Home Finance Best Life Insurance Co: Lincoln National

Best Life Insurance Co: Lincoln National


Located in Fort Wayne, Indiana, Lincoln National is considered one of the best life insurance companies in the industry.

If you’re looking for affordable life insurance from a trusted financial company, Lincoln National is well worth a look.

What Is Lincoln National?

Lincoln National Corporation is one of the family of companies operating under the name Lincoln Financial Group. However, the main focus of the company is:

  • Life Insurance
  • Investment Annuities
  • Retirement Plans
  • Employee Group Insurance

The two affiliate companies focused entirely on insurance products are The Lincoln National Life Insurance Company located in Fort Wayne, IN, and Lincoln Life & Annuity Company located in Syracuse, NY.

Founded in 1905, The Lincoln National Life Insurance Company is well known as one of the longest running insurance companies in the country.

Lincoln National Building
By Nyttend [Public domain], from Wikimedia Commons
When you’re looking for a good life insurance company, the financial standing of that company is of critical importance. Lincoln national has one of the strongest financial foundations in the industry.

It’s also listed as a Fortune 500 company on Wall Street. It’s on the Baron’s 500 list. Lincoln Financial Group had $223 billion in total assets as of 2013.

It is a Fortune 500 company, ranked 247 out of 500 and is a publicly traded company on the NYSE under the symbol LNC. The company is also on the Baron’s 500 list and is ranked 220 out of 500. Total assets for the Lincoln Financial Group reached $262 billion in 2013.

Because of all of this, it’s rated at A+ (Superior) through A.M. Best insurance ratings.

Lincoln National Insurance Products

In additional to its signature life insurance offerings, Lincoln National also offers all of the following insurance products:

  • Annuities
  • Accident
  • Health
  • Dental
  • Critical Illness
  • Group Benefits
  • Retirement Plans

Lincoln National lets customers choose from a flexible list of insurance products.

Term Life Insurance

life insurance

The most affordable insurance product is term life. Lincoln National Life Insurance Company offers its customers life insurance terms ranging from 5 to 20 years in 5 year increments.

Term life comes with a fixed premium, and the younger you purchase the policy, the lower that fixed premium will be. There are also some valuable supplemental riders that you can add on to the policy for additional fees.

  • Waiver of Premium: If you become totally disabled, you will no longer be required to pay the premium payments starting from the point you became disabled.
  • Children’s Level Term: Low-cost life insurance for your kids.
  • Accelerated Benefit: If you become terminally ill, you will receive a portion of the policy’s death benefit. This can help tremendously with medical costs and recovering lost income.

Universal Life Insurance

This is an insurance policy the provides a cash value that accumulates over time.

For anyone who has already maxed out other retirement investment options, the Universal Life cash benefit offers one more additional source of income at retirement.

Like with its term life policy, Lincoln National offers additional options and endorsements you can add on to your Universal Life policy.

  • Accelerated Benefits: Similar to the term life rider, provides a portion of the policy if you become terminally ill.
  • Accelerated Benefits with Critical Illness: Same as accelerated benefits but with an additional payout to cover treatment for a critical illness.
  • Accidental Death Benefit: Pays an additional amount if the cause of your death was an accident.
  • Children’s Term Insurance: Inexpensive life insurance for your children.
  • Disability Waiver: Like with the term life waiver, you don’t have to pay premiums if you become permanently disabled.
  • Guaranteed Insurability: Allows you to purchase additional life insurance beyond the standard death benefit without any underwriting required.
  • Minimum Death Benefit: Guarantees a minimum death payout while the policy is accumulating value.
  • Spouse Term Rider: Additional, inexpensive life insurance for your spouse.

Universal life coverage through Lincoln National is affordable, but it’s still significantly more expensive than Term Life insurance. With that said, there are times when it’s an excellent option.

Reach out to a Lincoln National life insurance agent to determine if Universal Life is good for your situation.

Variable Universal Life

This kind of life insurance policy is a combination of a term life policy with the addition of the cash accumulation value. This policy typically provides the most flexible options. It’s also typically the most expensive life insurance policy.

Lincoln National offers an impressive twelve variable universal life insurance products. The option you would choose largely depends upon your life situation. This means how many children you have, how much you earn, what assets and overall estate you need to protect should you die, and many other factors.

If you have a lot that you need to product, a variable universal life insurance product is a smart option.

Buying Insurance From Lincoln National

Lincoln National offers competitive rates, but the only way to determine what your specific rates will be is to reach out to one of their insurance agents on their website.

This is because unlike most other insurance companies, Lincoln National doesn’t give you an online preview of what your rates will be.

While this is unfortunate, it’s offset by the fact that talking directly to an agent can help the company tailor a policy more specifically for your life and your situation.

Another benefit of doing business with Lincoln Financial is that they offer much more than just life insurance.

lincoln national products

Other products offered by the company include:

  • Annuities: Annuity investments that will give you a guaranteed income upon retirement, regardless what the stock market does.
  • Retirement Planning: Plan for your retirement with experts that’ll ensure you can retire when you want to, and enjoy the lifestyle you want.
  • Long-Term Care: Learn from experts how to plan ahead for the kind of care you’ll need when you live to a ripe old age. This means planning for things like a nursing home, home care, or an assisted living facility. Planning ahead for this will ensure that your children won’t have to worry about you in the future.
  • Employee Benefits: If you own a company, Lincoln National can provide various benefits for employees including life insurance, disability insurance, dental and vision plans, and more.

Contacting Lincoln National

Even if you’re not sure if you need life insurance, or how much you need, it’s worth reaching out to an agent at Lincoln National to talk about your life and your future plans.

You may be surprised how affordable it can be to insure your future so that should things take an unexpected turn, all of the things you care about will be well protected.