Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

Lincoln Financial life insurance review 2020

&

Last updated:  

This insurer offers competitive rates for seniors, smokers and people with poor health histories.

finder.com’s rating: 4.5 / 5.0

★★★★★

Get a quote if…

  • You have a family health history working against you, or you’re in the market for a large policy.

Pick something else if…

  • You’re a young applicant, or need whole life insurance.

18 to 60

Issue Age

$100,000 to $1,000,000

Coverage

Depends on policy

Medical Exam Required

Details

Free QuoteThrough an advisor
Insurance ProductsTerm, Universal, Indexed Universal, Variable Universal
Issue Age18 to 60
Coverage Amount$100,000 to $1,000,000
Term Lengths10, 15, 20 or 30 years
Medical Exam RequiredDepends on policy
Ways To File A ClaimPhone, Online.
Ratings, Accreditation and MembershipsA.M. Best: A+, Standard and Poor's: AA-, Moody's: A1
State AvailabilityNot available in New York
Customer Service OptionsPhone, Online
Policy Riders OfferedYes

Expert review

Julia Cameron

Review by


Julia Cameron is a writer and editor who has experience in finance, mergers and acquisitions, content marketing and immigration law. She has a passion for interior design and an affinity for Old Florida, where she lives with her family.

Expert review

If you’re looking for comprehensive coverage, Lincoln Financial is a solid choice. It’s financially strong and caters to seniors and other high-risk applicants with its lenient underwriting guidelines. But it doesn’t offer whole life insurance, and you can’t apply for a policy online.

What types of life insurance coverage does Lincoln Financial offer?

Term life insurance

Lincoln Financial sells term life policies in 15, 20 or 30 year lengths, with death benefits ranging from $100,000 to $1 million. All of the plans come with a convertibility fearture, which means they can be upgraded to permanent policies within a certain timeframe.

Universal life insurance

Universal life insurance is a flexible, permanent type of policy that can help you build tax-deferred value for future use. Lincoln Financial’s policies allow you to take out tax-free life insurance loans using your cash value as collateral, though withdrawals affect the amount of your death benefit.

Variable universal life insurance

Like universal life insurance, variable universal life insurance (VUL) combines the protection of term insurance while growing tax-deferred earnings through variable investment options. Policy loans are also available using your cash value as collateral, but keep in mind that loans affect the amount of your death benefit.

What riders can I add to my life insurance policy?

Lincoln Financial offers a long list of riders. Depending on your policy, you may be able to add the following riders to your coverage:

  • Accelerated benefits riders. Options pay out a portion of your death benefit if you fall terminally ill, require permanent nursing home care or need help during a critical illness or condition.
  • Accidental death benefit rider. Offsets sudden costs that result from an accidental death through an additional payment.
  • Assured distribution endorsement rider. Guarantees a stream of specified policy distributions that depend on your account value.
  • Children’s term rider. Allows you to insure a child under your own policy.
  • Disability waiver riders. Options cover your monthly deductions, premiums and other charges if you become fully disabled.
  • Guaranteed insurability rider. Increase your death benefit coverage in the future without the need for underwriting.
  • Overloan protection endorsement. Protects highly funded, heavily loaned policies from lapses, and guarantees that your net death benefit is at least $10,000.
  • Supplemental coverage rider. Add a cost-effective death benefit until you reach age 100. (Rider not available in New York.)
  • Value protection rider. Provides a no-lapse guarantee and either a basic or vested return of your premiums, depending on your policy.
  • Inflation protection rider. Provides 3% or 5% compound inflation growth to meet rising long-term health care.

How much does Lincoln Financial cost?

To get an idea of how much you might pay for coverage, check out these sample quotes for a 20-year term life policy for an individual in perfect health.

AgeMaleFemale
20$25.81$21.88
25$25.81$21.88
30$28.44$23.45
35$32.38$25.81
40$38.94$30.63
45$51.58$40.64
50$78.71$58.58
55$123.77$92.71
60$213.46$149.23
65$406.31$270.03
70$819.70$584.81

*Based on sample rates from Quotacy

How do I get a low rate?

Like all insurers, Lincoln Financial accounts for your age, gender, health, smoking status, and lifestyle when setting your premium. It looks at these factors:

  • History of tobacco use. The best rates rates go to applicants who haven’t smoked in the past three years.
  • Drug and alcohol history. If you haven’t used or abused drugs and alcohol in the last 7 or 10 years, you could qualify for the preferred rates.
  • Health and family medical history. Low premiums go to those without a personal or family history of cardiovascular disease, diabetes or cancer. If you’re 69 or younger, your blood pressure must be lower than 130/80 to access the best rates. For older applicants, your blood pressure should meet a 12-month 140/90 average.
  • Driving record. Your history should be free of DWIs, DUIs, suspensions and other convictions in the past five years and no more than three moving violations in the past three years.
  • Occupation and hobbies. Pilots and other people with dangerous jobs and hobbies may be excluded from the preferred rate classes.

Pros and cons of Lincoln Financial

Pros

  • Ideal for high-risk applicants. The insurer offers lenient underwriting to smokers and people with preexisting health conditions and complex health histories.
  • Lower rates for seniors. Seniors over 60 might be able to access cheaper rates with Lincoln Financial.
  • No medical exam option. The insurer issues up to $1 million in term life insurance coverage without a medical exam.
  • Generous death benefits. Lincoln Financial caters to high net worth individuals by selling permanent policies worth up to $10 million.
  • Financial strength. Lincoln Financial has an A+ (Superior) rating with AM Best, which points to its ability to pay out claims.

Cons

  • No online application. To sign up for a policy, you’ll need to speak to an agent.
  • No whole life option. The insurer doesn’t include whole life insurance in its permanent policy lineup.
  • Higher rates for younger applicants. While Lincoln Financial has low rates for high-risk applicants, young, healthy people might be able to find cheaper premiums elsewhere.

Compare life insurance companies

Name Product Issue Ages Minimum Coverage Maximum Coverage Medical Exam Required State Availability
LadderLife™ Life Insurance
20 - 60 years old
$100,000
$8,000,000
No
Not available in New York
Term life insurance with no policy fees and the freedom to cancel anytime. Simple application process that can get you approved for coverage instantly.
Fabric
25 - 60 years old
$100,000
$5,000,000
No
Available in all states except for Montana
Offers term life insurance with accelerated underwriting. No-exam coverage up to $1,000,000 for those who qualify.
Sproutt
18 - 100 years old
$50,000
$3,000,000
No
Nationwide
This life insurance broker combines technology and the human touch to match you with a policy tailored to your needs.
AIG
AIG
20 - 85 years old
$100,000
$2,000,000
Depends on policy.
Products and product features may not be available in all states.
This well-established life insurance provider could offer you $250,000 worth of coverage for as low as $14 per month.
Bestow
21 - 54 years old
$50,000
$1,000,000
No
Not available in New York
Affordable 2-, 10- and 20-year term life insurance policies. Instant quotes and no medical exams.

Compare up to 4 providers

Lincoln Financial review and complaints

Lincoln Financial isn’t accredited with the Better Business Bureau (BBB), but it holds an A+ rating for its customer interaction. The BBB hasn’t recorded any customer reviews or complaints to date.

In JD Power’s latest life insurance study on customer satisfaction, Lincoln Financial ranked 11th of 22 insurers surveyed. It earned 3 out of 5 stars, which means it’s doing well but could improve on its customer service and engagement.

How does Lincoln Financial protect my data?

Lincoln Financial collects your personal information in order to respond to requests, service your account and offer tailored products and services. Your info is not sold to or shared with non-affiliated third parties who may want to sell you their products.

To safeguard your data, Lincoln Financial takes precautions including password protection, encryption, SSL, firewalls and internal restrictions on who can access your information.

How do I sign up?

You can’t sign up for a policy online; you must go through a financial advisor. To find one near you, use the search tool on Lincoln Financial’s website.

How to file a life insurance claim with Lincoln Financial

Fortunately, filing claims with Lincoln Financial is a straightforward process. To file a claim online:

  1. Visit Lincoln Financial’s claims site and click Get started.
  2. Complete the claims application and click Submit.

Lincoln Financial will email your claim package within five business days with instructions on completing your claim.

More about Lincoln Financial

Lincoln Financial’s name and image are inspired by Abraham Lincoln’s values of honesty and reliability. In addition to life insurance, Lincoln Financial offers a wide range of plans and services:

  • Annuities
  • Individual retirement accounts (IRAs)
  • Retirement plans
  • Mutual funds
  • Benefit plans — vision, dental, life insurance and more
  • Employer health and dental insurance plans

Life insurance ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.

Learn more about our methodology here.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site