Lincoln National Life Insurance Company Review

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Financial strength and strong customer service should be among your top considerations when choosing a life insurance company. So how does Lincoln National Life Insurance Company stack up against the competition? With more than 100 years in the business, the company has developed a solid reputation, but let's dig into the details to see what Lincoln National offers life insurance customers.

Key Takeaways

  • Lincoln Financial Group’s business operations are divided into four segments: life insurance, annuities, group protection, and retirement plan services.
  • Lincoln National Life Insurance Company is financially sound and has high ratings from A.M. Best and other top insurance ratings organizations.
  • Benefits of buying insurance from Lincoln National include comprehensive choices, competitive rates, and financial strength.
  • A drawback to buying insurance through the company is that you can’t get quotes online.

Company Background

Lincoln National Life Insurance Company is a subsidiary of Lincoln Financial Group. The parent company was founded in 1905, and it's headquartered in Radnor, Pennsylvania. In 2021, it was ranked 172 on the Fortune 500. It's publicly traded on the New York Stock Exchange under the symbol LNC. In 2016, the company landed number 337 on Barron’s 500 list. As of December 2020, the Lincoln Financial Group managed $365.9 billion in total assets.

Lincoln Financial Group’s business operations are divided into four segments: life insurance, annuities, group protection, and retirement plan services. Lincoln Financial Group is also involved in many philanthropic activities. The Lincoln Financial Foundation donates over $10 million annually to communities where it maintains a strong business presence.

Life Insurance Policy Options

Lincoln National offers its customers a comprehensive line of life insurance products. The list of available products is slightly shorter in New York, where some insurance products are not available.

Term Life Insurance

Term life insurance products offered by Lincoln National Life Insurance Company range from 10-year to 30-year term limits offering a fixed premium. Supplemental riders available with the term life insurance policy include: a waiver of premium rider, which waives premium payments if the insured individual becomes totally disabled; a children’s level term insurance rider, which provides term coverage for children; and the accelerated benefit rider, which allows you to receive a portion of the death benefit if you develop a terminal illness.

Universal Life Insurance

This policy offers permanent life insurance along with a cash accumulation value. Several policy options and endorsements are available with the universal life insurance policy through Lincoln National to customize a policy to fit your specific needs. Additional options include accelerated benefits, accelerated benefits with a critical illness, accidental death benefit, children’s term, disability waiver, guaranteed insurability, minimum death benefit, and spouse term riders.

Variable Universal Life

This option combines term life insurance with cash accumulation value and flexible premium and death benefit options. There are more than 12 variable universal life policies available through Lincoln National.

Annuity Products

Lincoln Financial Group offers annuities to help individuals prepare for retirement with a protected source of monthly income.

Fixed Annuities

The fixed annuity plans help protect your savings. Once you retire, you will begin receiving checks based on your pre-selected rate. You can also add features that will allow you to pass the annuity on to your loved ones and ensure your plan grows at a predictable rate. Several fixed annuity plan options are available.

Variable Annuities

A variable annuity plan maximizes the ability to earn on investments while still maintaining a protected monthly income for life. Options are available that allow you to pass the plan on to your dependents or use the money to cover long-term care expenses. Several variable annuity plans are available.

Financial Stability

Lincoln National Life Insurance Company is financially sound and can meet financial obligations and pay any claims presented. This ability is demonstrated by the ratings given by these top insurance rating organizations:

  • A.M. Best: A+ Superior
  • Moody’s Investor Service: A1 (Fifth-highest of 21 ratings)
  • Standard & Poor’s (S&P): AA- (Fourth-highest of 21 ratings)

Pros & Cons

With excellent financial strength ratings, a positive aspect of this company is the ability to trust that claims will be paid. Another benefit is the comprehensive choices offered. All your long-term planning, from life insurance to asset management to retirement planning, can be done with Lincoln National. It also offers competitive rates for those services.

A disadvantage to Lincoln National Life Insurance Company is the inability to receive a quote online. The company hasn't created a quote calculator, as some other companies have done. That adds a substantial slowdown to the process of learning about your specific options.

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The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy.
  1. Fortune. "Lincoln National."

  2. New York Stock Exchange. "Lincoln National Corp., LNC."

  3. Lincoln Financial Group. "About Us."

  4. Lincoln National Corporation. "2020 Annual Report to Shareholders," Page 1.

  5. Lincoln Financial Group. "Lincoln Financial Foundation Overview," Page 1.

  6. Lincoln Financial Group. "Lincoln TermAccel Level Term (2019)."

  7. Lincoln Financial Group. "Universal Life Insurance."

  8. Lincoln Financial Group. "Add More Protection."

  9. Lincoln Financial Group. "Variable Universal Life Insurance."

  10. Lincoln Financial Group. "Annuities & Protected Income."

  11. Lincoln Financial Group. "Ratings."

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