Lincoln Financial Life Insurance Review for 2020

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When everything’s going well – purchasing life insurance is the last thing on your mind. You’re healthy, active, and young – you’ll think about it later!

But you know where I stand. Life insurance serves many purposes  – and I think it’s a wise financial decision everyone should be making (especially if they’re young and healthy!).

It provides financial security to you and your family – and helps you accomplish the things you want to achieve in your life. Not purchasing life insurance, is, in simple words, a gamble.

So, today, I want to take a closer look at one of the most well-known life insurance companies on the market – Lincoln Financial Group, and the life insurance they provide.

Lincoln Financial Group offers a ton of other products, too – from life insurance workplace benefits to annuities and retirement plan services – and is one of the top contenders for life insurance.

The company has been around for over a century – and has helped millions of people plan for retirement, protect their income, and lives.

Whether you’re after term, universal, or variable life insurance – Lincoln Financial Group has some attractive options.

So, let’s take a look at Lincoln Financial life insurance so that you know exactly what it offers – and can decide whether it’s the right option for you.

Lincoln Financial Insurance Overview

lincoln financial life insuranceLincoln Financial Group is a well-known, large financial and insurance corporation – and you will also find its name in the Fortune 500 list.

The A+ rated company offers a variety of financial services to its clients – both business and consumer.

Founded in 1905, Lincoln Financial has been growing and expanding for over a century – and now occupies a strong position in the financial services industry.

Their insurance policies offer some highly competitive rates – as well as underwriting options for a variety of health conditions.

This makes Lincoln Financial an appealing option for people who may have health conditions or substandard medical profiles.

With Lincoln Financial, you can also fast-track your application which is great if you’re looking to save time: if you’re a qualifying applicant who passes a phone health interview, you may no longer need the medical exam.

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What Life Insurance Options Does Lincoln Financial Offer?

Lincoln Financial Group offers universal, variable universal, indexed universal, and term life insurance policies for people looking to get life cover.

Term Life Insurance

Term life insurance will insure you for a fixed period of time (for example, 10, 15, or 20 years). If anything happens to you during that fixed term, the insurer will make sure your family isn’t impacted by your debt.

It’s an excellent option to go for if you have outstanding college loans or a mortgage that you would need to be covered if you were no longer able to make payments.

Like other term life insurance providers, Lincoln Financial guarantee an income-tax-free death benefit which would be paid out if anything happened to you during the term.

There are two main term life insurance policies offered by Lincoln Financial: Lincoln TermAccel® Level Term and Lincoln LifeElements® Level Term.

Lincoln TermAccel® Level Term (2019)

  • Offers competitive rates for people aged 60 and under
  • Face amounts of $1,000,000 or less
  • Phone interview application
  • Electronic processing of the application – can be processed as quickly as in a few days if no lab work is required

Lincoln LifeElements® Level Term (2019)

  • If you qualify, you may skip the medical exam
  • Competitive rates for people aged 30+ (face amounts of $1,000,000 and above)
  • Competitive rates for people aged 55+ (face amounts of $500,000 and above)
  • Phone interview application

Universal Life Insurance

Lincoln Financial’s universal life insurance offers a permanent solution with plenty of flexibility. You can protect your loved ones – as well as build cash value. The cash value allows you to take out loans or even make withdrawals from it for your personal needs. However, it’s worth bearing in mind that withdrawals could reduce your policy’s cash value as well as your death benefit.

Here are Lincoln Financial Group’s universal life insurance products:

Bear in mind that Lincoln LifeGuarantee® UL (2019), Lincoln LifeGuarantee® SUL (2013) and Lincoln LifeGuarantee ® SUL (2012) are not available in New York.

Here’s a quick summary of each product:

Lincoln LifeReserve® UL

  • Three death benefit options available
  • Long-term cash value accumulation (tax-deferred)
  • Additional features available (e.g., Accelerated Benefits Rider, Assured Distribution Endorsement, Change of Insured Rider, Children’s Term Rider, Disability Waiver of Specified Premium Rider, Exec Rider, Guaranteed Insurability Rider, Spouse Term Rider, Supplemental Coverage Rider)

Lincoln LifeCurrent ® UL

  • Universal life policy
  • Adjustable premium payments and coverage
  • Cash value growth
  • Coverage protection guarantee
  • Additional features available (e.g., Accelerated Benefits Rider, Children’s Term Rider, Disability Waiver of Monthly Deductions Benefit Rider, Guaranteed Insurability Rider, Spouse Term Rider)

Lincoln LifeGuarantee® SUL (2012)

  • Survivorship universal life policy
  • Lifetime coverage
  • Payable after the second insured’s death
  • Provides estate liquidity (often used as a tool for estate planning)
  • Guaranteed premiums
  • Flexible amount of the guaranteed death benefit protection
  • Customizable amount and flexibility of premiums
  • Additional features available (e.g., Estate Protection Rider, Minimum Death Benefit Endorsement, Guaranteed Policy Split Option Rider, and more)

Lincoln LifeGuarantee ® SUL (2013)

  • Survivorship universal life policy (updated from the 2012 policy)
  • Insures two people – payable after the second death
  • Provides lifetime coverage
  • Could be a useful tool for estate planning
  • Offers guaranteed premiums
  • You decide on the amount of the death benefit, and the frequency and amount of premium payments
  • Additional riders available (e.g., Estate Protection Rider, Guaranteed Policy Split Option Rider, and others)

Lincoln LifeGuarantee® UL (2019)

  • Guaranteed premiums
  • Cash value component (but loans could offset death benefits)
  • Lifetime insurance coverage
  • Offers flexibility (e.g., how much your death benefit is, the amount and frequency of premium payments)
  • You choose the length of the guarantee period
  • Level death benefit option

Variable Universal Life Insurance

Lincoln Financial Group’s universal life insurance combines elements of term insurance with the investment component – and offers an opportunity to build cash value as you protect your loved ones from the unexpected.

There are many similarities between universal and variable life insurance types – but also some key differences. While universal life insurance is based on a fixed interest rate, variable universal life insurance allows for the cash value to fluctuate within the market – which means higher (or lower) return potential.

Lincoln Financial’s variable life insurance is known for its flexibility when it comes to premiums and death benefits – meaning that you can choose the amounts, as well as how often you make the payments. That gives you greater control of your finances – and being in control is a bonus.

Lincoln Financial Group offers a range of variable universal life insurance products – from single life to survivorship life insurance – so I won’t outline them all here. However, it’s easy to find more information about each variable universal plan on the company’s webpage.

Here are the highlights of Lincoln Financial Group’s variable universal life insurance:

  • Survivorship life insurance products available
  • Single life insurance products available
  • Offers flexible premiums
  • Flexible death benefits
  • Cash value component (which depends on the performance of the policy’s allocations)
  • You choose where your premiums are invested
  • Your earnings are tax-deferred
  • A range of optional riders available

Financial Strength

When you’re looking for the right company to purchase life insurance from, the first thing you need to look for is financial security.

A financially stable insurer will more likely still be in existence when your family needs to claim the death benefit – which could be even 50 years from now. The market is unpredictable – and life insurance companies get affected – so choosing a financial company that has a stable and diversified portfolio is very important.

Knowing that the company you choose to invest your money with long-term is financially healthy and secure will give you and your loved ones extra peace of mind. After all, you want to make sure you’re in good hands!

What about Lincoln Financial Group and their financial health? Well, the good news is that you have nothing to worry about here. According to the only global credit rating agency A.M. Best, Lincoln Financial’s financial strength is “superior.” On top of that, the Better Business Bureau has given it a rating of A+, which is pretty reassuring.

Pros and Cons of Lincoln Financial Life Insurance

Here’s a list of things that are great about Lincoln Financial Life Insurance – as well as a few cons worth pointing out:


  • Variety of term and permanent life insurance policies
  • Fast-track your application – streamlined underwriting means you may skip the medical exam (if you’re a qualifying applicant who passes a phone interview)
  • Application approval only takes up to 20 days – and application can be filled in online
  • Competitive underwriting for customers with a range of health conditions
  • A range of riders available to those looking to personalize their coverage (such as child protection, disability waiver, and more)
  • Financially stable, well-established company with over 100 years of experience


  • No whole life insurance policies
  • Longer-than-average application form
  • No online access to updating beneficiaries, changing payment info, policy cancellation or address change

Is Lincoln Financial Insurance For You?

So, now that you know more about what Lincoln Financial Group can offer, would their life insurance meet your needs?

If you’re looking for a company that’s financially stable, offers a variety of term and permanent life insurance options, as well as competitive underwriting options for various health conditions – Lincoln Financial is an excellent company to consider.

However, if you’re looking for whole life insurance – Lincoln won’t offer that. On the other hand, I personally feel that universal life insurance has plenty of advantages over whole life insurance (like flexibility in your death benefits, premium payments, and the savings element) – so it isn’t that big of a loss.

Another slight drawback of Lincoln Financial is that most of the common tasks – even something as simple as changing your address – can’t be done online.

Yup, you’ll need to complete paper forms – which is a little old-school. That said, you can complete your application for some of the insurance policies over the phone with Lincoln Financial – which isn’t as great as online, but isn’t as bad as paper forms!

All-in-all, I think Lincoln Financial is an excellent choice – and it has plenty to offer for anyone looking to invest in life insurance.

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