Lincoln National is one of the most reputable and outstanding companies in the life insurance marketplace. It’s actually a subsidiary of Lincoln Financial Group if you were wondering about the logo above. The company is well respected by the professionals in the insurance and financial advisory fields. On top of that, it was actually endorsed by the son of the great President Abraham Lincoln upon its founding and till this day still bears the face of President Lincoln on their logo. They offer a wide range of life insurance products with aggressive underwriting for high-risk cases. We are going to cover everything you need to know in this article but if you’re short on time then we compressed the information right below.
In Summary, here is what you need to know about Lincoln National Life:
- They are very reputable with a strong A+ rating from A.M. Best and been around since 1905.
- The products that they offer for life insurance are fixed rate term life and permanent life usually Universal Life.
- Their term life insurance is convertible and renewable with a built in rider to provide cash while you’re dealing with a terminal illness.
- For their permanent plans you have the option to get a pure protection plan with affordable rates or a plan with an option to build cash value for retirement.
- Their premiums are very competitive and we would know since we work with over 30 companies.
- They offer plans through agencies like ours and don’t work directly with consumers.
- One of the best companies to go to for high-risk cases and cigar smokers.
- They do phone interviews and electronic applications for faster processing times. In addition to that, they offer a no exam option for those that qualify.
Company
When it comes to the overall company value, strength and financial stability not many can compete with the mighty Lincoln National. The company holds the 25th position on Fortune 500 list by its assets. Lincoln National also has an A+ rating (2nd highest of 16) from A.M. Best, which is an agency that rates all the insurers in the U. S. If that wasn’t enough the company has $228 billion dollars under management at this time.
So based on financials Lincoln National is not going to have an issue paying out a claim. But that’s not all, this company has been around for over a 100 years which is remarkable since 95% of all companies that are started close down within first 5 years. This company has a long history and has been through both World Wars and to top it, even survived the Great Depression.
Now you may be wondering if Abraham Lincoln started the company, the answers is “No”, but he was definitely the inspiration behind it from the logo to the company’s core values. Here is a snippet from their site:
“In 1905, a group of Fort Wayne business leaders came together to create a life insurance company based on dependability, honesty and service. Named after our nation’s greatest leader, our company has excelled for over a century at turning challenges into new opportunities for growth and protection—for Americans and America.”
Plans
Lincoln National offers a great term insurance plan called “Lincoln LifeElements Level Term” and variety of Universal Life Plans. The one we usually recommend is their “Lincoln LifeGuarantee UL.”
Lincoln LifeElements Level Term
This is a fixed rate term life insurance plan which means that your premium payment is locked in for the duration of the term which varies from 10, 15, 20 or 30 year options. The longer the term period you choose the more the policy will cost since the risk of dying goes up with time. After the term period, the policy will not simply disappear but rather turn into an annual renewable term which means you can renew it every year but the rate will go up every time.
This plan also offers some flexibility since you can convert your term policy to a permanent life insurance plan without any medical questions or an exam. This is great especially for someone who becomes uninsurable due to an illness. The key thing to keep in mind though is you can only convert before the term expires or you reach the age of 70, whichever comes first.
Besides providing a large sum of money to your family in the event of death this plan also has additional features which are built in or are available for an additional fee.
Accelerated Benefits Rider – a build in feature in the plan for no extra cost that will allow you to get some of the death benefit as cash in the event you are terminally ill with 12 months or less life expectancy.
Child Rider – an option to get life insurance for your kids under your policy. This option does cost more but the best part is that you pay the same amount regardless of how many kids you insure.
Waiver of Premium – this option allows you to get your life insurance premiums paid by the insurer in the event you become disabled.
Lincoln LifeGuarantee UL
If you’re looking for a fixed rate lifetime coverage then this is a fabulous option. This is a guaranteed universal life plan which provides protection until age 121 with a fixed payment. When it comes to the permanent type of life insurance this is by far the best choice for people looking for a pure protection product that will definitely pay out at one point or another, unless of course you found the fountain of youth(if so please share with us).
Although this plan doesn’t accumulate savings as other cash value permanent plans it does have some investment element to it. Just like all permanent types of life insurance, there is a cash value accumulation which under good market conditions can accumulate to decent sum typically after 5 or 10 years of premium payments. This money is available to you if you ever need to make a withdrawal for emergencies or important purchases.
It also comes with all the options like their term plan but with a few more.
Minimum Death Benefit Endorsement – a free benefit that guarantees your family will not get anything less than the death benefit you’re insured for regardless of how your policy performs.
Accelerated Death Benefit for Chronic and Critical Illness – this is an additional option on top of the accelerated death benefit for terminal illness. This will allow you to tap into your death benefit while living if you have one of the chronic or critical illness.
Guaranteed Insurability Rider – is an option to get your policy amount increased anytime in the future without any questions asked. This is a great option but does come with additional cost.
Spouse Term Rider – available at an increased premium which allows your partner to get a policy under yours.
Underwriting
Being an independent agency, one of our many specializations is working with high-risk cases that most companies would turn down. From our experience, Lincoln is definitely on the top ten when considering people with high-risk conditions or occupations. For instance, a lot of veterans come to us after being turned down for PTSD and we usually try out Lincoln National with great success. They are also great for other mental health issue, cancer survivors and even offer non-smoker rates to occasional cigar users.
Lincoln National really tries to make an offer on every case that is submitted. Even if the offer is higher it is still valuable to our clients since otherwise, they would go without life insurance.
The application process is pretty similar to any other companies with few improvements that have been made. Lincoln National allows electronic applications that can be signed with an e-signature. This allows for faster approval times and if you qualify to skip the exam then you can secure a policy in few weeks. Although a true no exam plan gets issued instantly or within 72 hours. It would be great if Lincoln added a simplified issue product to their line for the individuals that have busy lives.
Service
Most top life insurance companies have okay service but Lincoln National exceeds in that department too. You can have an online login to manage your billing options, view your policy details and request certain changes. If you need live support their customer service reps are knowledgeable and always ready to help.
Work with Us
As you can tell Lincoln National is overall a wonderful company with many great products, but when it comes to life insurance you should always shop around to get the best deal. Here at InsureChance we work with over 60 top rated life insurers to find you the best rate and plan based on your individual circumstances. In addition to that, we offer lifetime support if you ever need to make changes to your policy, have questions or simply want to say hello. If you’re interested in securing a policy with Lincoln National or would like to shop around, simply select the options on our side quoter or call us at 888-492-1967. Welcome to InsureChance!
