Competitive underwriting for people with complex health histories. Many people think that chronic health conditions mean they won't qualify for life insurance. This isn't the case - they just need to choose the right company. Some companies are more lenient when providing competitive pricing for people with health conditions, and Lincoln is among the best for a range of conditions.

Below-average cost for older applicants. Life insurance gets more expensive the older you are when you apply, and there's no getting around it. However, Lincoln is a good option for older applicants; for those in their 50s or 60s, Lincoln's prices are below industry averages.

More expensive for younger, healthier applicants. On the other hand, Lincoln is typically more expensive for younger applicants. If you're in your 20s or 30s trying to lock in low life insurance rates, your search may take you to another company.

Policy changes require phone calls. Though applying for a Lincoln Financial policy can be done online with Policygenius, Lincoln requires changes to the policy - like updating beneficiaries - to be done offline, which may not be convenient for some shoppers.

When should you buy life insurance? It's a question every would-be shopper has to ask themselves. Life insurance is best for people who have people who depend on their income - married people or those with children.

But life insurance gets more expensive as you age, so it can be a good idea to shop while you're younger, before you have many financial obligations, so you can save money in the long run.

If you're looking to shop early, Lincoln Financial may not be the best option. It's a little more expensive than the average for people in their 20s, 30s, and 40s - and even a couple of dollars a month can add up over 20 or 30 years. On the other hand, if you're older, Lincoln is typically cheaper than competitors.

Sample quotes for a healthy male applying for a $500,000, 20-year policy. Rates current as of September 2019.

Who else is Lincoln good for? Those with a complex health status. Different life insurance companies take different health conditions like diabetes, cancer, and tobacco use into account when setting the cost of a policy. Lincoln Financial provides competitive rates across a range of health conditions, making it a good first option for less-than-healthy applicants.

• Excellent - Above average; company provides excellent coverage for clients with this condition.
• Good - Spot on; company doesn’t look at this condition unfavorably in underwriting.
• Fair - Could use some work; clients with this condition may be issued a lower health rating, and subsequently higher rates than other insurers.

Which life insurance company should you choose? While the lowest option is usually the best, you should also feel comfortable giving a company your business and trusting that they'll be around to protect your loved ones for decades to come. Here's how Lincoln Financial stacks up:

• Number of policyholders: 8,600,000
• Year founded: 1905
• Standard & Poor’s: AA-
• Moody's: A1
• A.M. Best: A+

Ratings from these firms measure the stability of the carrier - essentially a prediction of a company's ability to meet their financial obligations. High ratings, over a century in business, and several million customers mean that shoppers should feel confident choosing a policy from Lincoln Financial

Highest ratings from each firm are:

• Standard & Poor’s: AAA
• Moody’s: Aaa
• A.M. Best: A++

It's important to know what experts think about life insurance companies - but it's also good to know what actual customers and consumer sentiment sites are saying, too.

AIG has above average customer ratings across the board. While they falter in some areas, like J.D. Power's overall satisfaction score or the NAIC's complaint index, keep in mind their large customer base and the fact that a vast majority of customers are largely satisfied.

• J.D. Power: 3 / 5
• BBB: A+
• Consumer Affairs: N/A
• Consumers Advocate: N/A
• NAIC complaint index: 0.59

J.D. Power's overall satisfaction score, "based on how individual life insurance clients rate their overall experience with the provider", is reflected here and used for our ranking, but the company measures several other areas in their consumer sentiment surveys.

The Better Business Bureau (BBB) ranks companies based on factors like complaint history, government action taken against the company, and transparancey practices. Customers can also review companies on the BBB platform.

The National Association of Insurance Commissioners tracks the number of complaints submitted to state insurance departments with their national complain index. A score of 1 is the baseline average, and a score of 0 means there weren't enough complaints to count. Lincoln had an impressive score of 0.59, made even more impressive by the large number of policyholders.

Lincoln Financial is not currently reviewed by Consumer Affairs or Consumers Advocate; they were not included in our carrier rating.

Term life insurance

Term life insurance lasts a set number of years before expiring. It's in effect during the most important times, when you're covering the costs of a mortgage and raising children, and you can stop paying when you don't need it. It's typically 8-10 times cheaper than a permanent whole life insurance policy.

LifeElements

Lincoln Financial's LifeElements is a straightforward term life policy that lacks some common term lengths and has a higher-than-average starting coverage amount, but should work for most people.

Policy conversion
The policy is convertible until the earlier of the end of the term or to age 70.

Available riders

• Accelerated death benefit - If you've been diagnosed with a terminal illness with less than six months to live, you can access up to 50% of the policy death benefit (up to a maximum of $250,000).
• Child protection rider - Provides life insurance coverage for all eligible children (ages 15 days - 18 years old) for policyholders age 18-55. Maximum available coverage of $15,000. Coverage ends on the child's 25th birthday.
• Disability waiver of premium - If you become totally disabled, the premiums will be waited until age 65 or to the end of the policy term (after a waiting period of four months).

Note: The information above represents potential policy options and may not be available for every applicant. Speak to a licensed expert for a personalized look at your coverage options.

Lincoln Financial provides a solid customer experience, but shoppers looking for availability of online tools after the policy becomes active may find it lacking.

Application process

State availability

Lincoln's term life insurance policy are available in all 50 states.

Application length

The application length for Lincoln is below average.

* Based on standard application. Additional forms may be required.

Turnaround time

Lincoln has a slightly longer than average turnaround time from application to active policy.

Change method

While Lincoln can deliver its policies electronically, most changes to a policy have to be done over the phone.

• Online: Policy delivery
• Phone: Update address, update payment, update beneficiaries
• Mail: Canceling policies

Payment methods

Lincoln allows different payment methods depending on your scenario. Checks are accepted in every case; credit and debit cards are accepted only for first payments, and bank drafts are only used for policyholders paying monthly.

Policy delivery

Final policy delivery is available electronically.

Claims documentation

Lincoln requires the following forms to be submitted to claim a death benefit:

• Online notification of death form
• Claims form
• Death certificate

Additionally, some cases may require the following forms:

• Distinctive payee form
• Foreign death questionnaire