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Lincoln National life insurance review
Last updated:
High-value coverage with flexible income requirements
finder.com’s rating: 3.5 / 5.0
★★★★★
- Get a quote if you’re looking for universal life or coverage with a high face value.
- Pick something else if you need standard life insurance.
18 to 80
Issue Age
10000 to $1 million
Coverage
Yes
Medical Exam Required
Details
| Free quote | Call customer service. |
|---|---|
| Policy options | Term life, universal life |
| Term lengths | 10, 15, 20 or 30 years |
| Monthly cost | $50/month |
| Claim methods | Online |
| Ratings | AM Best: A+ |
| Available states | All 50 states |
| Customer support | Call 800-487-1485 on Monday through Friday, 8 a.m. to 6 p.m. ET. |
| Riders | Chronic illness, terminal illness and spouse |
Expert review
Review by
Sarah George
sarah.george@finder.comSarah George is a writer at Finder who unravels complicated topics about insurance, business and finance. She's been wordsmithing for over three years after graduating with an English Education degree. You can usually find Sarah sipping hot tea and talking through movie plots in her downtime.
Expert review
Lincoln National Life Insurance provides a suite of products, especially focused on universal life insurance. Its high face value amounts mean you can ensure your family sees financial stability after you’re gone. Or use the cash growth benefits on your permanent policy for personal income, supplementary retirement income or for your business purposes.
The company caters to people with high net worth or small to large businesses. But if you’re in the market for a universal life policy, this company doesn’t include the same income restrictions as other providers. Its experience and financial stability make it a worthy contender.
However, if you’re looking for simplified life insurance products, weigh other life insurance companies before making a decision.
What types of life insurance coverage does Lincoln National offer?
Lincoln National offers a range of policies, including high-value term or in-depth universal life insurance. Compare the kinds of coverage you can choose from:
| Type of coverage | Brand name | Key features |
|---|---|---|
| Term | Lincoln TermAccel Level Term | Covers anyone at or under age 60 up to $1 million. |
Term | Lincoln LifeElements Level Term |
|
| Universal life | Lincoln LifeGuarantee UL | Offers flexible premiums and death benefits that you can change while insured. |
Universal life | Lincoln LifeGuarantee SUL | A survivorship policy with flexible cost and benefits — pays out once both policyholders die. |
| Indexed universal life | Lincoln WealthAccumulate IUL | Grow part of your premium as a cash asset with minimum guaranteed returns. |
Indexed universal life | Lincoln WealthPreserve IUL |
|
| Variable universal life | Lincoln VUL One | Grow your cash value while deferring taxes with over 70 investment choices. |
Variable universal life | Lincoln AssetEdge VUL |
|
Variable universal life | Lincoln AssetEdge Exec VUL | Use the cash payouts for a business benefit, like funding a business continuity plan. |
Variable universal life | Lincoln SVUL One |
|
| New York policies | N/A | The company provides several variations of these products with different features fit for New York customers. |
What riders can I add to my life insurance policy?
Lincoln National includes a few riders to help you take care of yourself and your loved ones:
- Chronic illness protection. Several policies like indexed universal life offer the option to pull from your cash growth for expenses related to long-term illnesses.
- Terminal illness protection. A few options like variable universal life let you access policy benefits if you suffer from a terminal illness. Benefits are available from the policy start date, but you have to buy this rider at an extra cost.
- Spouse. Aside from survivorship policies, most companies let you add your spouse as a named insured to the policy. The policy then pays out when either one of you dies.
How much does Lincoln National cost?
Term life insurance typically costs anywhere from $50 to $150 monthly. However, you can expect your universal life insurance to cost more because of its cash asset benefit. Your exact rates depend on factors like your:
- Age
- Overall health
- Occupation and hobbies
- Amount of coverage
- Term length, if applicable
- Extra benefits or riders
Pros and cons of Lincoln National life insurance
Pros
- Variety of options. Lincoln National offers multiple term and universal life insurance products to help with your wealth-building or financial protection needs.
- High coverage amounts. Whether you’re choosing term or permanent coverage, choose policies worth millions.
- Flexible income requirements. A few policies won’t deny you coverage based on income restrictions, although there may be limits.
- Business benefits. Executive policies let you use your cash growth for your business, including key person insurance or funds for your business continuity plan.
- Strong, experienced insurer. Lincoln National’s Superior AM Best rating and more than a 100 years of service proves the company’s longevity and ability to pay out claims.
Cons
- Age restrictions. Some policies limit the age for older policyholders more than competitors would, such as the TermAccel Level Term policy to those under age 60.
- No whole life policies. Universal life policies need more hands-on management. Those in the market for more simple permanent life insurance will need to look elsewhere.
- No customer reviews. The company’s lack of reviews leaves potential customers with an incomplete picture of its customer service or claims process.
Compare alternatives to Lincoln National
Lincoln National life insurance reviews and complaints
Lincoln National doesn’t have any reviews or complaints from customers from reputable sources like the Better Business Bureau (BBB) or Trustpilot. It also doesn’t hold any BBB business ratings as of April 20, 2020. However, Lincoln National does hold an A+ (Superior) financial rating from AM Best.
How do I sign up?
To start your application or request a quote, you’ll need to contact the customer service team. The process might look like this:
- Call 800-487-1485 to talk with the life insurance customer service.
- Give the rep personal details like your name, address and specifics about your health.
- Choose your preferred type of policy and schedule a medical exam.
- Provide necessary medical or personal documents and then wait for your personalized quote.
- If you accept, you may receive your policy documents by email or mail. Review the policy carefully, asking questions as you go.
- Complete the paperwork, sign and finish up with the payment process.
- Start your policy on the assigned date.
More about Lincoln National
Named after President Abraham Lincoln, Lincoln National Financial Group started in 1905 with a goal to help people improve their financial freedom. The business is now a group of companies that offers life insurance, retirement planning and employee benefits, working with all types of customers — individuals, families and employers.
As of April 2020, a few notable milestones include its 115 years of service in insurance and it’s strong growth and financial standing in the Fortune 500 list for the past 25 years. It ranked 187 out of 500 in 2019. In both 2013 and 2015, it was named the Best Life Insurance Company in the US by World Finance magazine.