Name: Lincoln Financial Life Insurance Review
Item: Lincoln Financial
Rating: 5
Author: Policygenius

Overview

Lincoln Financial Group, an A+ rated company founded in 1905, has some of the most competitive underwriting tables for a variety of health conditions, making them the best life insurance for some with substandard medical profiles. They also have a deep selection of riders to help you personalize your policy.

Financial Strength

Founded: 1905
Policyholders: 8,600,000
A.M. Best: A+
BBB Rating: A+
J.D. Power: 2 of 5

Finding the best rates

Each insurer approaches health conditions differently. One insurer might ignore a heart attack from a few years ago, whereas a different insurer might rate you as a higher risk for the same thing. Here are the details of how Lincoln Financial treats a variety of common health conditions from an underwriting perspective.

Pricing for health conditions

HEALTH CONDITION	PRICING
Survivor/Family History	Excellent
Recent Weight Loss	Excellent
Heart Attack	Good
Diabetes	Excellent
Sleep Apnea	Excellent
Former Tobacco Use	Excellent
High Blood Pressure	Fair
High Cholesterol	Good

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.

Compare Lincoln Financial to other top carriers

Find head-to-head comparisons of Lincoln Financial and other top-rated life insurance companies to help you make the right decision.

Lincoln Financial Company Details

Lincoln doesn’t allow customers to change any of their information online, making them a tough sell for people who hate paper forms and customer service calls. For everyone else, Lincoln offers competitive underwriting on a range of health conditions and a wide selection of riders to personalize your coverage.

How's the application process?

Carrier review 5 star ratings

Pros

Electronic application
Faster than average application approval (20 days)
Policy delivery by email

Cons

Application form longer than average

How's the customer service?

Carrier review 4 star ratings

What you can do online

N/A

What you can’t do online

Updating beneficiaries requires paper forms
Changing payment info requires paper forms
Policy cancellation requires paper forms
Changing address requires a phone call

Lincoln Financial Term Life Plan Details

Common features

This policy, like all term life policies offered on our site, provides life coverage for a specific period of time (the term). The key features of this policy are standard across all the term policies we offer:

Level premium - which means the cost of the policy (the premium you pay) is fixed for the entire term of the policy. It will not increase during the term of the policy.
Good value - term life policies are significantly less expensive for the same amount of death benefit coverage than permanent life policies.
Regulated - the cost of this term life policy, for a given coverage amount and term, will always be the same for you regardless of who you buy it from. That’s because the policy will be priced based on the underwriting table the insurer files with the state insurance regulator.
No-risk obligation for you - you, as the policyholder, can cancel your policy at any time if you decide you don’t want it anymore. The insurer, however, cannot cancel your policy as long as you pay the premiums on time.
No exclusions - except for suicide during the first two years of the policy (which is standard by law across life insurance policies).
Terminal illness benefit - you can access a portion of the policy’s death benefit while you’re still alive if you’ve been diagnosed with a terminal illness. You might see this referred to as an "accelerated death benefit."
Convertible - which means, if you choose to, you can convert the term life policy to a permanent life policy. The conversion will generally cost you more and is subject to certain conditions.

Cost comparison

Quote for: $500,000, 20-year term life insurance policy for healthy, nonsmoking individuals, in California, monthly premiums

COMPANY	PLAN	MALE - AGE 30	MALE - AGE 40	MALE - AGE 50	FEMALE - AGE 30	FEMALE - AGE 40	FEMALE - AGE 50
AIG	Select-a-Term	$21.11	$30.62	$79.93	$18.08	$28.46	$59.60
AIG	ROP Select-a-Term	$91.21	$150.77	$281.97	$75.80	$124.95	$261.56
Banner Life	OPTerm	$21.44	$32.38	$94.07	$18.19	$26.60	$58.62
John Hancock	Term	$26.95	$34.65	$81.70	$24.20	$34.00	$78.99
Lincoln Financial	LifeElements	$28.44	$38.94	$78.75	$23.63	$30.63	$58.63
Lincoln Financial	TermAccel	$21.00	$29.75	$78.75	$17.94	$25.81	$57.31
Mutual of Omaha	Term Life Answers	$21.66	$33.47	$85.53	$23.41	$28.66	$64.09
Pacific Life	Pacific PROMISE Term	$20.84	$29.59	$77.09	$19.18	$26.68	$61.67
Principal	Term	$22.75	$31.94	$79.63	$20.04	$27.56	$59.24
Protective	Custom Choice UL	$20.37	$28.91	$76.82	$17.93	$25.25	$55.75
Protective	Classic Choice Term	$20.21	$28.38	$75.68	$17.63	$25.94	$55.47
Prudential	Term Essential	$34.20	$43.65	$88.65	$27.90	$38.70	$76.95
Prudential	Return of Premium Term	$101.00	$143.62	$291.99	$88.12	$130.04	$253.37
SBLI	Level Premium Term	$21.32	$40.05	$96.06	$24.48	$34.71	$65.87
Transamerica	Trendsetter Super	$22.36	$37.85	$79.12	$18.06	$30.96	$62.78
Transamerica	Trendsetter LB	$24.95	$38.27	$92.89	$20.65	$34.84	$73.11

Competitive underwriting for a range of health conditions
Selection of riders available to personalize your coverage

Annual Payment Discount - 5%
Payment methods available - Check; Auto bank draft (for monthly payments only); Credit and debit card (only for first payment)
Is coverage available without a medical exam? - No
What is the rule for converting the policy? - The policy is convertible until the earlier of the end of the term or to age 70
Is temporary coverage available? - Yes, up to $3,000,000

Riders are additions to your overall life insurance policy that turn a basic life insurance policy into something that covers more circumstances.

Child Protection Rider - Provides life insurance coverage for all eligible children (ages 15 days - 18 years old) in one rider. Available coverage of $1,000 to $15,000 (in increments of $1,000).
Disability Waiver of Premium Rider - If you become totally disabled, the premiums will be waived until age 65 or to the end of the policy term (after a waiting period of 4 months).
Accelerated Death Benefit Rider - If you've been diagnosed with a terminal illness with less than 6 months to live, you can access up to 50% of the policy death benefit (up to a maximum $250,000).
* Accidental Death Benefit Rider - Pays an additional death benefit on top of the base policy’s death benefit if the death resulted from qualifying accidental injuries.

Fast-track eligible. Qualifying applicants who pass a phone health interview may skip the medical exam. Available only for applicants between ages 18-50, for policy amounts between $100,000-$500,000. Available at underwriting classes down to a Table D.
Competitive underwriting for a range of health conditions
Selection of riders available to personalize your coverage
Fast track process for qualifying applicants (including no medical records/APS orders on applications)

Annual Payment Discount - 8%
Payment methods available - Check; Auto bank draft (for monthly payments only); Credit and debit card (only for first payment)
Is coverage available without a medical exam? - Yes, for qualifying applicants, up to $500,000
What is the rule for converting the policy? - The policy is convertible until the earlier of the end of the term or to age 70
Is temporary coverage available? - Yes, up to $1,000,000

Riders are additions to your overall life insurance policy that turn a basic life insurance policy into something that covers more circumstances.

Child Protection Rider - Provides life insurance coverage for all eligible children (ages 15 days - 18 years old) in one rider. Available coverage of $1,000 to $15,000 (in increments of $1,000).
Disability Waiver of Premium Rider - If you become totally disabled, the premiums will be waived until age 65 or to the end of the policy term (after a waiting period of 4 months).
Accelerated Death Benefit Rider - If you've been diagnosed with a terminal illness with less than 6 months to live, you can access up to 50% of the policy death benefit (up to a maximum $250,000).