Life insurance provides financial security for you and your loved ones if any unexpected event were to occur.
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 fourth-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.
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 2018, Lincoln National ranked 187 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 2020 U.S. Life Insurance Study for customer satisfaction.
As of December 2020, the Lincoln Financial Group has $303 billion in total assets. The company is publicly traded under the symbol LNC on the NYSE.
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, or 20 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 (2019)
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.
You can complete your application over the phone, and if no lab work is required, you could get your approval within days.
Lincoln TermAccel Level Term (2019)
TermAccel is a term insurance product available for 15, 20, or 30 years for people ages 18 to 50 who need life coverage of $100,000 to $500,000.
You can also complete the application for TermAccel over the phone.
If you pass the health interview and no lab work is required, you could get your approval in less than 20 days.
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
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 enables you to make premature withdrawals or take out loans for your personal needs.
However, any withdrawals you make could reduce your death final benefit amount and the policy’s cash value.
The highlights of Lincoln National’s universal life insurance products include:
Lincoln LifeGuarantee UL (2019)
- Cash value components that offset death benefits
- Flexibility on death benefit amounts
- Guaranteed premiums
- Level death benefit option
- Lifetime insurance coverage
Lincoln LifeGuarantee SUL (2013)
- 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 (2012)
- 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 the 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.
Important note: Among the Universal Life Insurance products listed above, the UL (2019), SUL (2013), and SUL (2012) are not available in New York.
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 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
- Cash value component depending 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
Anyone age 18 to 70 can apply for Lincoln National Life Insurance Company products.
There are some restrictions 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:
Pros
- 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
Cons
- Long and complicated application
- No online quotes system
- No online account access
- Only children’s term riders, no juvenile policies
