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Bottom line: Lincoln Financial offers consumer-friendly options, like term life insurance that can be purchased over the phone and a universal life policy with long-term care benefits.
Policies offered: Term, permanent & no-exam.
Financial strength: Exceptional.
Complaints: Fewer than expected.
Buy online? Yes.
How we review life insurance companies
Lincoln Financial Group offers life insurance, annuities, workplace benefits and retirement plan services. In 1905, the company got permission to use its name from President Abraham Lincoln’s son, Robert Todd Lincoln. President Lincoln’s profile still serves as the company’s logo.
Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure the content on our site is accurate and fair, so you can make financial decisions with confidence and choose the products that work best for you. Here is a list of our partners and here’s how we make money.
Lincoln Financial life insurance
Lincoln Financial earned 4.5 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.
Based on these ratings, Lincoln Financial is among NerdWallet’s Best Life Insurance Companies.
» MORE: Compare life insurance quotes
Lincoln Financial life insurance pros and cons
Drew fewer complaints to state regulators than expected for a company of its size.
Ranked below average in the 2021 J.D. Power study on customer satisfaction for life insurance.
Offers quick application by phone or online on term life policies.
Lincoln Financial life insurance policies
Lincoln Financial offers two term life insurance policies. Both can be purchased by completing a phone or online interview. Some people who apply can qualify for coverage quickly without getting lab tests. Available terms are 10, 15, 20 or 30 years.
The company offers an array of universal, variable universal and indexed universal life insurance policies, including a survivorship variable product. Survivorship life insurance insures two people, typically a married couple, on one policy. The policy pays out when the second person dies. Some products aren’t available in New York.
Lincoln Financial’s MoneyGuard universal life policies offer long-term care benefits. The death benefit is reduced if you use the policy to pay for long-term care. If no long-term care benefits are paid, then the policy pays out the full death benefit when the insured person dies. A policyholder can also give up the policy for a partial or full return of premiums paid if no long-term care benefits have been used. Details and options vary by state.
Lincoln Financial customer complaints and satisfaction
Over three years, Lincoln Financial has drawn fewer complaints to state regulators than expected for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.
Additionally, Lincoln Financial ranked 12th out of 21 companies in J.D. Power’s 2021 U.S. Life Insurance Study for overall customer satisfaction.
More about Lincoln Financial life insurance
The company’s website offers a live chat option and access to downloadable forms for managing and making changes to policies. Alongside its life insurance offerings, Lincoln Financial sells a range of products, including annuities, financial planning services and employee benefits like vision, dental and disability insurance.
Life insurance buying guide
Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.
When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you're comparing aligns with that.
Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.
For more guidance, see our life insurance buying guide.
Life insurance ratings methodology
NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Insurer complaints methodology
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2020. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.