Last Updated: March 2020
UPDATE: Lincoln has made many enhancements to its product line. Every article we’ve seen regarding Lincoln Financial life insurance is outdated so if you see any discrepancies online, this information is current and correct. We often recommend Lincoln Financial term life insurance and have helped 100’s of people purchase a policy through them.
In this article, we will review Lincoln Financial’s company history, ratings, policy details, and other companies for comparison:
- Lincoln Financial Life Insurance Company History and Ratings
- Life Insurance Products Offered by Lincoln Financial
- Lincoln Financial Underwriting
- Lincoln Financial Life Insurance: Takeaways
Lincoln Financial Life Insurance Company History and Ratings
Lincoln Financial is also known as The Lincoln National Life Insurance Company. The company was formed in 1905.
Here are the ratings for Lincoln Financial:
- A.M. Best: “A+” (superior) rating
- Affordability Index: 9.5
- Ease of Applying: 9.6
- Customer Service: 9.3
- COMDEX Ranking: 91
A.M. Best is the industry benchmark for financial strength in the life insurance industry. The other three metrics are based on a number of factors including our industry knowledge of Lincoln Financial compared with other companies. The COMDEX ranking is a composite score that considers A.M. Best and other top ratings agencies.
Learn more about our process for reviewing life insurance companies here.
Life Insurance Products Offered by Lincoln Financial
Lincoln Financial offers many different term and universal life insurance policies.
- Term Life: Lincoln LifeElements Level Term, TermAccel
- Universal Life: Lincoln LifeGuarantee, Lincoln DurationGuarantee, Lincoln LifeCurrent, Lincoln LifeReserve
Lincoln Financial is a widely respected company by veteran life insurance agents. Their term life insurance has very competitive pricing and underwriting. They also offer conversion options, which means you can convert your term life insurance policy into a permanent one with no underwriting involved. There is a reason they are considered one of the top 10 best life insurance companies!
You will have to go through a licensed agent or agency to purchase a Lincoln Financial life insurance policy or even get a Lincoln Financial life insurance quote. If you go through their website, they’ll send you to a licensed agent.
Rates are the same no matter who you go through as agents all use the same published rates. Complete the form on this page and you’ll find rates for Lincoln and how they stack up to other life insurance companies.
On top of that, there could be no exam up to $1,000,000 (under age 50) if you qualify, through Lincoln Financial’s TermAccel product.
TermAccel Term Life Insurance
This is Lincoln’s most popular product for its ease of use and low rates.
Lincoln TermAccel offers an entirely electronic, streamlined Tele-App process with fully automated underwriting with absolutely no medical records required ever!
What this means to you is Lincoln has simplified the application process, so there won’t be a packet of documents you have to sign. Everything is done electronically and over the phone. Also, they won’t go after your medical records which means you’ll get approval quickly.
The average life insurance application process takes 30-45 days, but with Lincoln, you’ll typically have a decision within 10 business days. We have even seen approvals in as little as 48 hours.
Here are the highlights of TermAccel:
- Face Amount: $100,000 – $1,000,000 max
- Issue ages: 18 – 60
- Term Periods: 10-Year, 15-Year, 20-Year, and 30-Year
- Lincoln is a “top 4 carrier” in rates for ages 30-60 for face amounts of $250,000 – $1,000,000
- No APS ever necessary
This product has become popular for its simplicity and low rates.
If for some reason you don’t qualify for TermAccel because you need more than $1,000,000, your age, or you can’t qualify medically, Lincoln’s LifeElements product is the next best thing.
LifeElements Term Life Insurance
For those that need more than $1,000,000 of life insurance or don’t qualify for TermAccel, Lincoln’s LifeElements is their traditional term product.
LifeElements has a big market share in the term life insurance space for coverage amounts over $1,000,000.
It typically has among the lowest rates for:
- coverage amount’s over $1,000,000 at ages 45+ for all term periods.
- coverage amount’s over $500,000 for ages 55+ for all term periods.
A lot of financial advisors and estate planning cases use Lincoln’s LifeElements product because of how competitive the rates are and how inexpensive they are for their demographics. Both TermAccel or LifeElements are great products.
Try comparing Lincoln Financial with AIG Direct Life Insurance if you are looking for low rates on term life insurance as well.
Lincoln Financial Underwriting
Lincoln has always been on the cutting edge of underwriting by taking into account current mortality data on growing segments of the population, like marijuana users.
Lincoln Financial specializes in a number of niche underwriting situations, including:
- Recreational or prescription marijuana use can qualify for non-tobacco rates! A lot of marijuana users are flocking to Lincoln while the rest of the industry catches up to their forward-thinking underwriting.
- Anxiety issues with Wellbutrin use can qualify for preferred rates! Many life insurance companies will start at standard rates or worse.
- Non-smoker rates for those who smoke cigars, pipes, and chew tobacco. Lincoln will provide a Standard non-smoker rating in these instances when 90% of the life insurance industry will consider them smokers, which doubles your payments.
- Standard rates on UL policies for Type 1 and Type 2 diabetes via their table shave program. More information on what that means below.
- Standard rates for prostates removed after 6 months with a PSA of .02 or less. Preferred rates are available if you any prostate cancer history and are over age 70.
These are just some of the situations where Lincoln is really competitive from an underwriting standpoint. And remember, every life insurance company will underwrite each risk differently. The trick, if you have any health impairments, is to find the one that will look most favorably at your unique risk.
Lincoln’s Table Shave Program Can Lower Your Rates
Lincoln Financial’s permanent life insurance products and underwriting are very competitive as well and feature a table shave program that can save you a lot of money if you have any moderate health complications.
Life insurance has health classifications and with Lincoln’s “table shave” program, Lincoln will improve your health classification automatically if you fall within certain parameters. This can cut your life insurance premiums in half if you’re a candidate.
Lincoln Financial Life Insurance: Takeaways
Lincoln Financial can be a great choice when searching for a life insurance policy. In certain health situations, they could be the best company for your needs, though we recommend looking into all of your options.
We also offer reviews on Zander Insurance, Primerica Life Insurance, and United Home and other carriers. We have reviews of over 50 life insurance companies and agencies here to help you compare rates and find the right company for your needs.
Be sure to review Lincoln Financial with the other best life insurance companies below before coming to a final decision on the best carrier for your needs.
- Protective Life Insurance Company
- Haven Life
- Banner Life
- Prudential Life Insurance
- MassMutual Life Insurance
- Northwestern Mutual
- Mutual of Omaha
- Principal Life Insurance
- AIG Direct