4.7 / 5

Lincoln Financial Life Insurance Review

Lincoln Financial offers a no-medical exam term life policy with quick decisions and affordable rates for shoppers of all age ranges.

Lincoln Financial

OVERALL

4.7

THE GOOD

    Affordable for older applicants

    No-med option available

    Very fast turnaround

    Benefits marijuana users

THE BAD

    Expensive permanent policies

    Few online tools

THE BOTTOM LINE

When it comes to low costs, speedy underwriting, and the option to avoid medical tests, Lincoln Financial has the competition beat. Younger shoppers (mainly applicants below age 60) can receive a decision within days, not weeks, and pay industry-low prices for their coverage of choice.

For our reviews, we rate carriers based on our recommended term life product. In this case, that’s Lincoln Financial’s TermAccel plan.

Disclaimer: Lincoln Financial is a current partner of Policygenius. We are an online marketplace that offers insurance policies from many of the nation's top insurers, who pay us a commission for our services. However, all editorial choices are made independently. Learn about our editorial standards and our methodology.

Policy Details

Availability of such options as term length and no-med-exam availability.

6.8

Price

Average monthly premium cost for a predetermined applicant profile and common health conditions.

10.0

Financial Confide...

Satisfaction from consumer sentiment institutions and complaints to state insurance boards.

8.6

Third-Party Ratings

Satisfaction from consumer sentiment institutions and complaints to state insurance boards.

6.5

Customer Experience

Ease of use, convenience, online tools, and availability.

6.6

All set to shop?

The Details

The Good

Affordable for older applicants. Life insurance gets more expensive the older you are when you apply. With that in mind, Lincoln’s TermAccel term life policy is a superb option for people in their 40s or 50s thanks to prices below industry averages. 

No-med option available. Lincoln’s TermAccel policy does not require a medical exam if you meet certain requirements — mainly, if you don’t use tobacco. Additionally, there’s no med-exam when renewing your term policy or converting to a permanent one. 

Very fast turnaround. TermAccel uses accelerated underwriting, meaning most policies get approved within days, not weeks. This makes Lincoln Financial one of the fastest ways to apply for life insurance in the industry.

Benefits marijuana users. For people with low-level health conditions or habits, including marijuana users, Lincoln offers better rates than the competition.

The Bad

Expensive permanent policies. Most other Lincoln offerings are quite pricey, especially for younger applicants. The permanent life policies are especially cost-prohibitive for most people.  

Few online tools. If you were hoping to educate yourself on life insurance, speak to a live representative, or simply receive a personalized quote you won’t be able to on Lincoln’s website.

The Breakdown

Policy Details

Availability of such options as term length and no-med-exam availability.

6.8

Lincoln Financial has term and permanent life insurance policies available. 

Their TermAccel term life product provides level premiums and accelerated underwriting, so potential policy owners can attain coverage quickly without the need for a medical exam. 

Meanwhile, LifeElements is a straightforward term life policy, though it will require a med exam. 

Permanent life insurance policies include a variety of universal life products. There are no whole life policies available from Lincoln Financial.

Term life insurance

Of Lincoln Financial’s two term life products — TermAccel and TermElements — we recommend TermAccel for shoppers because it boasts a speedy approval process and often requires no medical exam.

Lincoln TermAccel

TermAccel uses accelerated underwriting, so decisions are very fast — only two days of waiting, on average. Unless you’re a tobacco user, there’s no need for a medical exam.

Policy FeatureTermAccel
Eligible ages18 to 60
Term lengths10-, 15-, 20-, or 30-year terms
Coverage minimum$100,000
Coverage maximum$1 million

It’s important to note that tobacco users over 50 years old are not eligible for 30-year terms. For non-tobacco, it’s 55 years. If you enjoy using tobacco regularly, you may have to schedule a medical exam.

Marijuana users can benefit from this policy, but only if the policyholder gains no income from a marijuana-related industry.

Available riders

  • Accelerated death benefit. This pays out part of the death benefit if the policyholder becomes terminally ill and has six months left to live. There is a one-time charge if this rider is used.

  • Children’s term rider. For an extra cost, provides level term coverage for all children of the policyholder, up to $15,000 per child. There’s no additional charge per child.

  • Waiver of premium benefit. Also for an additional cost, this rider waives premium payments if the policy owner becomes totally disabled.

Temporary coverage

Policyholders can receive up to $500,000 temporary coverage during the time of underwriting.

Policy conversion

TermAccel customers can convert to a permanent whole life policy before the end of the term limit, or before the policy owner turns 70, whichever comes first.

Rate reconsideration

TermAccel customers do not have the option to reconsider their premiums. To improve a health rating on an existing policy, you’ll need to apply for a brand new policy.

Lincoln LifeElements

LifeElements is a standard term life policy with the same term lengths, temporary coverage amount, and available riders as TermAccel. 

Like TermAccel, it’s possible to waive the medical exam, though there is a caveat — you’ll need to apply through Lincoln’s LincXpress app and you can only apply for up to $1 million of coverage. 

After the third year of your term, you can reduce your death benefit if you need to.

Policy FeatureLifeElements
Eligible ages18 to 80
Term lengths10-, 15-, 20-, or 30-year terms
Coverage minimum$250,000
Coverage maximumVariable

Policy conversion

Your coverage can continue after the term’s end, but the death benefit decreases. In some cases, the premium will remain the same for the next three years — after that, it increases annually. In other cases, premiums will increase after the coverage amount decreases.

Otherwise, like with TermAccel, policyholders can convert to a permanent whole life policy before the end of the term limit, or before the policy owner turns 70, without taking a medical exam. 

Rate reconsideration

After a year, you have the option to lower your premiums if your health improves. The newly reconsidered rate is based on the original age you applied. Lincoln pays for the medical exam.

Permanent life insurance

Lincoln Financial offers several universal, indexed universal, and variable universal policies that build cash value over time. Some are connected to a stock option. There’s also a “survivorship” product that covers two people under the same policy.

These types of policies are often confusing, very pricey, and a pain to deal with, to the point that they’re not worth the hassle.

We generally do not recommend them unless you have complex finances. Due to the high costs involved, we advise you purchase a regular term life insurance policy and look into other investment options instead.

Learn more about how universal life compares to other policy types.

Lincoln LifeGuarantee Universal Life Details

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A universal life policy with a flexible guaranteed premium, as well as a flexible death benefit. This means you can choose how much you pay, when you’ll pay, and how much your coverage amount will be, all depending on your financial situation.

This policy is not available in New York.

Lincoln LifeGuarantee Survivorship Details

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A “survivorship” universal life policy that covers two people, under the same coverage. It pays out upon the death of the second covered person, with premiums that are flexible and guaranteed to stay level. The amount of the death benefit, amount and frequency of premium payments, and length of the policy period are all flexible.

This policy comes with a Coverage Protection Guarantee (CPG) rider that ensures coverage continues even if the cash surrender value is insufficient to cover charges. There are other factors involved that can affect the CPG’s duration.

Complications aside, these policies only work under a very specific set of circumstances, and won’t be the best option for most people.

-> Learn why survivorship universal life insurance may or may not work for you.

Lincoln Indexed Universal Life Details

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Lincoln Financial offers two indexed universal life products, WealthAccumulate IUL and WealthPreserve IUL.

WealthAccumulate IUL is a standard indexed universal life policy, with a cash value component tied to S&P 500 market index performance.

WealthPreserve IUL is the same thing, but with guaranteed death benefit protection that lasts up to 40 years or to age 90. The policy's interest rate is guaranteed to never go below 1 percent, so you’ll always earn positive interest.

Versions of these policies are available in New York.

Lincoln Variable Universal Life Details

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Lincoln VUL One
A variable universal life policy that has a guaranteed death benefit, no matter how the market performs, although it is automatically rebalanced and investment options are limited to the right-to-examine period.

There’s also the chance you can stop paying premiums, if the policy's cash value reaches a certain threshold.

This policy is not available in New York.

Lincoln AssetEdge VUL
Aside from S&P 500 options, this policy emphasizes an Income tax-free death benefit and the potential to replace income through policy loans or withdrawals. That basically means you’ll be borrowing from your death benefit, but only if it reaches past a certain threshold.

Includes optional accelerated benefits and waiver of premium riders.

There is also a version of this policy aimed towards executives for protecting their business. Neither policy is available in New York.

Lincoln SVUL One
Another survivorship policy, this provides a guaranteed death benefit for two people upon the second death, regardless of investment or market performance. It offers similar flexibility as the rest of the universal policies, and if your cash value reaches a particular threshold, you can stop paying premiums early or access the excess funds for income.

-> Click here to learn more about life insurance with investment components.

Price

Average monthly premium cost for a predetermined applicant profile and common health conditions.

10.0

Lincoln Financial’s accelerated term life solution, TermAccel, is a superb option if you’re below the age of 60, or if you’re in relatively healthy shape and looking to shop early.

Here’s a sample rate based on a healthy male applying for a $500,000, 20-year policy:

AgeLincoln AverageIndustry Average
20s$24.22$27.00
30s$26.35$30.37
40s$55.78$60.76
50s$136.17$151.54
60sN/A$493.98

Rates current as of September 2021, according to Policygenius data.

TermAccel monthly premiums are well below the industry average for every age group. If you're older or younger, Lincoln is substantially cheaper than the competition. 

In particular, those in their 50s will pay very competitive rates compared to the competition. That’s impressive because term life policies with accelerated underwriting — at this price range, for those age groups — are pretty rare. 

Unfortunately, those over the age of 60 are not eligible for TermAccel and must shop for another policy. 

Read more about life insurance for seniors. 

Marijuana users in particular will benefit from a TermAccel policy since Lincoln treats that particular cohort as a non-tobacco class, which is a rare position among life insurance carriers.

Since there’s no penalty for using marijuana, anyone who fits into this group will pay better rates compared to the competition.

Lincoln AccelTerm is also best for the following groups:

People who live in California, Illinois, Louisiana, and Maine should consider TermAccel as well since there are no other major life insurance products with accelerated underwriting available in these states.

Read more about how where you live can affect your life insurance policy.

Potential applicants with more complicated medical histories, such as diabetes, cancer, and HIV/AIDS are more likely to be denied a TermAccel policy. In that case, Lincoln Financial has an alternative term policy in its LifeElements product, although that will require a medical exam.

Financial Confidence

Satisfaction from consumer sentiment institutions and complaints to state insurance boards.

8.6

To gauge trustworthiness, we look at ratings from the top credit firms in the industry, which measure the financial stability of a carrier. Essentially, they predict a company's ability to pay out when it’s time to file a claim. 

With high ratings, over a century in business, and several million customers with active policies, shoppers should feel confident choosing a policy from Lincoln Financial.

Here's how Lincoln Financial stacks up:

  • Year founded: 1905

  • A.M. Best: A+

  • Moody’s: A1

  • Standard & Poor’s: AA-

A.M. Best, which specializes in the insurance industry, gives Lincoln Financial an A+ grade (effective November 3, 2021), one of the best ratings possible. Carriers with a B grade or lower are more vulnerable to risk.

Moody’s scores Lincoln Financial an A1, making it a stable, financially strong company. Companies with an A rating and above are subject to low credit risk. 

Standard & Poor’s grades Lincoln Financial an AA-. That means their ability to meet financial obligations is considered very strong. Companies are rated on a scale from AAA to D. The higher the rating, the more likely a company is to pay its debts.

Third-Party Ratings

Satisfaction from consumer sentiment institutions and complaints to state insurance boards.

6.5

Unfortunately, there aren't many customer reviews available despite Lincoln Financial’s age. Fortunately, the one third-party rating we do have is fairly positive.

  • Consumers Advocate: N/A

  • Consumer Affairs: N/A

  • NAIC complaint index: 0.26

The only available score is from the National Association of Insurance Commissioners (NAIC), an organization of insurance regulators that tracks the amount of complaints sent to state insurance departments. Its complaint index reveals how many customers have filed grievances, with a score of 0 meaning there weren’t enough to track, and a score of 1 representing the baseline average. Lincoln Financial’s low score of 0.26 means the NAIC has barely received any complaints.

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Customer Experience

Ease of use, convenience, online tools, and availability.

6.6

Your personal experience with Lincoln Financial will differ, but for the most customers will speak with an agent over the phone to apply. 

You’ll find easy-to-read policy information on Lincoln Financial’s website, and a coverage calculator, but not much else. There’s no online quote tool, live chat option, email contact, or much else in the way of digital tools. 

For TermAccel, you must apply through Policygenius.

Application process

TermAccel applicants, unless they use tobacco, won’t have to contend with labs or exams. Instead, they answer basic medical questions, go over medical, prescription, and insurance histories, and figure out the best options with a licensed Policygenius expert over the phone.

Turnaround time

It takes two to three days to make a decision for TermAccel customers. That’s really speedy. On average, life insurance policies take around six weeks from application to active policy.

Policy delivery

Lincoln Financial customers receive their policies electronically.

More information

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State availability

Lincoln Financial products are available nationwide, but TermAccel is not available in New York.

Change method

Name and address changes are done by filling out and printing, faxing, emailing or mailing forms available on the Lincoln website.

Payment methods

Lincoln has an online account page where you can connect a bank account and pay your bills automatically. You can also request direct billing.

Digital tools

Not much. A coverage calculator, an online account page with a payment portal, and an online claims service.

Claims documentation

You can file a claim online using Lincoln’s iClaim service. Input your personal information, policy number, and fill out a form and you’ll receive a claim package within five business days.

Frequently Asked Questions

Does Lincoln Financial offer online quotes?

There’s no online quote tool on Lincoln’s website, but you can receive one through Policygenius. TermAccel and LifeElements applicants can also receive a personalized quote by calling a Policygenius agent.

Do I need to take a medical exam?

For TermAccel, you can skip the medical exam if you haven’t used tobacco, or been convicted of a DUI or distracted driving in the last five years. Motor vehicle violations in the last three years and felony convictions in the last seven years will also disqualify you from waiving the med-exam. Hazardous sports players will also need to take a med-exam.

What are the main health conditions that Lincoln Financial covers?

Lincoln Financial’s TermAccel policy is aimed at shoppers with less complex health histories, or those with low-risk conditions and habits such as marijuana use. Higher-risk individuals should look into alternatives such as Lincoln’s LifeElements term life policy.

Policygenius offers insurance policies from many of the nation's top insurers, who pay us a commission for our services. However, all editorial choices are made independently.