios as part of underwriting. Other health conditions are evaluated on a case-by-case basis.
One advantage of Lincoln National is its streamlined underwriting for people with less-than-perfect health. The company is known for being flexible with applicants who have controlled medical conditions like diabetes, high blood pressure, or past health issues.
This makes Lincoln National a good option if you’ve been declined by other insurers or quoted higher rates due to health concerns.
Tips for Getting the Best Rates
While Lincoln National offers competitive rates, there are steps you can take to get the lowest premiums possible.
Choose term insurance if you need affordability. Term life is the most cost-effective option for most people. If you only need coverage for a specific period, term life gives you maximum protection for minimum cost.
Improve your health markers. Small changes can make a big difference in your rates. Losing weight, reducing your blood pressure, or improving your cholesterol levels can move you into a better rate class. Even modest improvements can save you hundreds of dollars per year.
Quit tobacco for significant savings. If you use cigarettes, quitting is the single best way to reduce your premiums. Smoker rates are typically two to three times higher than non-smoker rates. If you quit smoking, you can apply for non-smoker rates after being tobacco-free for 12 months.
Compare quotes from multiple companies. Every insurance company underwrites differently. One company might rate you higher for a specific health condition while another company is more lenient. Getting quotes from several insurers helps you find the best rate.
Work with an independent agent. Independent agents represent multiple insurance companies, not just one. They can shop your application to several carriers at once and find you the best rate without you having to contact each company individually.
Advantages and Disadvantages of Lincoln National
Here’s a quick summary of the pros and cons of choosing Lincoln National Life Insurance Company.
Advantages:
- Over 120 years of experience and financial stability (founded 1905)
- Fifth-largest life insurer in the United States
- Strong ratings from all major rating agencies (A/A+/A2)
- $347 billion in assets under management (Q3 2025)
- Serves approximately 17 million customers
- Competitive rates for average and above-average health applicants
- Wide range of term, indexed universal life, and variable universal life products
- Nine distinct life insurance products across three categories
- Fully digital application process for select products (WealthAccelerate IUL, TermAccel)
- No medical exams for qualifying applicants on select products
- Quick approval process (days instead of weeks for qualified applicants)
- Unique non-smoker rates for cigar, pipe, chewing tobacco, and marijuana users
- Conversion options from term to permanent coverage
- Multiple indexed universal life products for different financial goals
- Two new 2024-2025 products: WealthBuilder IUL and WealthBuilder ECV IUL
- Updated 2025 AssetEdge VUL product line
- Tax-deferred growth potential with IUL and VUL products
- One of the most extensive rider menus in the industry
- Streamlined underwriting for people with various health conditions
- Fortune 500 company with publicly traded stock (NYSE: LNC)
- Market leader in hybrid life/long-term care insurance (#2 in sales)
- Strong performance rankings: #12 Term Life, #9 Variable Universal Life
Disadvantages:
- No whole life insurance policies (only indexed and variable universal life for permanent coverage)
- IUL and VUL policies have market risk (growth not guaranteed, possible loss of principal)
- Variable products require active investment management
- Only children’s term riders available (no standalone juvenile policies)
- Some products not available in New York
- Some negative online reviews (common across all insurance companies)
Like any insurance company, Lincoln National has both satisfied and dissatisfied customers. Online reviews should be taken with a grain of salt. You’ll find complaints about every insurance company, regardless of their reputation or financial strength.
Focus on objective measures like financial ratings and dispute resolution history rather than anonymous internet reviews.
Frequently Asked Questions
Is Lincoln National a good life insurance company?
Yes, Lincoln National is a strong, reputable life insurance company. It’s the fifth-largest insurer in the United States with excellent financial ratings from major agencies including an A rating from A.M. Best and A+ from Fitch and Standard & Poor’s. The company has been in business since 1905 and manages over $300 billion in assets.
What’s the difference between Lincoln National and Lincoln Financial?
Lincoln National Life Insurance Company and Lincoln Financial Group are the same company. Lincoln Financial Group is the parent corporation name, and Lincoln National Life Insurance Company is the operating name for their life insurance division. When you buy life insurance, the policy is issued by The Lincoln National Life Insurance Company, which is owned by Lincoln Financial Group. Whether you see the name “Lincoln National,” “Lincoln Financial,” or simply “Lincoln,” you’re working with the same trusted insurer that’s been in business since 1905.
Does Lincoln National offer whole life insurance?
No, Lincoln National does not offer whole life insurance. The company offers term life insurance for temporary coverage and indexed universal life (IUL) or variable universal life (VUL) for permanent coverage. These permanent options provide lifetime coverage with tax-deferred cash value growth potential and more flexibility than traditional whole life policies.
Can I get life insurance from Lincoln National if I smoke cigars?
Yes, and this is one of Lincoln National’s unique benefits. If you smoke cigars, pipes, or use chewing tobacco, you may qualify for non-smoker rates. This can save you thousands of dollars compared to standard smoker rates. Only Lincoln National and Prudential offer this benefit in the industry.
How long does it take to get approved for Lincoln National life insurance?
If you qualify for fast-track underwriting without a medical exam, you could get approved in just a few days. Standard applications that require lab work typically take up to 20 days for approval.
Can I convert my Lincoln National term policy to permanent coverage?
Yes, both LifeElements and TermAccel term policies can be converted to indexed universal life or variable universal life policies. This gives you flexibility if your coverage needs change over time and you want to add cash value growth potential.
What is the minimum coverage amount for Lincoln National term life insurance?
Minimum coverage amounts vary by product and state. TermAccel and LifeElements both offer term life coverage with minimums that depend on your specific situation and location. Contact a Lincoln National agent for exact minimums in your state.
Does Lincoln National offer no-exam life insurance?
Yes, Lincoln National offers no-exam life insurance through products like WealthAccelerate IUL and TermAccel. These products feature fully digital experiences with no labs or medical exams for qualifying clients. If you pass a phone health interview and meet certain criteria, you can get approved without lab work.
What riders are available with Lincoln National life insurance?
Lincoln National offers several riders including Accelerated Benefits, Children’s Term Insurance, Waiver of Premium for Disability, Guaranteed Insurability, chronic illness riders, and long-term care riders. Available riders vary by product and state. Check with your agent for specific rider options for your policy.
How does Lincoln National compare to other life insurance companies?
Lincoln National ranks as the fifth-largest life insurer in the U.S. with superior financial ratings. The company is known for competitive rates, flexible underwriting, and unique benefits for tobacco users. It’s a solid choice for people who want reliable coverage from a financially stable company.
Key Takeaways
Lincoln National Life Insurance Company offers a strong combination of financial stability, competitive rates, and flexible coverage options. With over 120 years of experience and superior ratings from all major agencies, the company has proven its ability to meet long-term obligations.
The unique non-smoker rates for cigar, pipe, and chewing tobacco users set Lincoln National apart from most competitors. Combined with fully digital applications for select products and no-exam options for qualifying clients, the company makes it easier to get quality coverage quickly.
While Lincoln National doesn’t offer whole life insurance, its indexed universal life products provide permanent coverage with tax-deferred growth potential tied to market indexes. The company’s variable universal life products offer even more investment control for those comfortable with market risk.
Term life policies come with competitive rates and conversion options for future needs. Products like TermAccel and WealthAccelerate IUL offer fully digital experiences from application to delivery, making the process faster and more convenient.
With over $300 billion in assets, Lincoln National has the financial strength to honor its commitments for decades to come. If you’re looking for affordable, reliable life insurance from a company with a long history of financial stability, Lincoln National deserves your consideration.
Ready to compare Lincoln National rates with other top-rated insurers? As independent agents representing over 30 highly-rated life insurance companies, we can help you find the right coverage at the best price for your situation. Use our instant quote tool to compare rates in minutes.
