Lincoln Financial Life Insurance Review: 2026 Pros, Cons, and Coverage

Lincoln Financial Life Insurance Affordability

When it comes to pricing, Lincoln Financial holds its own pretty well against the competition. For a typical 20-year term policy with $500,000 in coverage for a 35-year-old nonsmoker, you’re looking at around $378 annually. That’s basically a dollar more than the national average of $377 per year, so nothing to write home about in either direction.

Lincoln Financial offers the lowest rates for 10-year, $500,000 term policies, averaging $24 per month. For those needing larger coverage amounts, like $3 million, a 10-year term policy costs an average of $119 per month, making them the most affordable option in that bracket.

Their term policies come with annual policy fees between $80 and $90 for the TermAccel option, which is something to factor into your total cost calculations. The LifeElements term product is designed for higher face amounts starting at $2,500,00,0, with no stated maximum.

Lincoln Financial doesn’t heavily advertise traditional discounts like multi-policy bundles or automatic payment savings. The company focuses more on competitive base pricing and favorable underwriting rather than stacking discount programs. Their underwriting flexibility is actually where you might save money, especially if you have health conditions that would penalize you elsewhere.

Available riders include an Accelerated Death Benefits rider (included at no extra charge on term policies), a Children’s Level Term rider for up to $15,000 coverage per child, and a Waiver of Premium rider that kicks in if you become disabled. These add-ons come at additional cost, but they’re pretty standard options you’d expect from a major insurer.

For underwriting flexibility, Lincoln offers both traditional fully underwritten options and their accelerated TermAccel program. If you’re healthy, you may qualify for TermAccel, Lincoln’s accelerated underwriting program. Many applicants are approved in 1–2 business days with no medical exam required. Traditional underwriting for larger policies or higher-risk applicants typically takes two to six weeks.

Lincoln Financial earns solid marks for affordability thanks to competitive term rates that match or beat the national average, particularly strong pricing for high coverage amounts, and favorable underwriting for people with health conditions. The lack of prominent discount programs and the requirement to work through advisors (who may add fees) keep them from scoring higher.

Lincoln Financial Life Insurance Coverage Options

Lincoln Financial offers two main term life products and several permanent life options, though notably missing from the lineup is whole life insurance.

For term coverage, the LifeElements Level Term policy is designed for people who want higher face amounts or have complex medical histories. This option offers higher death benefits. It’s available for people ages 18 to 80 with term lengths of 10, 15, 20, or 30 years.

The TermAccel Level Term policy is the faster track option geared toward healthy individuals. This policy option offers death benefits from $100,000 to $2,500,000 for qualifying applicants ages 18 to 60. The accelerated underwriting process means many people get approved without a medical exam.

On the permanent insurance side, Lincoln Financial focuses on indexed universal life and variable universal life rather than traditional whole life. Their WealthPreserve IUL is designed for long-term coverage emphasis, while WealthAccumulate IUL targets people looking for growth potential and cash value accumulation. They also offer survivorship options for couples, including the WealthPreserve Survivorship IUL.

Variable universal life options include AssetEdge VUL and AssetEdge SVUL (survivorship), which give policyholders investment flexibility with market-linked growth potential. These come with a higher risk since your cash value can fluctuate based on investment performance.

Term policies are convertible before the end of the level premium payment period or before the insured turns 70, whichever comes first. This gives you a path to permanent coverage down the road without new medical underwriting.

One of Lincoln’s standout offerings is MoneyGuard, a hybrid universal life product that combines life insurance with long-term care benefits. This policy allows you to access the death benefit to pay for eligible long-term care costs. If you never use the long-term care feature, your beneficiaries receive the full death benefit. It’s a flexible approach to addressing multiple financial concerns with one product.

Living benefits are available through an Accelerated Death Benefits rider, which lets you use a portion of your death benefit in the event you are diagnosed with a terminal illness. This comes included with term policies at no additional charge.

Lincoln Financial Life Insurance Reliability

Lincoln Financial has been protecting families since 1905, giving them over 120 years of track record in the industry. Lincoln National Life Insurance Company is the fifth-largest insurer in the U.S., with over $8.1 billion in direct premiums according to NAIC data.

Their financial strength ratings break down as follows: AM Best Rating of “A” (3rd highest), Moody’s Rating of “A2” (6th highest), and S&P Rating of “A+” (5th highest). They also hold an A+ from Fitch Ratings. These ratings indicate the company has an excellent ability to meet its financial obligations and presents a low credit risk.

In February 2025, AM Best revised the outlook of Lincoln’s Long-Term Issuer Credit Ratings to stable from negative. It also confirmed its Financial Strength Rating of A (Excellent). This reflects improved balance sheet conditions and operating performance, though AM Best noted some ongoing considerations around outlook, concentration, and earnings volatility.

Where Lincoln really shines is in their complaint record. The company has only received 45% of the individual life customer complaints expected, given its size, according to the NAIC’s 2024 Complaint Index. The industry average is set at 1.00, so a score around 0.32 to 0.45 means Lincoln receives far fewer complaints than you’d expect for a company handling this volume of business.

Lincoln Financial earns high marks for reliability based on its excellent ratings across major agencies, low complaint index, and century-plus of operating history. The ratings downgrade from A+ to A by AM Best in 2022 (since stabilized) and elevated financial leverage keep them just shy of the highest tier, but they remain a solidly dependable choice.

Lincoln Financial Life Insurance Customer Service

Customer service with Lincoln Financial presents a mixed picture. The objective metrics look good, but individual experiences vary widely.

Phone Support

Lincoln Financial provides customer service by phone for policyholders. When calling the company’s customer service line, representatives were able to answer questions about term coverage amounts and riders, though there was some bouncing around phone tree options to get connected. The company doesn’t prominently publish its customer service hours, so reaching someone may require some patience.

Digital Support

The mobile app earned 4.5 stars on the Apple App Store. Android fares much worse with a 2.2 rating. The app focuses primarily on retirement and investing accounts rather than life insurance management.

Lincoln Financial’s website offers a live chat option and provides access to downloadable forms for managing and making changes to policies. The chat feature starts with a chatbot named Abe, but typing “representative” connects you to a live person. However, testers found the live agents often just directed them to search for a financial professional rather than providing detailed answers.

Online account management is available for policyholders to view policy information, which updates daily. The company also offers dozens of additional digital tools, including online calculators and educational content.

Third-Party Ratings

As of November 2025, the company has an A- rating from the Better Business Bureau, having lost points for failing to respond to one complaint, though it closed 86 customer complaints in the past year.

On Trustpilot, Lincoln Financial Group is rated “Poor” with 2 out of 5 stars. Common themes in negative reviews include difficulty reaching representatives, slow claims processing, and communication issues between departments.

Lincoln Financial ranked No. 10 in J.D. Power’s 2024 U.S. Life Insurance Study for overall customer satisfaction, scoring 652 out of 1,000 points, which is above the industry average.

Around 61% of surveyed customers said they were satisfied with Lincoln Financial’s customer service. However, 91% gave Lincoln Financial high marks for trustworthiness, and 100% of customers surveyed said they plan to renew with the company.

On forums and consumer review sites, common themes include frustration with disability claims (though this is a different product line than life insurance) and difficulty reaching case managers. Life insurance-specific complaints tend to center on delays with policy changes or surrenders rather than death benefit claims.

Lincoln Financial’s customer service earns a middling score. The excellent NAIC complaint record and J.D. Power ranking suggest most customers have acceptable experiences. However, inconsistent app quality, the requirement to work through advisors for most things, and highly negative reviews on consumer platforms create uncertainty about what experience you’ll actually get.

Lincoln Financial Life Insurance Claims Process

Filing a claim can be done online and involves answering a few questions about the policy. This will generate a claims package, which will arrive via email within five business days.

You can also submit claims by mail to their Greensboro, North Carolina, claims department, by fax, or by email. The company offers options, including checks or electronic fund transfers, with flexibility to receive payments monthly, quarterly, semiannually, or annually.

Lincoln doesn’t publicly disclose specific claim denial rates or average settlement times for life insurance death benefits. Industry observers note that life insurance death benefit claims typically have high approval rates industry-wide when documentation is in order, and there’s no evidence Lincoln deviates significantly from this norm.

For beneficiaries navigating a claim, Lincoln provides support through their online portal and customer service line. The process is relatively straightforward for straightforward cases, though contested claims or unusual circumstances may involve longer timelines.

Consumer reviews about claims experiences are mixed. Most of the highly negative reviews found online relate to disability and group benefits claims through employer plans rather than individual life insurance death benefit claims. That said, some policyholders have reported delays and communication challenges when dealing with policy surrenders or accelerated death benefit requests.

Lincoln Financial Life Insurance Application Process

Getting started with Lincoln Financial requires connecting with a financial professional. Since the company doesn’t offer online quotes, the only way to apply is to fill out an online form and contact a financial professional. This is probably the most dated aspect of Lincoln’s approach compared to more digitally-forward competitors.

Once connected with an advisor, you have options depending on the product. If you’re healthy, you may qualify for TermAccel, Lincoln’s accelerated underwriting program. Many applicants are approved in 1–2 business days with no medical exam required. For the LifeElements product or higher coverage amounts, traditional underwriting applies, which typically takes two to six weeks.

Coverage amounts for term policies range from $100,000 up to $2.5 million for TermAccel, while LifeElements starts at $2.5 million with no stated maximum for financially justified amounts. Issue ages run from 18 to 60 for most term lengths, with 30-year terms having stricter age limits.

Lab work may not be required for term life insurance and the Lincoln WealthAccelerate IUL policy, if the insured meets certain qualifications. For other products or higher-risk applicants, medical exams are typically required.

Lincoln provides digital tools, including calculators, to help estimate coverage needs and educational materials explaining different policy types. However, the final quote and application always go through a human advisor.

Pros & Cons of Lincoln Financial Life Insurance

Lincoln Financial has clear strengths and weaknesses that make it a great fit for some buyers and less ideal for others.

Pros

Lincoln Financial delivers competitive pricing that matches or beats industry averages, particularly for higher face amounts, where it often comes out ahead of major competitors. Their underwriting flexibility stands out in the market. People with health conditions like diabetes, certain cancer histories, heart issues, or marijuana usage often find better rates here than elsewhere. The company’s financial stability is solid with strong ratings from AM Best, S&P, Moody’s, and Fitch, plus over 120 years of operating history backing their promises. Their TermAccel accelerated underwriting gets healthy applicants approved in one to two days without a medical exam, up to $2.5 million in coverage. The MoneyGuard hybrid product offers an interesting solution for people wanting life insurance and long-term care coverage in one package. Finally, their NAIC complaint record is excellent, with far fewer complaints than expected for a company of their size.

Cons

The biggest drawback is that you can’t get quotes or apply online. Everything runs through financial professionals, which feels clunky and outdated for anyone used to self-service options. Lincoln doesn’t offer whole life insurance, which is the most popular permanent coverage type and leaves a gap in their product lineup. Their mobile app experience is inconsistent, working reasonably well on iPhone but plagued with issues on Android. Customer service reviews vary, with some policyholders reporting frustrating delays and communication problems. Coverage isn’t available directly in New York or D.C. through their main products, requiring residents to work with a separate subsidiary. Variable universal life products carry investment risk that could reduce your cash value if markets perform poorly.

Our Verdict & Rating for Lincoln Financial

Lincoln Financial earns a respectable position in the life insurance market, though it’s not the best fit for everyone. With over a century of experience and solid financial backing, they offer dependable protection without being among the most expensive options out there. The company particularly shines for buyers needing higher coverage amounts or those who have health conditions that would penalize them with other carriers.

Their hybrid MoneyGuard product represents genuine innovation in combining life insurance with long-term care planning, addressing two major financial concerns with one policy. The accelerated underwriting through TermAccel also delivers real value for healthy applicants who want quick approval without medical exams.

The experience falls short when it comes to digital convenience. Having to work through a financial advisor for everything from quotes to applications feels increasingly outdated. The mixed reviews about customer service interactions and the poor Android app experience suggest there’s room for improvement in how the company interfaces with tech-oriented customers.

Who Should Consider This Company

Lincoln Financial makes sense if you’re shopping for high coverage amounts of $500,000 or more, especially at the million-dollar-plus level, where their pricing often beats competitors. Anyone with health complications like diabetes, controlled heart conditions, or a cancer history in their medical record should definitely get a Lincoln quote since their underwriting tends to be more accommodating. Healthy individuals who want fast no-exam approval on term coverage will appreciate TermAccel’s quick turnaround. People interested in combining life insurance with long-term care protection can benefit from the MoneyGuard product. Those who prefer working with an advisor rather than doing everything online will find Lincoln’s model works well for them.

Who Should Consider Another Provider

If you strongly prefer handling everything digitally from quotes through purchase, Lincoln will frustrate you. Look at carriers like Haven Life or Bestow for a more streamlined online experience. Anyone specifically wanting whole life insurance needs to shop elsewhere since Lincoln doesn’t offer it. State Farm, Northwestern Mutual, or MassMutual are popular whole life options. New York and D.C. residents will find limited direct access and may prefer carriers with simpler availability in those areas. Budget-conscious buyers seeking the absolute cheapest premiums might find slightly lower rates with term-focused carriers, though Lincoln’s pricing is competitive. Anyone who’s had poor experiences with advisor-based sales models should probably stick with direct-to-consumer options.

Methodology

This assessment evaluates Lincoln Financial across five weighted categories, including life insurance rates, reflecting what matters most to life insurance buyers.

• Financial Stability: 20% — Assessing partner carrier ratings from AM Best, S&P, and Moody’s, plus NAIC complaint data
• Coverage Options: 10% — Evaluating policy types, coverage amounts, term lengths, and flexibility
• Affordability & Value: 30% — Comparing premiums against competitors and considering overall value proposition
• Claims Process: 20% — Reviewing settlement timelines, denial rates, and customer claims experiences
• Customer Service: 20% — Analyzing support availability, response quality, and third-party satisfaction ratings

How Lincoln Financial Life Insurance Scored

• Financial Stability: 8/10
• Coverage Options: 6.5/10 
• Affordability & Value: 7.5/10 
• Claims Process: 7/10 
• Customer Service: 6/10
• Overall Score: 8.4

We reviewed over two dozen life insurance companies to assemble our ratings. You can see all the companies we reviewed here: Life Insurance Company Reviews.