Lincoln Financial Group provides many term and permanent life insurance policy choices, as well as a variety of riders, including several living benefit riders, some of which are free of charge.
The firm achieves high grades for its financial stability and significantly fewer complaints than can anticipate for a company of its size.
It also sells low-cost term insurance and no-medical-exam coverage for up to $1 million. Quotes, however, are not accessible on the internet, and you must call an agent to apply.
What Is Lincoln Financial?
Lincoln Financial is a corporation that specializes in annuities, life insurance, and retirement planning. They have assisted numerous clients in planning for retirement and protecting the family’s financial stability by providing solutions that allow them to secure and build an income.
Lincoln Financial, named for President Abraham Lincoln, was established in 1905. The company’s emblem shows its confidence in Abraham Lincoln’s beliefs and objectives.
Life Insurance Policies Offered By Lincoln Financial:
Lincoln TermAccel (Term Life):
TermAccel level term insurance intends to offer affordable term coverage for younger candidates via a straightforward application procedure.
Policies with coverage limits ranging from $100,000 to $1 million are available for new insureds up to 60. There are 10, 15, 20, and 30-year terms available, albeit the 30-year term is only accessible until 55. Policyholders might also choose to reduce coverage after three years.
TermAccel insurance is renewable yearly until 95, with premiums rising with each renewal. When a policy is renewed beyond its first term, the face value decreases, but this only happens once at the first renewal.
Although it is your no-exam life insurance policy, you may apply for TermAccel online or over the phone. Though the insurance generally requires a medical checkup, qualifying applicants aged 18-60 with face amounts of $1,000,000 or less may have the requirement waived.
The exemption issues a considerable proportion of applicants based on the insured’s tobacco-use categorization. As a result, most non-tobacco users may buy life insurance from Lincoln Financial without taking a medical exam.
TermAccel applications are often evaluated promptly, especially if no test is necessary. New insureds who qualify for the exam waiver may generally accept coverage within two days.
Lincoln’s term policies provide a conversion option. When used during the first term of a policy, the option permits the policyholder to convert term coverage into permanent insurance.
Lincoln Life Elements (Term Life):
Life Elements offers basic term coverage beginning at $250,000 and increasing up to $1 million for new insureds under the age of 55.
For new insureds aged 55 to 60, the coverage amount is decreased to $500,000. However, additional coverage levels are occasionally possible, subject to case-by-case underwriting.
New Life Elements insureds may be aged 18 to 80, with higher term durations provided solely to younger applicants. Policies may be renewed yearly until 95, with premiums rising with each renewal.
When a policy renews beyond its first term, the face value decreases, but this only happens on the first renewal.
Life Elements applications are accepted over the phone or online. As with TermAccel, qualified applicants do not need to have a medical exam, although its exam waiver is not available if coverage over $1 million is necessary.
Final Expense Insurance:
Lincoln Financial presently does not provide any ultimate expenditure insurance coverage. Lincoln Heritage Life Insurance Company, one of the major final expenditure insurers in the nation, is not linked with Lincoln Financial Group.
Lincoln LifeGuaranty (Universal Life):
Lincoln Financial offers two types of universal life insurance: Life Guaranty UL and Life Guaranty SUL. Both variants, subject to minimum standards, allow for flexibility in coverage quantities and premium payments.
Both plans accumulate cash value, which may access via policy loans or surrenders and used to pay premium requirements.
The primary distinction between the two universal life insurance is that the SUL is a survivorship policy that covers two insureds. The death benefit is paid out soon after the death of the second insured, making the insurance more beneficial for estate planning than for income replacement or retirement savings.
Long-term care riders are available with Lincoln Financial’s universal life products, enabling policy benefits to be allocated toward long-term care expenditures, with any paid-out amounts deducted from the eventual death benefit.
Lincoln Indexed Universal Life:
Lincoln Financial provides two alternatives for indexed universal life. WealthAccumulate IUL is more focused on cash-value accumulation, with policy growth tied to the 500 indexes.
Because growth rates are limited and dividends are not included, returns may be lower than market returns. However, they are also subject to floors, which restrict or eliminate losses in down years.
WealthPreserve IUL is designed with a death benefit guarantee that lasts either 40 years or until the insured’s 90th birthday. A minimum of one percent in interest will accrue on your policy every year.
Lincoln Variable Universal Life:
Lincoln’s variable UL plans calculate cash value growth based on the success of several investment alternatives offered by Lincoln and chosen by the policyholder.
Lincoln VUL One provides a guaranteed death benefit that may increase if policy investments reach a certain level. If the amount develops enough, the cash value may allocate to premiums.
AssetEdge VUL offers over 75 investment alternatives, four indices, and a fixed account to select from, along with a 20-year no-lapse guarantee.
AssetEdge Exec VUL intends for used by firms and executives to support long-term salary and bonus programs. Lincoln Financial also provides a variety of specialty variable UL plans.
Lincoln Financial Pros And Cons:
1. Affordable For Older Applicants:
The older you are when you apply for life insurance, the more costly it becomes. With that in mind, Lincoln’s TermAccel term life insurance is an excellent choice for persons in their 40s or 50s due to premiums that are lower than industry norms.
2. No-Med Option Available:
Lincoln’s TermAccel policy exempts the need for a medical test provided you follow specific criteria, most notably avoiding using cigarettes. Furthermore, there is no med-exam when renewing or changing your term coverage to a permanent one.
3. Very Fast Turnaround:
TermAccel employs accelerated underwriting, which means that most policies are approved in days rather than weeks. It makes Lincoln Financial one of the industry’s quickest methods to apply for life insurance.
4. Benefits For Marijuana Users:
Lincoln has lower rates than the competition for persons with minor health issues or habits, like marijuana users.
1. Expensive Permanent Policies:
Many other Lincoln offers are relatively costly, particularly for younger candidates. For most individuals, permanent life insurance plans are too expensive.
2. Few Online Tools:
It means that if you were expecting to learn more about life insurance, talk to a person, or even get a quotation, you could do so on the Lincoln Financial website.
Lincoln Financial Life Insurance Riders:
In addition to the standard life insurance policies, you may supplement coverage by adding riders to your policy to allow for exceptional conditions. Among the most popular riders are:
You may use the death benefit to cover medical costs and care if you are diagnosed with a serious or disabling disease. The amount you spend will deduct from the payment sent to your recipients.
If you die in an accident, your heirs will get more money if you add an accidental death rider to your policy.
Disability Waiver Of Premium:
Policyholders who become handicapped and cannot work may be eligible to have their premiums waived without losing coverage.
Should We Buy Lincoln Financial Insurance?
Most individuals may get suitable life insurance and other financial products from Lincoln Financial. The firm offers many life insurance options, but not whole life insurance. Furthermore, its term life insurance may convert to permanent life insurance.
Some Lincoln Financial life insurance plans may not need a medical exam, making the application process simpler for persons with mild health conditions. Some individuals, however, may find it more convenient to apply for insurance online rather than over the phone or with an agent.
Additionally, you may have access to a larger range of financial products, such as Lincoln Financial retirement plans or Lincoln Financial short-term disability insurance, if you get benefits via your job.
Frequently Asked Questions (FAQs):
Is Lincoln Financial Offered In My State?
Although Lincoln Financial life insurance products are offered in most states, many universal life plans are only available in New York.
What Does Lincoln Financial Life Insurance Cover?
Life insurance from Lincoln Financial is offered in a selection of term or universal policies that provide temporary or permanent coverage.
These life insurance policies provide a death benefit to selected beneficiaries, and some plans also include investing alternatives that boost your death benefit or collect cash value that you may use for necessities such as chronic or terminal disease care throughout your lifetime.
How Long Do You Have To File A Claim For Lincoln Financial Insurance Benefits?
In general, life insurance firms are constrained by state legislation establishing the time limit for claiming insurance benefits.
Is It Possible To Borrow Against Your Lincoln Financial Life Insurance Policy?
Policy loans or withdrawals are normally offered for the cash surrender value.