Lincoln Financial Life Insurance Review 2022

Founded in Fort Wayne, Indiana, Lincoln Financial Group has been selling life insurance products since 1905. Its insurance companies, Lincoln National Life Insurance Company and Lincoln Life & Annuity Company of New York, together provide a life insurance in all 50 states and Washington, DC Lincoln Financial offers personal life insurance policies through employer-sponsored benefit plans and a network of financial professionals.

Lincoln Financial offers a more limited range of policy options than many of its competitors. Although the company offers two different types of term policies and a few different types of permanent policies, you cannot purchase whole life insurance from Lincoln Financial.

Lincoln Financial is a fairly accessible company in terms of customer service and availability. Between Lincoln National Life Insurance Company and Lincoln Life & Annuity Company of New York, the company writes policies in every state and in Washington, DC, making it accessible to most Americans. Lincoln Financial can be a great option for those who value educational resources and professional assistance. The company offers a wide range of educational materials on its website, including a quick explainer and a comparison chart of different types of life insurance. The website also provides important information on annuities, long term care and investments. Additionally, the website includes a feature to connect you with a financial advisor in your area.

Types of Lincoln Financial Life Insurance Coverage

Lincoln Financial offers various types of life insurance, including term and permanent life coverage.

  • Term: If you are looking for the best term life insurance for you, Lincoln Financial offers two different types of term life insurance policies in 10, 15, 20 and 30 year increments. Policyholders who only want coverage for a certain amount of time, such as the term of their mortgage or while their children are young, may benefit from a term life insurance policy. Term life insurance policies generally come with much lower premiums than permanent life insurance policies. Lincoln Financial offers three riders on term policies, including a children’s term rider, which can be helpful for those looking to purchase life insurance for children.
  • Permanent: Permanent life insurance provides coverage for life as long as you pay your premiums and comes with a cash value account that allows you to earn interest and returns. Permanent life can be a good option for those who want coverage until their death and also want their policy to include a savings or investment account. However, Lincoln Financial does not offer whole life insurance, which is a fixed premium type of permanent life insurance. The company also does not offer guaranteed life insurance. Lincoln Financial offers three different types of permanent life insurance: universal, universal indexed and universal variable. Universal life insurance allows policyholders to adjust their premium, death benefit and cash value accounts. Indexed universal life comes with an adjustable death benefit and flexible premiums, and the cash value account earns interest based on the performance of a certain index, such as the S&P 500. With variable universal life, the Cash value account is invested in sets similar to mutual funds.

Lincoln Financial Life Insurance Services

In addition to life insurance, Lincoln Financial also offers financial planning and annuities. The company’s website offers a wealth of educational resources on life insurance, annuities, long-term care planning and investing. In addition to online tools like a life insurance calculator, Lincoln Financial offers a tool to find a financial advisor near you. If you’re not sure how much life insurance you need, these tools can be especially helpful. The company also offers employee benefit plans that include long-term and short-term disability insurance, critical illness insurance, accident insurance, and dental and vision coverage.

Other Lincoln Financial Benefits to Consider

Lincoln Financial offers a few additional benefits to life insurance customers:

  • Mobile app: Tech-savvy shoppers may appreciate Lincoln Financial’s easy-to-use mobile app.
  • Digital tools: The company offers dozens of mobile tools to help with your financial planning, including online calculators and educational explanations of various financial products.
  • Financial Advisors: One of the company’s tools is designed to match you with a local financial professional to help you build a solid financial plan, save money, or find the life insurance policy that meets your needs and those of your family.

Lincoln Financial Life Insurance Customer Satisfaction and Claims

JD Power publishes an annual study of life insurance companies, rating providers based on their performance in areas such as claims handling, policy offerings and price, then ranks insurers on a scale of 1 000 points for overall customer satisfaction. In JD Power’s 2021 U.S. Individual Life Insurance Study, Lincoln Financial Life Insurance ranked 12th out of 21 insurers that made the list, with an overall customer satisfaction score of 773, three points below the industry average.

AM Best has given Lincoln Financial an A+ (superior) financial strength rating, which means the provider has consistently been well positioned to pay claims. The NAIC maintains a national complaints index, which ranks insurers based on the number of consumer complaints it receives. The index uses a baseline of 1.0. Scores below 1.0 indicate below-average complaints, while scores above 1.0 indicate more complaints than the industry average. Lincoln Financial has a 0.09 NAIC complaint index scorewhich is significantly lower than the national reference level.

Lincoln Financial Social Responsibility

Bankrate Insurance’s review of Lincoln Financial Life Insurance would not be complete without addressing the company’s corporate responsibility initiatives. The company operates a philanthropic group called Lincoln Financial Foundation, which provides grants to nonprofit organizations. In 2020, the foundation awarded more than $1.5 million in financial wellness grants to nonprofits in youth education and social services.

Lincoln Financial has received the following award for social responsibility in 2020: Best Workplace for Disability Inclusion by the Disability Equality Index, Forbes’ Top Employers for Women, and Best Workplace for LGBTQ Equality by the Disability Equality Index businesses.

The company has also been named to the following lists: Dow Jones Sustainability Index (DJSI), Newsweek America’s Most Responsible Companies, FTSE4Good Index which measures the performance of companies with strong environmental, social and governance (ESG) practices.

Not sure if Lincoln Financial is right for you? Consider these alternatives

The best life insurance companies are based on your individual needs and financial goals. If you need more options to compare to determine if Lincoln Financial is right for you, you may find it helpful to obtain and compare life insurance quotes and coverage or policy options from the following providers:

  • ILS: Unlike Lincoln Financial, SBLI offers whole life, guaranteed life and final expense insurance policies.
  • loyalty: If you’re looking for quick approval, you might want to consider Fidelity, which is known for its RAPIDecision policies that offer coverage the same day or a few days after you apply.
  • Haven: Haven Life can be a good option for policyholders over 50, as it offers riders that address the challenges that sometimes come with old age. These riders include the accelerated death benefit rider and the waiver of premium.

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