Skip to Main Content

Lincoln Financial Life Insurance review 2022

A white woman is holding her young, African American son and kissing him on the cheek while he laughs.
Shaw Photography Co./Getty Images
Bankrate Logo

Why you can trust Bankrate

While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for . This content is powered by HomeInsurance.com (NPN: 8781838). For more information, please see our

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

Perks Drawbacks
Fewer than average complaints filed with the National Association of Insurance Commissioners (NAIC) Scored below-average for customer satisfaction in the 2021 J.D. Power U.S. Individual Life Insurance Study.
Helpful digital resources including a live chat tool Does not offer whole life or guaranteed life insurance

Lincoln Financial offers a more limited range of policy options than many of its competitors. While the company offers two different types of term policies and a few different types of permanent policies, you cannot purchase whole life insurance with 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 Washington, D.C., which makes it available to most Americans. Lincoln Financial may 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 comparison chart of the various types of life insurance. The website also outlines important information about annuities, long-term care and investing. Additionally, the website includes a feature to connect you with a financial advisor in your area.

Lincoln Financial life insurance coverage types

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

  • Term: If you’re looking for the best term life insurance for you, Lincoln Financial offers two different types of term life policies in increments of 10, 15, 20 and 30 years. Policyholders who only want coverage for a certain amount of time, such as the length of their mortgage or while their children are young, may benefit from a term life policy. Term life policies typically come with much lower premiums than permanent life insurance policies. Lincoln Financial offers three riders on term policies, including a children’s term insurance rider, which may be helpful to those interested in purchasing life insurance for children.
  • Permanent: Permanent life insurance offers lifelong coverage as long as you pay your premiums and comes with a cash value account that allows you to earn interest and returns. Permanent life may be a good option for those who want coverage until they pass away and also want their policy to include a savings or investment account. However, Lincoln Financial does not offer whole life insurance, which is a type of permanent life insurance with fixed premiums. The company also does not offer guaranteed life insurance. Lincoln Financial does offer three different types of permanent life insurance: universal, indexed universal and variable universal. Universal life insurance allows policyholders to adjust their premium, death benefit and cash value account. 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 bundles similar to mutual funds.

Lincoln Financial life 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 investment. In addition to online tools such as 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 may 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 perks worth considering

Lincoln Financial offers a few additional perks for 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 explainers of various financial products.
  • Financial advisors: One of the company’s tools is designed to pair you with a local financial professional to help you put together a sound financial plan, figure savings or find the life insurance policy for your and your family’s needs.

Lincoln Financial life insurance customer and claims satisfaction

J.D. 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 carriers based on a 1,000-point scale for overall customer satisfaction. In the 2021 J.D. Power U.S. Individual Life Insurance Study, Lincoln Financial life insurance ranked 12th out of the 21 insurers that made the list, with an overall customer satisfaction score of 773 – three points below the industry average.

AM Best assigned Lincoln Financial an A+ (Superior) financial strength rating, which means the provider has historically been well-positioned to pay out on claims. The NAIC maintains a national complaint index, which rates insurers based on the number of consumer complaints it receives. The index utilizes a 1.0 baseline. Scores below 1.0 indicate lower than average complaints, while scores above 1.0 indicate more complaints than average for the industry. Lincoln Financial has a .09 NAIC complaint index score, which is considerably below the national baseline.

Lincoln Financial social responsibility

The Bankrate insurance editorial team’s Lincoln Financial life insurance review wouldn’t be complete without touching on the company’s corporate responsibility initiatives. The company operates a philanthropic group called Lincoln Financial Foundation, which awards grants to nonprofit organizations. In 2020, the foundation awarded more than $1.5 million in financial wellness grants to nonprofits in the youth education and human services space.

Lincoln Financial received the following awards for its social responsibility in 2020: Best Place to Work for Disability Inclusion from the Disability Equality Index, Forbes’ Best Employers for Women and Best Place to Work for LGBTQ Equality from the Corporate Equality Index.

The company was also named on the following lists: Dow Jones Sustainability Index (DJSI), Newsweek America’s Most Responsible Companies, FTSE4Good Index which measures the performance of companies exhibiting 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 while determining whether Lincoln Financial is right for you, you may find it helpful to get and compare life insurance quotes and coverage or policy options from the following providers:

  • SBLI: Unlike Lincoln Financial, SBLI offers whole life, guaranteed life and final expense insurance policies.
  • Fidelity: If you’re looking for quick approval, you may want to consider Fidelity, which is known for its RAPIDecision policies that offer coverage on the same day or a few days after you apply.
  • Haven: Haven Life may be a good option for policyholders over the age of 50, as it offers riders catering to the difficulties that sometimes accompany old age. These riders include the accelerated death benefit rider and waiver of premium.
Written by
Lizzie Nealon
Insurance Writer
Lizzie Nealon is a former insurance writer for Bankrate. Her favorite part of the job is making home, auto and life insurance digestible for readers so they can prepare for the future.
Edited by
Insurance Editor