Lincoln Life Insurance Review 2021

Lincoln Financial Group has a long history based on great products, quality service, and some amazing add-ons, like financial planning, that really make it one of the best insurance companies in the field.
Author: Brian Greenberg CEO of True Blue Life Insurance
Last updated May 17, 2021

The history of Lincoln Financial Group

The Lincoln National Corporation is a Fortune 250 American Company that, believe it or not, does in fact have a “genetic” link to our 16th President, Abraham “He Could Do No Wrong” Lincoln.

The story starts in Fort Wayne, Indiana, when the founder of the future Insurance Company, Perry Randall was at his wit’s end. The man and his lackeys had a great product, had energetic investors, had everything you could possibly need to make a company take flight… Everything but a name. They had dotted all the i and crossed all the t but lacked that all-powerful emblem to seal them as a trustworthy firm. They were spitballing on what to call the fledgling enterprise when Perry, off the cuff, went, “what about Lincoln? Abe would be a powerful image to rally behind. Somebody who could convey the spirit of integrity we want to build a company on.”

That was on June 12, 1905. Up until that day, everyone thought Perry was joking. Why? Well, you couldn’t just name a company after a public figure, let alone someone as iconic as Abraham Lincoln, without first getting the all right from that person. Unfortunately for Perry, and most Americans, Booth had robbed them of that option on that long ago evening at Ford’s Theater. But Perry wasn’t deterred. He made it his crusade.

A Company with A Iron-Clad Charter

Perry tracked down that very same year, Robert Todd Lincoln, and gave him a glowing presentation. He was passionate. He was articulate. He was a born seller. The eldest of Mary Todd and Abraham, now a rather prestigious lawyer who had under his belt an Ambassadorship in the UK and was for a period the United States Secretary of War, was a shrewd tactician. He was swayed but apprehensive about Perry’s pitch, nonetheless, he took a gamble and ultimately allowed the company to use his father’s likeness and name. There was only one addendum: if the company started acting funky and getting up to mischief, the authorization would be revoked. Point blank, no hemming, and hawing on anyone’s part. It was an ironclad deal. Perry shook Todd’s hand and promised to do his father proud, and boy did he.

By 1928, the company had hired Dr. Louis A. Warren, a Lincoln Scholar, and had acquired the largest collection of books, on that Gettysburg Address raconteur, in the world. For a time, the company had the largest Lincoln museum in the country. The reason behind this and what some would consider a folly for an insurance company was because they wanted to “keep close to the writings that guide the soul of our company.”

By 2016, Lincoln now called LNC (Lincoln National Corporation) had divided its operations into four business segments: life insurance, annuities, retirement plan services, and group protection. The whole company had consolidated assets under its management of over $262 billion and shareholders equity of over $15 billion.

Our take on Lincoln Life

Lowest, no medical, accelerated issue Term Insurance

Lincoln National Corp has one of the lowest, no medical exam, accelerated issue, term products in the market right now. This is a term policy for under $1 million. They also offer great universal life and annuity products, and a full-service financial service.

Quick Application

Lincoln offers quick application by phone or even through the internet for its life insurance policies and they sell a wide range of products which we will discuss further down below.

Finally, to gauge the trustworthiness of this company you need not look further than some of the ratings it has managed to stack up. This a company that serves millions and who over the century had somehow managed to make their policyholders feel confident. They’ve met their obligations and have grade reviews of A+ from A.M. Best; A1 from Moody’s; AA- from Standard & Poor’s.

What we like

Great For Seniors

Lincoln Financial Group is one of the most elastic term life insurance providers for people in all age groups; that includes senior citizens.

Renew term or convert to permanent without medical exam

Another plus is that for people in their 50s or 60s their prices are below the industry standard. Not only that but they offer, for some, the possibility of waiving medical exams or lab tests. Moreover, you won’t be asked to take a med-exam if you want to renew your term or want to convert to a permanent policy.

Great for CBD users

Finally, if you’re a habitual marijuana of CBD, Lincoln will underwrite you. They offer better rates than their competition if you experience low-level health conditions or habits.

What we don’t like

As the saying goes, “you have to take the good with the bad” and in Lincoln Insurance there are some things to consider. There really is no magic bullet insurance out there. No perfect, unicorn to recommend.

Each insurance has pros and cons’ and what works for your neighbor might not work for you. Why? Because the insurance business is one based on the decision of actuaries and AI protocols; they analyze fields and patterns we could only dream of.

So one quote might be completely different from another based on one small factor that differences you from the rest. Here in TrueBlue, we can only guide you by giving you our honest reviews on what we consider are the most trustworthy firms out there.

Permanent Policies are Expensive

Lincoln has one BIG BAD, and that is that permanent policies are expensive. Although Term life policies are extremely competitive, particularly its TermAccel, all other policies are rather pricey, especially for younger applicants. This is something that breaks the mold and it has more to do with the brand’s decision to push term policies above permanent policies.

In many cases, some permanent life policies, particularly for older gentlemen and gals, become cost-prohibitive.

No Whole Life Option

Another Big Bad, in Lincoln’s closet – and one that emphasizes its stance on permanent policies is that it has no whole life option. You will find a smorgasbord of universal life policies but not ONE single whole life product.

Lincoln Life Insurance Products

4.0/5
Lincoln stands out when it comes to term life insurance. They are more forgiving towards age, health, and marijuana use than others.

Term

Lincoln TermAccel: the decision of whether you’ll be accepted or not is quick. Only two days on average. There’s no need for a medical exam unless you’re a tobacco user. This is an incredibly affordable policy for all age groups up until 60. The minimum overage is $100,000, while the maximum is $1 million.

Lincoln LifeElements: this a normal term life policy. It has the same term lengths as TermAccel. The difference is that it has a higher starting coverage. You can also waive medical exams, so long as you apply through Lincoln’s LincXpress app.

Permanent life insurance

Lincoln Financial offers several universal, indexed universal, and variable universal policies. These policies build cash value over time, and you can withdraw from them. Financial services can also help with stock options. There’s also a “survivorship” add-on that provides coverage for two people under the same policy. That covers two people under the same policy.

Policy benefits

4.5/5
Lincoln Life really shines when it comes to term life insurance. With their decent pricing, overall forgiveness, and fast applications, they are a great option.

TermAccel Starts at $100k

The minimum Term insurance for Lincoln’s flagship TermAccel starts at $100k and can reach the million-dollar mark.

Fast Application

The application process is swift and if you don’t use tobacco you can get a decision in a matter of days. All you need to do is answer basic medical questions, go over some of your medical prescriptions, and provide some insurance history. That’s incredibly fast, particularly if you take into account that on average most policies might take around six weeks to become active.

Great For Complex Medical Issues

It’s also important to note that potential applicants with complex medical histories for maladies like diabetes, cancer, HIV/AIDS will be denied TermAccel but they can still apply to other products that require a medical exam.

Folks who live in Illinois, California, Louisiana, and Maine should consider TermAccel. There is no other major life insurance company in those states that offer accelerated underwriting.

Conversion options

Term policies can become whole policies rather easily

Most insurance companies out there offer conversion options. That means that while you’re insured by them and have a term product you can at any time switch to a permanent policy.

You don’t need a medical exam.

The great thing about Lincoln is that unlike some of its classmates, policyholders can jump ship on their terms and book a ticket on a permanent without the need for a medical exam. It’s a quick and simple process. This offers users greater control over their future and finances.

Common Lincoln Life riders:

  • Accelerated death benefit: which pays out if the policyholder is deathly ill with a terminal issue and only has six months to live.
  • Children’s term benefit: for an extra, you can ensure your kids for up to $15,000. There is no additional charge if you have more than one.
  • Waiver of premium benefit: you can waive paying premiums for a time if you become disabled and unable to work.

Cost

3.5/5
Lincoln offers great pricing when competitors would charge double. But on the flip side, those scenarios are specific to certain age groups and health conditions.

Cheapest Option for seniors

If you’re looking to start early on a term policy or happen to be in your 50s and 60s, or if you’re simply in superb shape and aren’t a smoker then TermAccel is a great option. Here’s an example of the rates you can get on a 20-year term policy, with death benefits of half-a-million for a relatively healthy male.

In their 20s, Lincoln offers a policy that starts at $20,42. Its competitor offers the same policy at almost 8 dollars more. As a whole, there’s a vast percentage difference between Lincoln and its peers. Almost a 50% gab. Someone in their 60s, in another company, might pay $504, while at Lincoln they’ll receive an almost identical product for $211. TermAccel premiums are below the industry average. If you’re older Lincoln is substantially cheaper than the competition.

Performance

4.5/5
With almost 120 years, Lincoln has a great standing with most major credit firms and business auditors. It really does live up to that great man’s name.

Financial ratings

Lincoln has a solid financial rating and performance, which isn’t too surprising as they offer a wide variety of financial-related products.

  • S&P Rating: AA- – Very strong
  • A.M. Best Rating: A+ – Excellent
  • Moody’s: A1

Customer reviews

4.5/5
Lincoln Life fell a bit short when it comes to J.D. Power's rating, coming in just below the national average.

Customer ratings

Lincoln has good customer reviews, yet J.D. power ranked them just below the national average as far as life insurance companies. On the Better Business Bureau, Lincoln life has a rating of A-.

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