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Lincoln Financial life insurance review 2024

Updated Dec 21, 2023

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Bankrate's take

People looking for term life insurance may find Lincoln Financial Group as their company of choice, but its low J.D. Power scores may mean its customer service is lacking.

People who can get coverage through their employer or who want term life coverage may consider Lincoln Financial Group.

New

What’s new with Lincoln Financial Group?

Lincoln Financial Group was named one of the World’s Most Ethical Companies® by Ethisphere in March, 2023, for the second consecutive year.

Lincoln Financial life insurance

Lincoln Financial Group’s life insurance offerings are more limited than some other companies, in that it only offers a few types of life insurance: term and permanent life coverage. It does not offer whole life insurance, however, the most popular type of permanent life insurance.

Lincoln Financial term life insurance

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. If you’re looking for term life insurance, Lincoln Financial offers two different types of term life policies in increments of 10, 15, 20 and 30 years (neither of which are available in New York):

  • Lincoln TermAccel Level Term: This term product from Lincoln claims to offer accelerated underwriting with a fully automated process.
  • Lincoln LifeElements Level Term: This term product offers a much higher death benefit if you qualify, starting at $1M, and comes with a dedicated team that specializes in large cases.

Lincoln Financial permanent life insurance

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. It is, however, more expensive than term insurance since it does not expire.

It should be noted that Lincoln Financial does not offer whole life insurance, which is a popular type of permanent life insurance with fixed premiums. The company also does not offer guaranteed life insurance.

Lincoln Financial offers these these types of permanent life insurance:

  • Indexed universal life insurance: These permanent policies come 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. Lincoln offers a few different options for indexed universal life insurance if you qualify.
  • Variable universal life: With variable universal life insurance, you get all the benefits of regular universal life insurance but more growth opportunities. Your interest and cash value fluctuate with the market based on your investments. Lincoln offers several different options for variable universal life insurance if you qualify, including its Lifetime Protection VUL.

Pros and cons of Lincoln Financial life insurance

Every life insurance company has its perks and drawbacks, depending on what you need most out of your policy. Consider these pros and cons when trying to decide if Lincoln Financial is right for you.

Pros
  • Fewer than baseline complaints filed with the National Association of Insurance Commissioners (NAIC)

  • A variety of policy options, including options geared towards people with high net worth

  • Helpful digital resources including a live chat tool

Cons
  • Scored slightly below-average for customer satisfaction in the 2023 J.D. Power U.S. Individual Life Insurance Study.

  • Does not offer whole life or guaranteed life insurance

  • Only available through employers or through one of its financial advisors; no direct online quoting

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Lincoln Financial life insurance endorsements

When buying life insurance, you usually have the option to add endorsements or riders to the policy. These endorsements modify some details of your policy or add additional benefits, such as by allowing for early payouts if you’re diagnosed with a terminal disease. While endorsements do typically add to the cost of your policy, they can be helpful for creating a truly customized package for your needs.

Some of the endorsements Lincoln Financial offers include:

  • Accelerated benefit: Pays a portion of the benefit if you become terminally ill or meet other requirements.
  • Long-term care expense protection: Pays out a portion of the death benefit to cover qualified long-term care expenses.
  • Disability waiver of specified premium: Covers a specified monthly premium if you become fully disabled.
  • Waiver of monthly deduction: Waives the monthly deduction if you become fully disabled.
  • Supplemental term insurance on primary or other insured: Offers additional coverage for you or another insured person.
  • Children’s term insurance rider: Lets you insure your child under your policy, which could help them secure more affordable life insurance later in life.
  • Return of premium. Returns up to 100 percent of the premiums paid during certain policy years.
  • Estate protection. Pays an additional term insurance benefit on a survivorship policy during the first four years of your policy.

Compare Lincoln Financial with other insurers

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.

Lincoln Financial vs. SBLI

Unlike Lincoln Financial, SBLI offers whole life, guaranteed life and final expense insurance policies. However, SBLI does not offer universal life policies, have local agents or a mobile app like Lincoln Financial does. Shoppers up to age 60 may qualify for no-exam coverage on up to $750,000 in life insurance. While SBLI has a lower-than-baseline NAIC complaint index of 0.78 for individual life insurance, it did not rank in the 2023 J.D. Power Life Insurance Study.

Learn more: SBLI Life Insurance review

Lincoln Financial vs. 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. Although Fidelity offers term and permanent life insurance like Lincoln Financial, its permanent life insurance products, whole life, final expense and guaranteed issue, are only available to seniors. There is also no universal life insurance option with Fidelity like Lincoln Financial has. Fidelity is also not rated in the J.D. Power Life Insurance Study and has a higher-than-baseline NAIC complaint index of 2.01 for individual life policies.

Learn more: Fidelity Life Insurance review

Lincoln Financial vs. MassMutual

MassMutual offers term, whole, universal and variable universal life insurance policies. Its life policies are also available nationwide. Both carriers offer calculators, online tools, a mobile app and financial advisors to help you choose the policy that fits your needs. Like Lincoln Financial, MassMutual has a comparably low NAIC complaint index. However, while Lincoln Financial received a below-average score in the 2022 Life Insurance Study, MassMutual received an above-average score with 780 out of 1,000 points. It was also awarded a 2023 Bankrate Award for best whole life insurance.

Learn more: MassMutual Life Insurance review

Is Lincoln Financial a good insurance company?

Lincoln Financial offers relatively low-cost life insurance policies and gives customers many ways to customize their coverage, which can be appealing. However, it may be difficult to buy a policy since you generally need to get one through your employer or by working with one of its financial advisors.

If you’re looking for term or universal life insurance, it might be worth getting a quote from Lincoln Financial, but be sure to shop around to look for the best deal available. If you want whole life insurance, however, you will need to consider another carrier.

Lincoln Financial customer satisfaction

J.D. Power publishes an annual study of life insurance companies, rating providers based on performance in areas such as claims handling, policy offerings and price, then ranks each insurer based on a 1,000-point scale for overall customer satisfaction. In the 2023 J.D. Power U.S. Individual Life Insurance Study, Lincoln Financial life insurance ranked just slightly below average for customer satisfaction, with an overall score of 788, which is an improvement from its score the previous year.

AM Best conducted a Lincoln Financial Insurance review and assigned it an A+ (Superior) financial strength rating, which means the provider has historically been well-positioned to pay out its claims.

Study or Rating Agency Lincoln Financial Industry average
2022 J.D. Power Individual Life Insurance Study 788/1,000 790/1,000
2022 J.D. Power Group Life Insurance Study 815/1,000 797/1,000
AM Best rating A+ (Superior) N/A

Lincoln Financial life complaints

When buying insurance coverage, it’s important to make sure the company you’re working with has good customer service. The NAIC maintains a record of customer complaints against insurers and ranks them based on size and the number of complaints received. While any company can expect some complaints, receiving a lot of complaints while having only a few customers could indicate the company struggles with its customer relationships.

An index of 1.00 indicates the expected number of complaints based on an insurer's size. Lincoln Financial’s index for individual life insurance was 0.39, indicating far fewer complaints than expected, which is a sign that customers are generally satisfied with their experience.

Other Lincoln Financial tools and benefits

Lincoln Financial offers a few additional tools and products for its customers beyond life insurance that you may want to take a look at as you decide if it's the right life insurer for you. 

  • Mobile app: Tech-savvy shoppers may appreciate Lincoln Financial’s easy-to-use mobile app, which received 4.8 stars on the Apple App Store. Android users do not have as positive an experience, however, as Google Play gives it only 2.0 stars.
  • Digital tools: The company offers dozens of additional 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 or find the right life insurance policy for your and your family’s needs.
  • Annuities: The company offers annuities to help you meet your retirement goals.
  • Long-term care planning: The company’s MoneyGuard® Solutions is designed to help customers set up a tax-efficient funding solution should they need long-term care later in life, as well as resources and support for those in need of long-term care.

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Written by
TJ Porter
Contributor, Personal Finance

TJ Porter is a contributing writer for Bankrate with eight years of experience writing about finance.  TJ writes about a range of subjects, from budgeting tips to bank account reviews.

Edited by Senior Editor, Insurance