Lincoln Financial Company Life Insurance Review

Written by Jeff Root

Lincoln Financial is also known as the Lincoln National Life Insurance company. They have great policies for those who occasionally smoke and for non-smokers alike.

They are located out of Pennsylvania and they have served customer since 1905.

Today they boast 1,800,000 customers in total and they are the third largest life insurance provider across the country with a total value of 720 billion dollars.

Lincoln Financial is also very highly regarded financially.  Here are some of their financial ratings:

Company A.M.Best
A.M. Best A+
Moody’s A1
BBB A+
S&P AA-

Lincoln Financial Life Insurance for Smokers and Diabetics

Smokers have specialized policies through this company especially those who smoke marijuana or occasional cigars.

Lincoln Financial Term Life Insurance 

Lincoln TermAccel Level Term

This level Term Policy is a level policy which means your premiums will not change. It offers coverage of $500,000 or less and is designed for people aged 50 years or younger.  There is no medical exam required for this.

Lincoln LifeElements Level Term

This level Term Policy will not go up in premiums and it is designed for people who are 45 years or older who need coverage amounts valued at $500,000 or higher.

Applicants who are 30 years old and higher can get face values up to $1,000,000 or more. There is no medical exam required for this but you will need to undergo a quick interview via phone and answer medical questions.

Lincoln Financial Whole Life Insurance 

Lincoln Financial Universal Life Insurance

The Universal Life policies offered by Lincoln Financial are permanent life insurance which combined customized death benefit protection and the possibility of earning cash value. The benefits include:

  • Cash value growth at a set rate for a long amount of time.
  • Flexibility to set up the amount you want to pay in your monthly premiums.
  • Tax-deferred earnings.
  • Flexibility to set up the amount of your death benefit when your policy is still in force.

Lincoln LifeGuarantee UL

This Universal policy has guaranteed premiums and your death benefit is guaranteed. For this policy, everything remains in effect including the riders until age 121.

With this Universal policy, you can take out loans against the cash value you have earned. You also have flexibility in terms of how you finance the policy.

You can do things like withdrawal your cash value in the event that you simply need money to cover unexpected cost while you are still alive, or you can take out a loan and if it isn’t repaid by the time you pass away the loan amount is simply taken out of your death benefit.

You have control over the amount of guaranteed death benefit protection you have, the amount of your premium payments and the frequency, and the length of the guaranteed coverage.

Under this policy, you can add features such as:

  •         Accelerated benefits riders
  •         Accelerated benefits rider with critical illness
  •         Accidental death benefit rider
  •         Children’s term rider
  •         Disability waiver benefit rider
  •         Disability waiver of premium rider
  •         Guaranteed insurability rider
  •         Accelerated Benefits rider
  •         Minimum death benefit endorsement
  •         Spouse term rider

Lincoln LifeCurrent UL

This policy gives you up to a 20-year secondary death benefit and it will build tax-deferred value that you can use later.

The coverage protection guarantee that is built into this policy will run for up to 20 years or up to applicants reaching 90 years old whichever comes first.

The policy will not lapse even if your cash surrender value is not enough to cover your minimum monthly deductions.

If you want cost-efficient protection and your needs might grow in the future there are three different death benefit options associated with this policy.

  • Death benefit Option 1 is a level coverage amount.
  • Death benefit option 2 is a coverage amount plus the account value.
  • Death benefit option 3 is the coverage amount plus your paid premiums.

Any loans or withdrawals that you take out from your policy will offset the death benefits you have under any of these three options.

With this policy, you can add the guaranteed insurability rider which means that you can increase the death benefit cupboard you have at any point in the future without having to undergo another medical exam.

Under this policy, you can add features such as:

  •         Accelerated benefits riders
  •         Accelerated benefits rider with critical illness
  •         Accidental death benefit rider
  •         Children’s term rider
  •         Disability waiver benefit rider
  •         Disability waiver of premium rider
  •         Guaranteed insurability rider
  •         Spouse term rider

Lincoln LifeReserve UL

Which policy builds value tax-deferred that you can use later. It offers a great deal of tax advantages and a valuable death benefits so it is designed for people who want to build wealth.

It will provide you with future funding to cover any financial needs you have and offers applicants a long-term account value accumulation. You get to choose the amount and frequency of your premium payments. If you want cost-efficient protection there are three different death benefits.

With this policy, you can add your spouse under your existing policy at an additional cost and they receive the same coverage. There is also the ability to change the person who gets covered using the change of insured rider so you can transfer your basic policy to someone else.

The exact writer allows for early cash value up to the first 15 years of the policy. This is an ideal option for businesses as well as individuals.

Under this policy, you can add features such as:

  •         Accelerated benefits riders
  •         Accelerated benefits rider with critical illness
  •         Accidental death benefit rider
  •         Assured distribution endorsement
  •         Change of insured rider
  •         Children’s term rider
  •         Disability waiver benefit rider
  •         Disability waiver of premium rider
  •         Exec rider
  •         Guaranteed insurability rider
  •         Overloan protection endorsement
  •         Spouse term rider
  •         Supplemental Coverage rider

Lincoln Financial Indexed Universal Life Insurance

Indexed universal life insurance policies are very similar but the cash value you can achieve is based upon the performance of an investment tool.

Lincoln WealthAccumulate IUL

This is an option for individuals and businesses alike and it offers clear choices for cash value growth potential over time. You get to choose from three different index account options and even in a declining market, you will never face a serious market loss.

This is meant for business owners and individuals who want distribution potential, significant cash value growth, protection against market losses, flexibility to change the protection as needed, guaranteed benefits, and added protection for living benefit options.

Lincoln WealthPreserve IUL

This policy offers a long-term death benefit that is guaranteed up to 40 years after the policy is put into place or when you turn 90, whichever comes first. It has built-in guarantees and flexibility so you get financial protection long-term.

This is a good solution for people who want to preserve assets to protect their family, people who want to minimize any tax exposure on their policy assets and minimize market volatility.

It is an ideal solution for people who want to gain the potential for any tax-advantaged cash value growth while adding the protection of having a living benefit in order to help supplement any expenses along the way especially if you are diagnosed with a terminal illness.

The interest credit rating is guaranteed to never drop below 1% so, the account options will always have a positive interest. Conversely, your policy will have a growth cap of 8.75% guaranteed for your first 10 years.

Lincoln WealthPreserve Survivorship IUL

This policy is similar to the policy listed above but the difference is it protects two people with one policy. In the event that you pass away before your spouse or your partner, this gives you an income tax-free death benefit.

Couples who need to maintain wealth preservation or estate protection can use this policy so that more of your estate is passed down, your family is protected, and you have the flexibility to enjoy tax-efficient earnings if you need to supplement your retirement income in the future.

There is, of course, the potential for cash value growth and you get minimize tax exposure alongside minimize market volatility on all of your policy assets.

Lincoln Financial Term Life Insurance Rates 

The sample below is for a 50 year old male applicant who is a non-smoker and fit into the preferred category.  Premiums are shown in monthly amounts.

Coverage Amount 10 Year 20 Year 30 Year
$500,000 $48.56 $78.71 $138.25
$1,000,000 $75.60 $145.16 $258.91
$2,500,000 $177.19 $351.09 $635.47
$5,000,000 $346.50 $694.31 $1,263.06

Lincoln Financial Life Insurance Company Review – Takeaway

This company may not be the best option for you. All life insurance providers offer relatively similar options but they each have their niche.

Look to see what things you need specifically and work with an agent or a third-party broker so that you can have unbiased access to information about each company.

If you work with an agent directly from the insurance provider you may not get unbiased information about all of your potential options and instead will receive a lot of marketing material for that one company in particular.

How to Choose the Right Life Insurance Policy

There are so many options out there for policies that it can be difficult knowing which one is right. Obviously, the first place to start is to evaluate what your long-term needs are and why you are investing in a life insurance policy.

Someone who is looking for long-term tax-deferred games will benefit more from a universal policy whereas someone who only wants to provide financial protection for their loved ones in the event of there early passing would benefit more from a Term Policy.

You will want to verify how much financial protection your family needs in the event of your absence, something that you might have to evaluate on a regular basis.

Your health will play a significant role in the plans that you have available to you so it might be in your best interest to take some time to improve certain aspects of your health so that you can get a better price.

Conversely, those with serious health conditions who are diabetic or perhaps who are smokers can benefit from the very lenient and flexible plans that this company offers.

The best thing you can do to make sure you are getting the best life insurance for smokers is to speak with an independent life insurance agent who can compare rates from multiple companies and policies at once.

Our agents are ready to speak any time of the day to help you find the best life insurance rates for you and your family.

Call us today, or use our online quoting engine to compare the best life insurance rates for smokers instantly!

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