Built on the foundations of honesty and dependability, this established insurer has served Americans since 1905.
With so much riding on your decision, shopping for life insurance can be overwhelming.
Lincoln Financial’s wide range of life insurance products are backed by a long history of dependability and customer satisfaction. Here’s what to expect if you decide to go with them.
Page at a glance
What is Lincoln Financial known for?
Lincoln Financial’s name and image are inspired by Abraham Lincoln’s values of honesty and reliability. An early endorsement from Lincoln’s son, Robert Todd Lincoln, only strengthened its reputation of stability and trustworthiness that helped the company withstand the Great Depression.
Lincoln Financial offers life insurance that’s similar to those of most other providers, but it could be a strong contender if you’re looking for superior service supported by financial stability.
Pros and cons
- Established and financially sound. One of the oldest insurance providers in the country, Lincoln Financial earns strong financial stability ratings, meaning it’s able to meet financial obligations and pay any claim.
- Comprehensive options. Lincoln Financial offers a wide range of comprehensive and flexible plans.
- Multiple underwriting niches. If you have trouble finding coverage elsewhere, Lincoln Financial’s lenient health requirements and coverage for those ages 70 and older could help.
- You can’t apply online. You must apply through an agent. And the site requires wading through information simply to find what you need.
- No whole life option. If you just want a straightforward whole life insurance plan with a guaranteed payout, you won’t find it here. The only permanent offered are universal and variable universal.
- Not the cheapest provider. Lincoln Financial’s great coverage and options come at a price, with plans more expensive than similar policies as competitors.
What do customers say about this brand?
Lincoln Financial isn’t accredited by the Better Business Bureau (BBB), but it does get an A+ rating. However, customers reviews on BBB’s site are overwhelmingly poor — 22 negative reviews compared to one that’s positive. Most complain about poor or rude customer service, issues getting paid for claims and undisclosed fees.
What life insurance coverage does Lincoln Financial offer?
Term life insurance
Lincoln Financial’s term life policies offer a guaranteed tax-free death benefit, making them an ideal choice for those looking for coverage over a stated time. These policies can offer peace of mind that your family has the means to cover college expenses, mortgage costs or other substantial costs. Terms are available for 15, 20 or 30 years, and death benefits cover a face amount of $100,000 to $500,000, which does not grow over time. The plans are also convertible to a permanent policy, if you qualify.
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’s not covered in my policy?
Standard policies don’t always cover life’s full range of bumps. But with most life insurance policies at Lincoln Financial, you can add riders for conditional coverage for a fee.
Eligibility depends on your state of residence and the policy you choose, but available riders include:
- 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 can I get the best rates with Lincoln Financial?
Like other providers, Lincoln Financial accounts for your age, gender, height and weight, state of resident, smoking history and other health data when determining your policy’s rates.
To qualify for the best rates — called “preferred” and “preferred plus” — you’re subject to blood and other tests. You’ll also need to meet specific guidelines around your:
- History of tobacco use. Low rates go to applicants who haven’t smoked in the past three years, with the best rates reserved for those who are tobacco-free for two years.
- Drug and alcohol history. Best-rate categories are for those with no history of abuse in the past 7 or 10 years.
- Personal health. You should have no personal history of cardiovascular disease, diabetes or cancer.
- Family health. Requirements vary by age but consider family deaths and disease.
- 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.
- Blood pressure. If you’re 69 or younger, your blood pressure must be lower than 130/80; for older applicants, your blood pressure should meet a 12-month 140/90 average.
- Occupation or hobbies. Pilots and other high-risk careers may be excluded from the best rates.
How to file a life insurance claim with Lincoln Financial?
Fortunately, filing claims with Lincoln Financial is a straightforward process online or by phone. To file a claim online:
- Visit Lincoln Financial’s claims site and click Get started.
- Complete the claims application and click Submit.
Lincoln Financial will email your claim package within five business days with instructions on completing your claim.
If you have any trouble or prefer speaking to a representative, call 800-487-1485 Monday through Friday from 8 a.m. to 6 p.m.
Does Lincoln Financial offer other services?
Yes. Lincoln Financial is a full-service insurer offering a wide range of plans and services:
- Individual retirement accounts (IRAs)
- Retirement plans
- Mutual funds
- Benefit plans — vision, dental, life insurance and more
- Employer health and dental insurance plans
If you’re in the market for a comprehensive life insurance policy, Lincoln Financial is a solid choice. You may spend more for your policy, but customers online appreciate its wide coverage and flexibility.
Because it’s a financially sound institution, you can rest assured that your policy is in good hands.