Lincoln National Life Insurance Review (Coverage Comparisons & More)

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Key InfoCompany Specifics
Year Founded1905
Current ExecutivesCEO - Dennis R. Glass
CFO - Randall J. Freitag
Number of Employees11,034
Total Assets$298,147,000,000
HQ Address150 North Radnor-Chester Road, Radnor, PA 19087
Phone Number1-800-487-1485
Company Websitewww.lfg.com
Premiums Written - Individual Life$7,467,869,000
Premiums Written - Group Life$1,357,411,000
Financial Standing-21.07% from Previous Year
Best ForVariable Universal Life Policies
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With so many life insurance companies in the market, it’s hard to know which are the best. This fact is especially true when it comes to something as important as providing financial security for your loved ones after you’re gone.

Fortunately, the Lincoln National Life Insurance Company doesn’t take its responsibility to its namesake lightly. From its founding in 1905, the company has worked hard to represent the ideals of dependability, honesty, and service associated with one of our nation’s greatest leaders.

Since then, the company has grown to become the second-largest provider of individual life insurance policies and a top 10 provider of group policies in the country with nearly $9 billion in direct written premiums.

This review will guide you through Lincoln National Life Insurance Company’s extensive selection of policy options, as well as show you how to get the lowest rates available. You’ll also learn how their premiums compare to the competition so you have all the information you need to make an informed purchase decision.

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Table of Contents

Lincoln National’s Ratings

The following third-party ratings provide an objective look at the financial strength, business practices, and customer service of Lincoln National.

A.M. Best

A.M. Best ratings measure an insurer’s financial strength, which impacts its ability to pay out on its policies. Lincoln National currently holds an A+ rating, which represents a superior ability to meet their ongoing insurance obligations.

Better Business Bureau (BBB)

The Better Business Bureau (BBB) assigns one of 13 letter ratings, A+ through F, based on 13 factors such as complaint volume, unanswered or unresolved complaints, time in business, and government action against the company. Lincoln Financial Group’s score of A+ is the highest possible.

Moody’s

Similar to A.M. Best, Moody’s long-term obligation ratings measure a company’s relative credit risk. Lincoln National currently has an A1 rating, which represents superior financial strength and low credit risk.

Standard & Poor’s (S&P)

Like A.M. Best and Moody’s, S&P’s long-term issue credit ratings measure an insurers’ credit risk. Lincoln National earned an AA minus rating, meaning its ability to meet its insurance obligations is very strong.

NAIC Complaint Index

The National Association of Insurance Commissioners’ Complaint Index compares the number of complaints registered against an insurer each year with that of other companies. The NAIC sets the National Complaint Index at 1.00. Lincoln National has a current score of 0.22, which is significantly lower than expected in the market.

J.D. Power

The annual J.D. Power U.S. Life Insurance Study measures overall customer satisfaction based on four key areas: annual statement and billing, customer interaction, policy offerings, and price. This year, Lincoln National scored a respectable three out of five ratings.

Company History

The Lincoln National Life Insurance Company was formed in 1905 in Fort Wayne, Indiana, by a group of like-minded entrepreneurs and business leaders, none of whom were named Lincoln.

Rather, the name of the 16th President of the United States was specifically chosen to convey the level of dependability and integrity they had planned for the company.

To this day, the company is the only one in the world to bear the name and likeness of the revered president.

In fact, it was Lincoln’s son himself, Robert Todd, who granted the insurer permission in 1905. He even provided a personal photograph of his father as a reference for the logo.

The company has since grown to include multiple affiliates in several financial sectors, all operating under the marketing name “The Lincoln Financial Group.”

Those affiliates include Lincoln Financial Distributors, Lincoln Financial Advisors, Lincoln Financial Securities Corporation, Lincoln Financial Foundation, and two insurance companies: The Lincoln National Life Insurance Company and Lincoln Life and Annuity Company of New York.

Lincoln National’s Market Share

In 2018, Lincoln National was responsible for 5.8 percent of all individual life insurance business with $7,467,869,000 in direct premiums written, and 4 percent of all group life insurance business with $1,357,411,000 in direct premiums.

As previously mentioned, the insurance arm of the Lincoln Financial Group consists of two companies: The Lincoln National Life Insurance Company and Lincoln Life and Annuity Company of New York.

As you can probably guess from its name, the Lincoln Life and Annuity Company of New York sells insurance exclusively to customers in New York (one of the few insurers licensed to do so).

The Lincoln National Life Insurance Company services the remaining 49 states, Washington D.C., Guam, and Puerto Rico.

From 2015-2018, Lincoln National rose steadily from the number-four spot to the number-two spot for writers of individual life insurance policies. The company also made the list of top 10 writers of group life insurance for the first time since 2014, coming in at number seven.

Lincoln National’s market share is on an upward trend in both individual and group sales. In the past four years, individual sales rose from a market share of 4.9 percent to 5.8 percent, with an increase in direct written premiums from $5,949,566,000 to $7,467,869,000.

Group sales rose steadily from 2016-2018. Much of the growth over the past year (and the company’s reemergence on the top 10 list) is the result of Lincoln National’s recent acquisition of Liberty Mutual’s group benefits business.

Lincoln National’s Position for the Future

As a whole, Lincoln Financial Group has experienced significant growth in all four of its businesses over the past four years. They owe a significant portion of that growth to life insurance sales.

In 2018, individual sales were the largest they’ve been in 10 years, as evidenced by their jump from number three to number two in market share. Their group sales also rose for the third straight year and should continue to do so because of their absorption of Liberty Mutual’s market share.

Life insurance represents almost half of all Lincoln Financial’s revenue (46.24 percent). If those numbers continue to trend upward as they have, the company as a whole should have a promising overall outlook for the future.

The number-one company for direct written premiums and market share, Northwestern Mutual, has held steady at a little over $10 billion in direct written premiums for the past four years, with roughly an 8 percent market share.

Lincoln has seen a steady increase of nearly $2 billion in individual direct written premiums in that time and saw their market share increase by almost an entire percentage point.

While that number may seem small, in such a crowded marketplace, an entire percentage point represents a large amount of business. It is unlikely that Lincoln will take that number one position anytime soon.

However, with former top-three insurer MetLife no longer selling individual life insurance policies, Lincoln National has the potential to pick up that business and cement their number two position for years to come.

Lincoln National’s Online Presence

Lincoln National offers the ability to pay bills and file a life insurance claim through their website. They do not currently offer online quotes.

Rather than online quotes, Lincoln National provides a search tool to find a local, third-party agent. That agent will then guide you through the company’s product offerings, help determine the amount of coverage you need, and give you a quote.

Lincoln National’s Commercials

Lincoln National’s current “Who are you responsible for?” ad campaign asks customers to examine whether they are taking care of their loved ones to the best of their abilities, both during their life and after.

Their commercials eschew the humor, non-sequiturs, and celebrity cameos regularly seen in auto insurance commercials and instead goes straight for the heartstrings.

Even if you’ve never seen a Lincoln National commercial, you’ve probably seen the company name on your television screen during football season any time the Philadelphia Eagles host opponents at Lincoln Financial Field.

Lincoln Financial Group purchased exclusive naming rights to the stadium from 2002 through the 2032 season.

Lincoln National in the Community

Lincoln National has a strong record of giving back to the communities in which it operates and to the nation as a whole.

Lincoln Financial Foundation

The Lincoln Financial Foundation awards grants and corporate contributions in each of the cities housing one of their main offices, which includes Concord, New Hampshire; Fort Wayne, Indiana; Greensboro, North Carolina; Hartford, Connecticut; Omaha, Nebraska; and Philadelphia, Pennsylvania.

The foundation gives grants to multiple organizations in the areas of youth education, human services, economic and workforce development, and the arts.

In 2018, Lincoln awarded 392 grants totaling over $8.1 million. The company also encourages workplace giving and matches employee donations to the United Way agencies in which they live.

Lincoln’s Legacy Initiative

The Lincoln Financial Group launched the Lincoln’s Legacy initiative in 2013 to commemorate the 150th anniversaries of the Emancipation Proclamation and the 13th Amendment.

The initiative includes a series of oral history videos exploring the topics of freedom, equality and opportunity, the $50,000 Lincoln’s Legacy Award presented to education-based nonprofit organizations, and multiple events centered around the historical anniversaries.

Lincoln National’s Employees

Lincoln National currently employs just over 11,000 workers. Overall, Glassdoor employee reviews average at a three out of five stars.

For three consecutive years, Lincoln National has been named one of Forbes America’s Best Employers for 2019 in the Banking and Financial Services sector.

The company has also maintained a commitment to diversity since its earliest years. Between 1920-1940, Lincoln hired Helen Williams, the first woman in the United States to pass the actuarial exam, and Betty B. Johnson, who went on to become the second Vice President of Group Sales Administration.

Their tradition of providing equal opportunity continues to this day, as evidenced by their presence on the following lists.

Shopping for Life Insurance

According to the 2018 Insurance Barometer Study from Life Happens and LIMRA, more than a third (35 percent) of households would feel the financial impact within one month if their primary wage earner died. Therefore, it should be no surprise that nearly everyone surveyed (90 percent) agreed that the primary wage earner should carry insurance.

If you are the primary wage earner, there are some key things to take into consideration when shopping for a life insurance policy.

First, how much will be needed at death to meet immediate obligations? These obligations include funeral costs, medical bills, mortgage balances, personal loans, or any other outstanding debt.

Second, what are your family’s long-term needs? How many years’ worth of your current income do you want to leave your household? Do you have any children for whom you want to pay college tuition?

A life insurance professional can help you determine the exact amount you will need. For now, here is an example calculated using Lincoln National’s life insurance calculator.

Imagine you’re the primary wage earner of a small family of three. You currently make $50,000 per year, and you have no outstanding debt other than a mortgage with a remaining balance of $80,000.

You have one child with an estimated future college tuition of $25,000. You’d also like to leave your spouse 10 years’ worth of income.

(Note: Insurance professionals typically calculate income replacement at 70-75 percent of your annual salary. They adjust the number for inflation and also assume the death benefit will be placed in an interest-bearing account to make up the difference.)

After factoring in an average funeral cost of around $7,500, your insurance needs are as follows:

  • Immediate: $80,000 mortgage + $7,500 funeral costs = $87,500
  • Long-term: $330,282 income replacement + $25,000 college tuition = $355,282
  • Total: $442,782

That total means you would need around $443,000 of additional life insurance, which would roughly translate to a standard $500,000 policy.

Average Lincoln National Male vs Female Life Insurance Rates

The following table illustrates how Lincoln National’s average rates for males and females in key demographics compare to the top 10 insurers’ average by market share.

DemographicAnnual Premium: MaleVersus Average Top 10 InsurersAnnual Premium: FemaleVersus Average Top 10 Insurers
25-year-old Non-Smoker$231.00+$52.46$187.00+$26.43
25-year-old Smoker$310.00-$11.76$229.00-$19.75
35-year-old Non-Smoker$238.00+$52.96$191.00+$25.09
35-year-old Smoker$326.00-$34.23$251.00-$35.18
45-year-old Non-Smoker$283.00+$15.11$239.00-$1.25
45-year-old Smoker$642.00+$4.49$520.00+$26.80
55-year-old Non-Smoker$615.00+$90.05$435.00+$28.06
55-year-old Smoker$1,665.00+$300.91$1,193.00+$201.37
65-year-old Non-Smoker$1,577.00+$303.88$903.00+$26.43
65-year-old Smoker$4,671.00+$1,425.95$3,079.00-$19.75
Average Non-Smoker$588.80+$102.89$391.00+$20.13
Average Smoker$1,522.80+$337.07$1,054.40+$203.39
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Coverage Offered

Lincoln National offers a wide variety of term, universal, indexed universal, and variable universal options to meet every financial need. You can also choose from nine riders to further tailor your policy.

Types of Coverage Offered

Life insurance policies fall into one of two general categories: term or whole. Term policies only pay if the death occurs within a set time frame, usually between 10 and 30 years.

Whole life insurance policies have no term and pay whenever a death occurs, regardless of age. Whole policies have multiple variations: traditional whole life, universal life, indexed universal life, and variable universal life.

Lincoln National does not currently offer traditional whole life policies. Instead, they offer term and universal policies, each defined by the NAIC as follows:

  • Term: A term life insurance policy is payable only if the death of the insured occurs within a specified period or before a specified age. Once the term has passed, the insurer cancels the coverage. There are generally no refunds on the premiums paid.
  • UniversalUniversal life insurance policies offer the flexibility to set monthly premiums and change coverage amounts. Insurers typically charge higher premiums in the earlier years of the plan, with the additional premium invested at a set rate to cover the eventual payout. That savings element means the policy has the potential to grow a tax-deferred cash value payable to the policyholder. Universal policies also allow for loans or withdrawals from the cash value.
  • Indexed Universal: Similar to traditional universal life, these policies allow the owner to allocate the cash value amounts to an equity index account such as the S&P 500 or the Nasdaq 100, rather than growing at a rate set by the insurer.
  • Variable UniversalVariable universal policies offer a variable savings account that allows you to invest your cash value in stocks, bonds, and money market mutual funds. These policies come with the greatest risk, but also the most growth potential.

Riders can be added to each policy to customize your coverage further. Lincoln National offers the following riders for both term and universal policies:

  • Child Protection Rider: Provides life insurance coverage for all eligible children (ages 15 days-18 years old) in one rider. Available coverage of $1,000-$15,000 (in increments of $1,000).
  • Disability Waiver of Premium Rider: If you become disabled, your premiums will be waived until age 65 or to the end of the policy term.
  • Accelerated Death Benefit Rider: If you receive a terminal diagnosis with less than six months to live, you can access up to 50 percent of the policy death benefit, up to a maximum of $250,000.
  • Accidental Death Benefit Rider: Pays an additional death benefit on top of the base policy’s death benefit if the death resulted from qualifying accidental injuries.

The following riders are available for universal policies only:

  • Disability Waiver of Monthly Deductions Benefit Rider: Waives the monthly deduction and other charges if you become completely disabled.
  • Disability Waiver of Specified Premium Rider: Covers you for a monthly specified premium if you become completely disabled.
  • Guaranteed Insurability Rider: Allows you to increase your death benefit coverage in the future without additional underwriting.
  • Spouse Term Rider: Allows you to insure your spouse under your policy.

A life insurance agent can help you determine which policies and riders best fit your financial situation.

Term

Lincoln National offers the following term policies:

Lincoln TermAccel® Level Term

  • Guaranteed Level Premium Period: 10, 15, 20, or 30 years. Premiums are guaranteed for the entire level premium period. After the level premium period, if you continue the contract, a one-time face value decrease occurs and premiums will increase annually until age 95.
  • Minimum Face Amount: $100,000
  • Maximum Face Amount: $1,000,000
  • Issue Age: See the table below.
TermAges Issued
10-Year Term: Non-Tobacco Class18-60
10-Year Term: Tobacco Class18-60
15-Year Term: Non-Tobacco Class18-60
15-Year Term: Tobacco Class18-60
20-Year Term: Non-Tobacco Class18-60
20-Year Term: Tobacco Class18-60
30-Year Term: Non-Tobacco Class18-55
30-Year Term: Tobacco Class18-50
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Lincoln LifeElements® Level Term

  • Guaranteed Level Premium Period: 10, 15, 20 or 30 years. The premium scale will be guaranteed for the entire level premium period. After the level premium period, if you continue the contract, the premiums will increase annually until age 95.
  • Flexibility: Death benefit decreases allowed, beginning in year four (subject to the minimum).
  • Convertibility: Before the end of your level term period, or to age 70 (whichever is earlier), you can convert your term policy to a universal policy without going through the underwriting process again.
  • Minimum Face Amount: $250,000
  • Maximum Face Amount: Subject to individual consideration and underwriting limits.
  • Issue Age: See the table below.
TermAges Issued: NationwideAges Issued: New York
10-Year Term: All Classes18-8018-69
15-Year Term: Non-Tobacco Class18-7518-69
15-Year Term: Tobacco Class18-7018-69
20-Year Term: Non-Tobacco Class18-7018-69
20-Year Term: Tobacco Class18-6518-65
30-Year Term: Non-Tobacco Class18-5518-55
30-Year Term: Tobacco Class18-5018-50
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Universal

Lincoln National offers the following traditional universal policies.

Lincoln LifeGuarantee® UL

  • Guaranteed death benefit with the option for guaranteed premiums.
  • Flexibility: Ability to change the face value, amount and frequency of premium payments, and the length of the guarantee period. It also offers a level death benefit option.
  • Options: Survivorship option available (covers two individuals, payable to a beneficiary on the second death).
  • Interest: Guaranteed minimum annual interest rate of 2 percent.
  • Minimum: $100,000 ($25,000 for Guaranteed Issue)
  • Maximum: Subject to individual consideration and underwriting limits ($5,000,000 for Simplified and Guaranteed Issue).
  • Issue Age: See the table below.
Underwriting TypeAges Issued: Non-TobaccoAges Issued: Tobacco
Preferred Plus20-80N/A
Preferred20-8020-80
Standard20-8520-85
Standard Simplified and Guaranteed Issue20-7020-70
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Lincoln LifeCurrent® UL

  • Individual universal life insurance with up to a 20-year secondary death benefit guarantee plus account value growth.
  • Interest: Guaranteed minimum annual interest rate of 3 percent.
  • Minimum: $100,000
  • Maximum: Subject to individual consideration and underwriting limits.
  • Issue Age: See the table below.
Underwriting TypeAges Issued: Non-TobaccoAges Issued: Tobacco
Preferred Plus20–80N/A
Preferred20–8020–80
Standard15–8515–85
Standard Simplified and Guaranteed Issue19–6519–65
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Lincoln LifeReserve® UL

  • It provides the ability to fund your policy in advance to lower future payment premiums.
  • Interest: Guaranteed minimum annual interest rate of 3 percent.
  • Minimum: $100,000; Guaranteed Issue: $25,000
  • Maximum: Subject to individual consideration and underwriting limits.
  • Issue Age: See the table below.
Underwriting TypeAges Issued: Non-TobaccoAges Issued: Tobacco
Preferred Plus20–80N/A
Preferred20–8020–80
Standard0–8515–85
Standard Simplified and Guaranteed Issue19–6519–65
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Indexed Universal

Lincoln National offers the following traditional universal policies:

Lincoln WealthAccumulate® IUL

  • Choice of four indexed account options linked to the S&P 500 Index:
    • Perform Plus: Highest return potential with 12.25 percent cap
    • Perform: High return potential with 10 percent cap
    • Balance: Medium return potential with 10 percent cap
    • Conserve: Lower return potential with 8.75 percent cap
  • Interest: Guaranteed interest rate bonuses that begin in the first year, depending on the account chosen; downside protection of 1 percent.
  • Minimum: $100,000 ($25,000 for Guaranteed Issue)
  • Maximum: Subject to individual consideration and underwriting limits.
  • Issue Age: See the table below.
Underwriting TypeAges Issued: Non-TobaccoAges Issued: Tobacco
Preferred Plus20-80N/A
Preferred20-8020-80
Standard0-8515-85
Standard Simplified and Guaranteed Issue20-7020-70
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Lincoln WealthPreserve® IUL

  • Policy value growth linked to the S&P 500 Index.
  • Interest: Guaranteed minimum indexed account cap of 8.75 percent for the first 10 policy years; downside protection of 1 percent.
  • Options: Survivorship option available.
  • Minimum: $100,000 ($25,000 for Guaranteed Issue)
  • Maximum: Ages 20–69, $1,500,000 (gross); Ages 70–80, $1,000,000 (gross)
  • Issue Age: See the table below.
Underwriting TypeAges Issued: Non-TobaccoAges Issued: Tobacco
Preferred Plus20-80N/A
Preferred20-8020-80
Standard0-8515-85
Standard Simplified and Guaranteed Issue20-7020-70
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Variable Universal

Lincoln National offers the following variable universal policies:

Lincoln VULONE

  • More than 70 investment options from the Lincoln Elite Series of funds.
  • Face/Cash Value: If the policy’s cash value reaches a predetermined threshold, you can choose to stop paying premiums early, extend the guarantee duration, or access the excess policy cash value for income.
  • Interest: Downside protection of 1 percent.
  • Options: Survivorship option available.
  • Minimum: $100,000 ($25,000 for Guaranteed Issue)
  • Maximum: Subject to individual consideration and underwriting limits; Standard issue/Guaranteed issue: $5,000,000 including increases.
  • Issue Age: See the table below.
Underwriting TypeAges Issued: Non-TobaccoAges Issued: Tobacco
Preferred Plus20-80N/A
Preferred20-8020-80
Standard15-8515-85
Standard Simplified and Guaranteed Issue20-7020-70
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Lincoln AssetEdge® VUL

  • Tax-deferred growth potential from more than 60 investment options.
  • Risk: Three one-year indexed account options tied to the S&P 500 Index allow you to take a year off from the variable investments for a more stable index rate.
  • Limits: No contribution or income limits.
  • Options: Survivorship option available.
  • Minimum: $100,000
  • Maximum: Subject to individual consideration and underwriting limits.
  • Issue Age: See the table below.
Underwriting TypeAges Issued: Non-TobaccoAges Issued: Tobacco
Preferred Plus20-80N/A
Preferred20-8020-80
Standard0-8515-85
Standard Simplified and Guaranteed Issue20-7020-70
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Factors That Affect Your Rate

Anything that increases your chances of dying during your life insurance term increases the chance the insurer will have to pay out on your policy. This will ultimately increase your life insurance premium.

Let’s take a look at some of the most common factors.

Demographic

Age is one of the most important factors in determining insurability. It not only affects your premiums but can also dictate how much coverage you are allowed to purchase.

As time passes, you are more likely to develop a disease or condition that would make you a higher insurance risk. You could either be charged a higher rate because of that risk or be limited in your amount of coverage.

Gender also plays a key role. Statistically, women live longer than men. For that reason, premiums for men are almost universally higher than those for women.

Your marital status could also indirectly influence your rate. While being married doesn’t directly affect your premium, it does often influence how much coverage you will need. Higher coverage equals higher premiums.

A marriage most often comes with shared finances and responsibilities. A single individual with no children wouldn’t have as much future need. On the other hand, a married individual must consider the financial needs of a spouse and children after death.

Current Health & Family Medical History

The healthier you are, the cheaper your policy. Insurers will require you to fill out a health questionnaire and may request your medical records. Others may require a complete medical exam and bloodwork.

Many diseases have a hereditary component, so in addition to your personal medical history, insurers will examine the health history of your immediate family.

Some have even begun to use genetic testing information to determine your health risk.

Underwriters will also take into account any prescription medications, both those you take now and those you’ve taken in the past. Even if a policy does not require a medical exam, underwriters have access to public prescription and Medical Information Bureau (MIB) records.

If you’re curious where you stand in that regard, you can request a copy of your personal Medical Information Bureau report once per year.

High-Risk Occupations

By nature, some jobs are more dangerous than others.

For example, the Bureau of Labor Statistics’ Census of Fatal Occupational Injuries shows that police officers, firefighters, fishermen, small aircraft pilots, electricians, and construction workers all have a high risk of dying compared to those with a desk job.

The more dangerous the occupation, the more likely an insurer is to pay out a death benefit.

High-Risk Habits

At this point, it is a widely accepted fact that smoking is detrimental to your health. Because of that increased health risk, it can be equally detrimental to your insurance premium.

For example, a 35-year-old male non-smoker pays around $181 per year for a 10-year, $100,000 policy. A 35-year-old smoker pays $526 for the same. That’s an extra $10,350 paid over the life of the plan.

Likewise, insurers will also look to see if you pursue any high-risk hobbies outside of your occupation. Mountain climbing, skydiving, deep-sea diving, motocross racing, and the like could increase your premium.

The key here is frequency. You don’t have to abandon your bucket list for the sake of a low life insurance premium. A single skydiving excursion isn’t likely to increase your premium, but a monthly skydiving trip will. Underwriters are looking for patterns of risky behavior.

Veteran or Active Military Status

Military status falls under the category of high-risk occupations. Because of the increased chances of paying on a policy, most insurers charge higher rates to active duty military service members. Some do not sell policies to them at all.

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Getting the Best Rate with Lincoln National

A few lifestyle changes and a little expediency could be the difference between an expensive and affordable life insurance policy.

The previously discussed factors can skew your rates in either direction of the company’s base premiums. Insurers base premiums on three factors: mortality, interest, and company expenses.

Insurers use statistical mortality tables to estimate how many people in specific demographics are going to die each year. They then increase their rates to minimize their losses based on how many people in that demographic they insure.

They also adjust premiums based on current interest rates. Insurers increase their profits by investing the premiums you pay in bonds, stocks, mortgages, and the like. If they expect a lower rate of return on those investments, they may raise premiums to compensate.

A company’s operating expenses also play a crucial role. The more a company spends servicing its policies, the more they’ll charge for them.

Rates can also vary from state-to-state, though the NAIC is currently encouraging states to adopt laws that would provide more uniformity nationwide.

So, with all these variables, the question is: how do I get the best rates?

There are a lot of factors beyond your control, such as gender, marital status, and family history. Plus, depending on where you are in life, it may be hard to abandon a risky profession in favor of a safer one. The best thing to do is to change the things you can control.

First, stay healthy. If you’re not currently healthy, do what you can to get there: improve your diet, start exercising, etc.

If you do smoke, not only is it important to quit, you should do so as soon as you can. Some insurers require you to be tobacco-free for an extended period before you can claim a non-smoking rate.

Second, buy early. Statistically, the older you are, the more likely you are to die during your term or before your universal policy matures to its guaranteed benefit. Therefore, the older you are, the higher the rate.

For example, a 30-year, $100,000 policy with Lincoln National for a 25-year-old male, non-smoker is quoted at $173 per year. That same policy for a 45-year-old costs $310. That 20-year jump represents an increase of $4,080 over the life of the policy.

Finally, it’s important to pay on time and never miss a payment. Like any bill, doing so often results in penalties and could even lead to the cancellation of your policy.

If you have a policy canceled for non-payment, you can expect additional fees to get it reinstated, or possibly higher rates at the next insurer.

Unsurprisingly, Lincoln National offers its lowest premiums to young non-smokers. However, compared to the other top 10 largest insurers, they also offer some of the lowest rates to young smokers.

Their annual premiums for 25-year-old smokers are around $12 less than the average for males and $20 less for females, while their premiums for 35-year-olds are $35 less for both males and females.

If you’re a younger individual who either smokes or hasn’t been tobacco-free long enough to qualify for a non-smoker rate, Lincoln National might be one of your best options for an affordable policy.

The premiums for universal life policies are dependent on many variables. As a result, Lincoln National suggests talking to one of their financial advisors to receive a quote.

To give you an idea of how much a term life policy might cost, we’ve compiled a list of sample rates for a Lincoln TermAccel® 10-year Level Term for non-smokers.

Age$100,000: Male$100,000: Female$250,000: Male$250,000: Female$500,000: Male$500,000: Female
25$9.46$9.46$10.37$8.69$13.96$11.95
30$9.46$9.46$10.37$8.89$13.96$11.99
35$9.56$9.56$10.90$9.39$14.71$12.61
40$10.61$9.94$12.76$11.36$18.95$16.59
45$14.53$12.69$17.64$15.91$28.97$25.07
50$20.74$15.95$24.88$20.98$42.79$35.53
55$27.66$21.50$38.64$29.89$70.83$53.16
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Lincoln National’s Programs

Admittedly, Lincoln National’s website has little in the way of learning resources. Most every page on the website is designed to guide you to a licensed agent in your area who can provide you with the information you seek.

Lincoln National’s website is host to its Life Claim Learning Center. It’s a rather barebones resource consisting of three brief articles on the claims process. Each leads to either the online claim application or an agent locator to request further information.

Aside from a few blog posts discussing the importance of life insurance and a life insurance calculator, there is little in the way of life insurance resources on the Lincoln Financial Group website.

Most of the resources focus on the company’s annuity and retirement account offerings. Again, all life insurance information is brief and ultimately leads to an agent finder.

Canceling Your Policy

It’s not uncommon for your financial situation to change during your policy term. Many of Lincoln National’s plans allow you to adjust your coverage and premiums to account for those changes. However, if you ever need to cancel your policy completely, there are some things you need to know.

Lincoln National does not list any cancellation fees for their term policies, but there are generally fees for canceling a policy early in the term.

Universal policies also come with surrender fees, which is a charge deducted from the cash value of a plan when you cancel it. For most policies, Lincoln National charges surrender fees if you cancel your plan within the first 19 years.

The amount of the surrender fee varies based on the value of the plan.

There are a few instances when you may receive a refund after canceling a Lincoln National life insurance policy. For a term policy, you will only receive a refund on any premiums you paid in advance for an upcoming period.

For a universal policy, Lincoln National refunds any prepaid premiums as well as the surrender value of your policy. The surrender value is the cash value of your policy (the additional money earned through the investments and interest) minus any surrender fees.

How to Cancel

The only way to cancel a Lincoln National life insurance policy is to request a paper cancellation form from customer support. The form will need to be filled out and submitted either electronically or via mail.

Customer support can be reached through your client account portal, by phone at 800-487-1485, or by email at CustServSupportTeam@LFG.com.

You are free to cancel Lincoln National life insurance policies at any time. Cancellation is effective immediately upon processing of the form.

How to Make a Claim

The overall process of filing a death benefits claim with Lincoln National follows general industry-standard steps:

  • Initiate a claim
  • Fill out company-specific paperwork
  • Submit the paperwork along with a death certificate and any other requested documents
  • Choose a disbursement method
  • Receive the benefits

Read on to learn more about the specific process.

Filing a claim with Lincoln National is fairly simple, with a majority of the process guided by a customer service agent.

You can initiate a claim online, over the phone, or by email.

  • Online: The Lincoln i-Claim form is a simple form which asks for both the requester’s and insured’s personal information
  • Phone: 800-487-1485; Option 4. Monday through Friday 8:00 a.m. to 6:00 p.m.
  • Email: IndividualClaims@LFG.com

After calling or filling out the online form, Lincoln National will email you a claim package within five days. The claim package includes a complete claim form as well as a checklist of all documentation required to process the claim in addition to the standard death certificate.

You will then need to choose one of the following payment options: installments with interest, lump sum, or an interest-bearing account with check writing privileges.

Upon initiating a claim, you must provide a policy number, the insured’s date of death, and a death certificate. If the insurer requires any other documentation, they will list it in the claim package.

How to Get a Quote Online

Lincoln National does not currently offer quotes online. Rather, they provide an agent locator tool to help you find a local sales agent.

Design of Website/App

The Lincoln National website is probably going to be your first stop in shopping for a policy, so let’s take a look at the overall web experience.

The Lincoln Financial Group website is well designed and easily navigated, though it is a little light on detailed information.

You can easily find the topics you want, but the answers to your specific questions are elusive. Most of the content reads like a preview of the real information to come once you talk to an agent.

Nearly every page on the site leads in some way to the agent finder tool or to customer service, who will most likely direct you to a local agent.

Nothing about the design of the site stands out, but none of it is a detriment, either. It’s less the look and performance of the site and more of the content itself that leaves much to be desired.

Lincoln National Desktop Website

Lincoln Financial does not currently have an app for its life insurance businesses. Fortunately, the site is optimized for mobile browsing. You can easily access the same information from a computer on your phone or tablet.

Lincoln National Mobile Website 
Lincoln National Mobile Website

 

Pros & Cons

As with any company, there are both benefits and drawbacks in choosing Lincoln National for your life insurance needs.

Pros

  • Lincoln National is one of the largest and most financially sound insurers in the country
  • They offer a wide range of coverage options
  • They have lenient health requirements, and their medical underwriting allows good rates for those with a less-than-perfect health history
  • They offer many policies for those over 65 years of age, where some insurers don’t

Cons

  • No online quote tool
  • No online application
  • Updating policy information and cancellation requires paper forms

The Bottom Line

Lincoln National is one of the oldest, largest, and most financially secure life insurers in the market.

Their policies are often more expensive than some of their closest competitors, but they undoubtedly provide great coverage with a wide variety of options for those willing to pay for it.

Younger, healthy individuals could probably find cheaper term policies elsewhere, but smokers and those with certain medical conditions owe it to themselves to speak to a local agent and get a quote.

Lincoln National’s biggest strength lies in its wide selection of universal policy options. Those who want a guaranteed benefit and to make life insurance a part of a larger wealth-building plan would have a hard time finding better choices.

Lincoln National’s FAQs

#1 – Does Lincoln National offer a no-exam life insurance policy?

Yes. Several Lincoln National policies include the opportunity for no lab work if you qualify based on several factors including age and personal or family medical history.

#2 – Can Lincoln National access my medical records?

Yes. It is important to always be as honest as possible on your health questionnaire.

Like all insurers, the underwriters at Lincoln National have access to your Medical Information Bureau records and your prescription history. If they’ve found that you omitted anything, you could be at risk of them denying your policy application.

#3 – Will my personal or family medical history prevent me from being approved for a life insurance policy with Lincoln National?

Current or past medical conditions don’t necessarily disqualify you from getting coverage, though they may increase your premiums. However, those premiums may not be as expensive as you think.

Lincoln boasts medical strength and affordability for those with a range of conditions including hypertension, some cancers, diabetes, and specific cardiac issues.

#4 – How do I make a payment on my Lincoln National life insurance premiums?

You can have your payments automatically debited from your checking account every month by filling out an authorization form. You can also pay them directly online or via mail on a quarterly, semi-annual, or annual basis.

#5 – Can I make withdrawals on my Lincoln National life insurance policy?

Some, but not all, of Lincoln National’s Universal life policies allow for a partial withdrawal or partial surrender on interest accrued during specific periods.

#6 – How long does it take for Lincoln National to pay death benefits on a life insurance policy?

Lincoln National typically pays death benefits within 30 days of submitting a completed claim form with all required documentation.

#7 – Are the life insurance benefits taxable?

Life insurance benefits are non-taxable when they are paid directly to a beneficiary, such as a spouse or a child. However, if you name your estate as the beneficiary, the benefits become a part of the estate and are then subject to estate taxes.

#8 – Are all Lincoln National life insurance policies available in all states?

Most policies are available in all states. However, some universal life policies such as Lincoln LifeGuarantee ®, are not available in New York.

As a result, there are several New York–only policies available as an alternative. An advisor can help you determine which version of each policy is available in your state.

Start comparing life insurance rates now by entering your ZIP code in our FREE tool below!

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