Lincoln Financial Life Insurance Review
An Indepth Review of Lincoln Financial
Shopping for life insurance is one of the toughest things to do because of the extensive range of options available in the market. That ends up making things confusing, and therefore, it is recommended that you thoroughly and properly research about the life insurance company before buying its policy. You must look at the overall track record of the company, their range of products, their financial ratings, customer service record and their history in the industry.
It can be hard work, but then buying life insurance is an important investment that will affect you and your family for the rest of your lives. So, it makes sense that you go about things properly to make better informed decisions. That is what we try to do with our insurance company reviews as we cover the leading insurance companies in the market, along with their records, history and products.
Today, we are going to be reviewing Lincoln Financial Life, which has been named after the most famous U.S. President Abraham Lincoln. The company has an impressive public image, and has been around for over a century in the industry. Their ratings are great, and they also have excellent financial strength and customer service ratings. The company offers insurance and financial products at affordable rates, and has a positive track record in paying out policies to insurers. Here is our in-depth review of Lincoln Financial Life Insurance company.
Founded in 1905 in Fort Wayne, Indiana, Lincoln Financial Group was originally named as Lincoln National Life Insurance Company. It is still a part of the subsidiary companies that operate with the Lincoln name. The company is named after U.S. President Abraham Lincoln, and it was the son of the President Lincoln, Robert Todd Lincoln, who gave permission, along with a picture of his father to the founders of the company, to use the Lincoln name and image for their company brand.
The founders of Lincoln Financial chose the name as they wanted to represent integrity, and the company played a part in the grand opening of the Lincoln Museum in Fort Wayne. They also donated $20 million collection on Lincoln’s 200th birthday to the state of Indiana. The impressive products of the company brought immediate results, and Lincoln Financial reached $1 billion in assets, and became the ninth largest life insurance company in the United States by 1955.
Lincoln National Cooperation was created in 1968, and in the process, became a part of the first insurance holding companies in the United States. The company shifted its headquarters in 1998 to Philadelphia, and from 2002 Lincoln Financial has acquired the naming rights of the Philadelphia Eagles stadium. The company merged with Jefferson Pilot Financial in 2006, which elevated it into one of the biggest financial services companies in the United States.
Lincoln Financial has won countless awards and accolades over the years, and the company was named multiple times by World Finance Magazine to be the Best Life Insurance Company in the United States.
Lincoln Financial is a Fortune 500 company, and ranked at number 205 in the 2018 Fortune 500 list. The company has total assets worth more than $400 billion and sells life insurance and annuities to individuals in the United States. It also operates a substantial employee benefits service, which includes accident, critical illness, vision, disability, and dental insurance.
The company has several subsidiaries operating under their name, with the biggest ones known as:
- Lincoln National Life Insurance Company
- Lincoln Life & Annuity Company of New York
- First Penn-Pacific Life Insurance Company
- Lincoln Financial Distributors
- Lincoln Financial Advisors
They also offer investment and retirement planning advice, along with their insurance products. It is safe to say that Lincoln Financial Group is one of the biggest and best rated companies in the United States, and its subsidiaries, are also highly rated. The business operations of the company are divided into separate divisions, which include life insurance, group protection, retirement plan services, and annuities. The company donates more than $10 million annually to different communities as well.
Financial Stability and Customer Service Ratings
Lincoln National Life Insurance Company has very strong financial ratings and an impressive track record formeeting financial obligations and paying out claims. The BBB has given them an ‘A+’ rating, and Lincoln has acquired ‘A’ (excellent) ratings from all 4 major independent insurance ratings agencies in the United States. The ratings given to Lincoln Financial Group are:
- A.M. Best rating — “A+, Excellent”
- Standard & Poor’s rating — “AA-”
- Fitch – “A+”
- Moody’s – “A1”
Lincoln Financial Group has won numerous accolades and awards over the years and has featured prominently on the list of ‘100 Best Companies to Work for in the United States’. Lincoln has won universal place for introducing diversity in the workplace, and the company won the Corporate Angel award for offering free travel to cancer patients.
Lincoln Financial Life Insurance Coverage
The core strength of Lincoln Financial Group has always been life insurance, and it offers an extensive range of products designed for individuals and workplaces in the United States. The company also offers retirement plans, annuities, executive bonus plans, and retirement and investment products as well. The major life insurance products offered by Lincoln Financial include:
- Term Life Insurance
- Universal Life Insurance
- Indexed Universal Life Insurance
- Variable Universal Life Insurance
The great variety in insurance products offered by Lincoln Financial, ensures that there is something for everyone when it comes to life insurance.
The term insurance product offered to you by Lincoln Financial has two different classes:
- Lincoln TermAccel®
- Lincoln LifeElements®
· The TermAccel®
This product is perfect for children, as it doesn’t require any medical exam, and is offered within 2 days. You can get around $500,000 in coverage if you’re under 50 years old.
· The LincolnLifeElements®
This is another great product, and is perfect for older people. They can easily acquire coverage of $500,000 with quick approval.
- Universal & Indexed Universal Insurance
There are a lot of different options offered by Lincoln Financial when it comes to permanent insurance. This includes universal and indexed universal insurance products. Here are some of the options offered:
- Lincoln LifeGuarantee® UL
- Lincoln LifeCurrent® UL
- Lincoln LifeReserve® UL
- Lincoln LifeReserve® Indexed UL Accumulator
- Lincoln WealthAdvantage® Indexed UL
- Lincoln WealthPreserve® Survivorship Indexed UL
Every life insurance policy offered by Lincoln, comes with its own specific benefits, which include estate planning and wealth preservation solutions, level premiums, and guaranteed death benefits. The indexed policies allow cash value growth, since they are linked to market indices.
- Variable Universal Insurance
The variable universal insurance policy is perfect for people, who are willing to get a risky policy, but stand to win outstanding gains for the rest of their life. There are plenty of options offered by Lincoln Financial in its variable universal insurance products, which include:
- Lincoln AssetEdge® VUL
- Lincoln AssetEdge® Exec VUL
- Lincoln VULONE
- Lincoln SVULONE
- Lincoln PreservationEdge® SVUL
If you’re looking for cash value build-up and higher risks that offer greater returns, then these variable universal insurance policies are perfect.
The SVUL policies come with a survivorship option, which means they can cover two people at the same time. You also get wealth preservation, legacy planning, and estate planning tools with the policy.
Other Products Offered by Lincoln Financial Life Insurance
One of the best things about Lincoln Financial is that it offers an extensive range of life insurance products for people and organizations in the United States. Here are some of them:
- Vision Insurance
- Term life insurance, with dismemberment and accidental death coverage
- Short Term Disability Insurance
- Long Term Disability Insurance
- Dental Insurance
- Critical Illness Insurance
- Accident Insurance
There are also different insurance riders that can be added to the policies to make them even more beneficial for policyholders. These include child term life rider and a waiver of premium rider that are offered with an additional fee on request.
There is also a terminal illness accelerated death benefit rider that is included automatically and pays out a part of the death benefit to policyholders that are diagnosed with a terminally ill disease, and are likely to die within the next 6 months.
Ø Lincoln MoneyGuard II
One of the best products offered by Lincoln Financial must be the Lincoln MoneyGuard II, which is a hybrid long-term care insurance policy offered in most states, including California. People in New York are offered the Lincoln MoneyGuard Reserve product.
The best thing about long-term care insurance products is that they offer periodic income benefits that can be used to pay for long-term care costs. These can include costs related to hospice, respite care, nursing homes, assisted living facilities, adult day care centers, and in-home care.
MoneyGuard II is a long-term care life insurance policy that offers a death benefit to beneficiaries and an income benefit for long-term care costs. This is an extremely beneficial product, because living conditions have improved dramatically over the past 10 years, and people are living longer, which means the need for long-term care solutions has also increased.
Anyone that becomes eligible for the income benefit will get their benefits after the elimination period of the insurance policy. Once that period is completed, you will acquire tax-free income benefits to pay out any long-term care expenses, until the benefit period expires or you recover.
Here is what you stand to gain from MoneyGuard II:
You can choose from flexible premium universal life insurance or single premium universal life insurance.
- No elimination period for policy
- Couples receive discounts
- For people aged 40 to 79
- Guaranteed fixed premiums
- Two options offered for return of premium
- Benefit periods last from 5 to 7 years
- Inflation protection riders for 0%, 3%, and 5% compound growth
- Basic and vested
Lincoln Financial Group offers other annuity, retirement planning, and investment products that are designed to offer the maximum benefit to people in the United States.
The Bottom Line
There are very few life insurance companies that are more respected than Lincoln Financial Group in the United States. The company has more than a century of experience under its belt and has managed to keep an exceptional track record for delivering high-quality products and services to people. It has very strong financial ratings and is consistently ranked among the largest and best run financial and life insurance companies in the United States.
Anyone looking for life insurance or financial products can easily find great policies at Lincoln Financial Group. It is advised to still conduct thorough research about the products and services offered by a life insurance company and compare different policies to find the ones best suited for you.