Lincoln Financial Life Insurance Review

In this article...
  • Determine if Lincoln Financial life insurance is the right choice for you; explore the different coverage options, and find out how they affect your benefits.

Lincoln Financial has a long track record in the insurance industry; this Fortune 250 company offers more than 100 years of experience, high-quality products and solid financial performance. With its easy application process and flexible coverage options, it's an attractive option for both term and permanent life insurance.

About Lincoln Financial

The earliest version of Lincoln Financial appeared in 1905; it was founded in Fort Wayne, Indiana, as the Lincoln National Life Insurance Company. Today, Lincoln Financial is a subsidiary of the Lincoln National Corporation holding company. It sells life insurance through two brands: Lincoln Life & Annuity Company of New York and Lincoln National Life Insurance Company. As a whole, the company is one of the biggest life insurance providers in the United States.

Lincoln Financial prides itself on prioritizing progress over profits. The company employed women in sales positions in the early 1920s, a move that was highly unusual for the time. Officials created one of the first holding companies in the industry; they also played a big part in educating insurance professionals about variable annuities as a way to protect consumers. In recent years, Lincoln has focused on charitable giving and easing payment terms for people struggling through the global pandemic.

What Life Insurance Products Does Lincoln Financial Offer?

Lincoln Financial offers two standard types of coverage: term and permanent life insurance. Within each category, you'll find a range of policy options. In addition to insurance, Lincoln Financial offers annuities, financial planning and long-term care planning. 

Term Life Insurance

Term life insurance offers temporary coverage; you can choose the duration of the policy. Both Lincoln Financial term life policies offer a guaranteed death benefit and terms of 10, 15, 20 or 30 years. When the term expires, you have the option to convert the policy to permanent coverage.

  • Lincoln TermAccel Level Term: Affordable and designed for fast, easy qualification, this policy is designed for people in good health.
  • Lincoln LifeElements Level Term. This policy offers high-value coverage and competitive premiums. The application process is fast and convenient.

Permanent Life Insurance

If you're looking for a life insurance policy with the opportunity for growth, it's worth your time to consider permanent life insurance. Lincoln Financial's products cover you for a lifetime. Many plans also allow investment flexibility, so you can build wealth over time. Choose from three different types of insurance; each one is income tax-free.


These policies offer stability and measured growth, thanks to a set interest rate. You have the option to customize the monthly premium and death benefit; this benefit is guaranteed, no matter what happens in the market. Choose from two types of coverage:

  • Lincoln LifeGuarantee UL (2019): With guaranteed lifetime coverage and a flexible guarantee period, this policy helps protect your beneficiary.

  • Lincoln LifeGuarantee SUL (2019): This survivorship policy covers two people; it pays the death benefit after the second person dies. 

Indexed Universal

If you're looking for a balanced amount of risk and growth potential, an indexed universal policy could be the right fit. The interest rates for these policies are linked to a specific index, so the cash value varies as the market shifts. A set floor protects your investment in case the market drops significantly. Choose from two plans:

  • Lincoln WealthAccumulate 2 IUL (2020): This policy offers permanent coverage. In addition to a death benefit, it allows you to invest in six indexed accounts to maximize growth.

  • Lincoln WealthPreserve 2 IUL (2020): This long-term policy covers you for 40 years or until you reach age 90. Your premiums are invested in five different indexed accounts.

Variable Universal

Variable universal policies provide the biggest opportunity for growth; they could be the ideal option for you if you're looking to increase wealth. Each policy puts you in control of how your premiums are invested; the interest rate will depend on your investment choices and the state of the market.

Single Life Variable Universal Life Insurance

  • Lincoln VULONE (2021):Choose your guaranteed minimum protection, and invest your premiums in 75+ investment funds. This policy also allows you to borrow against the cash value.

  • Lincoln AssetEdge VUL (2020 and 2022): These plans have no income limits. They provide total control and flexibility; you can invest in 75 variable funds, four index accounts and one fixed account.

  • Lincoln AssetEdge Exec VUL (2020): Designed for business owners, this policy can help fund your executive benefits plan. It also protects your company if you pass away. Invest premiums in  75 variable funds, four index accounts and one fixed account.

Survivorship Variable Universal Life Insurance

  • Lincoln SVULONE (2021): This policy covers two people. You have the freedom to set the minimum protection and choose from 75 different investment funds.

The Pros and Cons of Lincoln Financial

Pros of Lincoln Financial Life Insurance


  • Numerous policy options
  • Multiple available add-ons for custom coverage
  • Term life policies may not require lab work

Cons of Lincoln Financial Life Insurance


  • Most policies require a phone application
  • Options may be limited for customers in New York
  • No whole-life policies

Lincoln Financial Reviews: What People Are Saying

Lincoln Financial's life insurance policies usually receive positive reviews, both from consumers and publications. Reviewers often praise the easy application and approval process, which is relatively fast and streamlined. In addition, customers appreciate the variety of options, both in policies and add-on features. Users who are focused on wealth-building mention the investment flexibility as a benefit. In terms of cost, reviewers note that Lincoln Financial's premiums tend to be in the mid-range of the industry; they're cheaper than some providers but more expensive than others. Some people note that the company doesn't offer many online tools.

Is a Lincoln Financial Life Insurance Policy Right for You?

With its variety of policy options, Lincoln Financial has something for everyone. Its term life policies are particularly useful if you need temporary coverage — the application process is quick and hassle-free for many customers. If you're looking to expand your investment strategy and build your estate over time, you may appreciate the flexibility of the indexed universal and variable universal policies.

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