Lincoln Financial Life Insurance Review

Lincoln Financial Life Insurance is a good option if you want comprehensive insurance coverage. It has a solid financial foundation and offers low-interest loans to those over the age of 50 and other high-risk borrowers. However, entire life insurance is not available, and you cannot apply for coverage online.

Lincoln Financial life insurance rates

Check out these example quotes for a 20-year term life policy for a healthy individual to get an idea of what you could expect to spend.

Lincoln Financial Life Insurance Review - Lincoln Life Insurance Logo
  • Age 20. Male $25.81, Female $21.88
  • Age 25. Male $25.81, Female $21.88
  • Age 30. Male $28.44, Female $23.45
  • Age 35. Male $32.38, Female $25.81
  • Age 40. Male $38.94, Female $30.63
  • Age 45. Male $51.58, Female $40.64
  • Age 50. Male $78.71, Female $58.58
  • Age 55. Male $123.77, Female $92.71
  • Age 60. Male $213.46, Female $149.23
  • Age 65. Male $406.31, Female $270.03
  • Age 70. Male $819.70, Female $584.81

What affects my rate with Lincoln Financial?

Lincoln Financial calculates your premium based on a variety of factors, including your age, gender, health, whether you smoke, and other habits. It takes into account the following elements:

  • History of tobacco use. Applicants who haven’t smoked in the last three years get the greatest rates.
  • Using and abusing drugs and alcohol in the past. Drug and alcohol abusers who haven’t used or misused these substances in the past 7 to 10 years may be eligible for a discount.
  • A medical history of one’s own and one’s family. Low premiums are given to people without a history of cardiovascular illness, diabetes, or cancer in their blood or in their family members. A blood pressure reading of less than 130/80 is required if you’re 69 or younger in order to get the greatest deals. Blood pressure should be 140/90 or below for older candidates.
  • Reputation as a driver. A clean driving record means no more than three moving tickets in the last three years and no more than one DWI or DUI conviction in the last five years.
  • Hobbies and occupations. Preferential rate classes may not be available to pilots or other high-risk individuals.

How to get a quote from Lincoln Financial life insurance

Insurance can’t be purchased online; you’ll need to speak with a financial counselor to do so. Use the search feature on the Lincoln Financial website to locate a branch near you.

What types of life insurance coverage does Lincoln Financial offer?

  • Term life insurance. In terms of death benefits, Lincoln Financial offers term life insurance plans with terms ranging from 15 to 30 years and death payouts of $100,000 to $1 million. There is a convertibility feature built into all of the plans, so they may be converted to permanent insurance at any moment.
  • Life insurance that’s available to everyone. You may save tax-deferred wealth for future use with universal life insurance, which is both flexible and permanent. If you have a Lincoln Financial policy, you can use your cash value as collateral for tax-free life insurance loans. However, withdrawals reduce the amount of your death benefit.
  • Life insurance with premiums that fluctuate based on the policy’s parameters. Variable universal life insurance (VUL) combines term insurance protection with tax-deferred profits growth through a variety of investment opportunities, much like universal life insurance. Cash value in your policy can also be used as collateral for policy loans, but keep in mind that loans reduce your death benefit.

What riders can I add to my policy?

With Lincoln Financial, you may choose from a wide range of options. According to your insurance, you may have the option of attaching the following coverage options as riders to your policy:

  • Accelerated death benefit rider. In the event you become terminally ill, require long-term nursing home care, or require assistance due to a serious disease or condition, you may be entitled to receive some or all of your death benefit.
  • Rider for accidental death insurance. In the event of an accidental death, this supplementary payout helps to cover any unexpected expenditures.
  • Rider who is under the age of 18. You can cover a child under your insurance if you want to.
  • Rider for conversions. Within a certain time period, you can change your term insurance to permanent insurance without having to undergo another medical test in the process.
  • Cost of living adjustment. Allows for a 3% or 5% annual increase in the cost of long-term health care.
  • Life-threatening disease compensates the rider. If you have a severe illness such as a stroke, you may be eligible for a one-time lump sum payment.
  • Shortening the term of the rider. To avoid being over-insured while paying off loans, this feature allows you to reduce your death benefit at certain intervals.
  • Rider for the disability income insurance policy.
  • Guaranteed insurability rider. Without having to submit to underwriting, you can in the future increase your death benefit coverage.
  • The premium rider is coming back. No-lapse guarantee and basic or vested premium refunds are available, depending on the policy you have.
  • Rider for the return of cash value. Upon your death, your loved ones will get a payout equivalent to the premiums you put in.
  • Rider for long-term care insurance. You should consider adding a low-cost death benefit until you are 100 years old.
  • Rider waiving premium fees. In the event of incapacity, catastrophic sickness, or injury, your insurance premiums are waived.

Lincoln Financial life insurance reviews and complaints

In spite of their lack of BBB accreditation, Lincoln Financial has an A rating for customer service. To date, the Better Business Bureau has not received any consumer feedback or complaints. The firm received an A+ from AM Best.

Lincoln Financial placed 11th out of 22 insurers surveyed in the JD Power customer satisfaction research on life insurance. It received three out of five stars, indicating that it is performing well, but there is room for improvement in terms of customer service and participation.

Check out and make a comparison on our post of Lemonade Life Insurance Review, for more options.

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Levi Jorgensen
Levi Jorgensen is a life-long explorer. When he's not writing about life insurance, he works as an appraiser of antiques. He's based in Columbus, Ohio with his wife and 2 children.
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