Lincoln Financial Life Insurance Review 2024

Profile photo of Georgia Rose
Written by Georgia Rose
Lead Writer
Profile photo of Erica Corbin
Edited by Erica Corbin
Assistant Assigning Editor
Fact Checked

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

insurance-product-card-logo

Lincoln Financial

4.0

NerdWallet rating 
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.

on Nerdwallet

Financial strength rating

Strong

Online purchase

No

NAIC complaints

Fewer than expected

Policies offered

Term, permanent & no-exam
insurance-product-card-logo

on Nerdwallet

Lincoln Financial

4.0

NerdWallet rating 
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.

Financial strength rating

Strong

Online purchase

No

NAIC complaints

Fewer than expected

Policies offered

Term, permanent & no-exam

In our life insurance reviews, our editorial team considers the customer and the insurer. These are some of the factors we take into account:

Policies offered. There are many types of life insurance on the market, and they fall into three key categories:

  • Term life insurance offers temporary coverage and a guaranteed payout if the policyholder dies during the term.

  • Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future.

  • No-exam life insurance issues coverage without the need for a medical exam.

Financial strength. We use AM Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. Here’s the breakdown:

  • Exceptional: A+, A++.

  • Strong: A-, A.

  • Moderate: B, B+.

Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. The best life insurance companies have fewer than the expected number of complaints.

Buy online. This indicates whether an insurer allows you to apply for and buy a policy completely online.

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 rating

4.0

NerdWallet rating 

Lincoln Financial earned 4 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.

Lincoln Financial life insurance policies

Term life insurance. Lincoln Financial offers two term life insurance policies, and the application starts with a phone or online interview with one of the company’s financial advisors. Some people who apply can qualify for coverage quickly without getting a life insurance medical exam. Available terms are 10, 15, 20 or 30 years.

Universal life insurance. The company doesn't sell standard universal life insurance. It does offer variable universal and indexed universal life insurance policies, including survivorship coverage. 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.

Lincoln Financial life insurance rates

Below are monthly rates for a 20-year, $500,000 term life insurance policy from Lincoln Financial. These are sample rates for a nonsmoking man and woman in excellent health — the final quote you’re offered will depend on factors like your age, health, lifestyle, occupation and driving record.

Age

Monthly rate - man

Monthly rate - woman

20

$18.90

$18.48

30

$19.33

$19.34

40

$31.26

$31.86

50

$76.14

$69.07

60

$203.11

$163.31

70

$799.59

$744.95

Source: Quotacy. Rates reflect the super preferred class and were generated on 7/5/23.

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.

Lincoln Financial ranked No. 11 out of 22 companies in J.D. Power's 2023 U.S. Life Insurance Study for overall customer satisfaction

.

More about Lincoln 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.

🤓Nerdy Tip

It can be a challenge to find life insurance with some pre-existing conditions, but Lincoln Financial offers life insurance for people living with HIV who meet company-specific requirements.

Find the right life insurance plan for you
Make sure you and your loved ones are covered - compare customized life insurance quotes from our partners.

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.

Methodology

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 2020-2022. To assess how insurers compare with 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.

In This Review . . .