For policyholders looking for term life insurance through a financial advisor, Lincoln Financial Life Insurance might be a suitable choice. However, the company does not offer online quotes and whole life insurance options, which could be a huge disadvantage for some customers. In 1905, Lincoln Financial was established as a Lincoln National Life Insurance Company in Fort Wayne, Indiana.
In recent times, the company has offered insurance and financial strategy solutions to business owners and individuals. It is well known for its survivorship life insurance policies, which cover two lives in one policy and compensate beneficiaries when both policyholders are dead. The payout can be used by beneficiaries to cover other expenses or estate taxes.
Types of Lincoln Financial Life Insurance
The life insurance products provided by Lincoln Financial Group are more restricted than some other insurance companies. This is because it solely provides term and permanent life insurance. However, whole life, which is the most common type, is not offered by this company.
Term Life Insurance
Lincoln Financial provides two types of term life insurance, including Lincoln TermAccel Level Terms and Life Elements Level Term. This covers a specific period, like training your child or mortgage duration. In addition, these policies offer lesser premiums and can be gotten for 10, 15, 20, or 30 years. However, coverage is not available in New York.
Permanent life insurance
A permanent life insurance policy stays in effect as long as you make payments continuously. Additionally, it offers a cash value account that policyholders can use to receive returns and interest. You might need a permanent policy if you need your coverage to last until you die or want an investment account linked to your life insurance.
Therefore, you must be ready to pay additional premiums than you would for term insurance. Lincoln Financial’s permanent policy provides indexed universal and variable universal life insurance. A common permanent policy type like whole life insurance and guaranteed life insurance are not provided by the company.
Advantages and Disadvantages
Every life insurance provider has advantages and disadvantages, and which one is best for you will depend on the requirements of your policy. In addition, consider these advantages and disadvantages before purchasing a policy from Lincoln Financial.
Advantages
- Fewer complaints than usual were submitted to the National Association of Insurance Commissioners (NAIC).
- A range of policy choices, including those catering to high-net-worth individuals.
- Useful online tools, such as a live chat feature.
- There are term and universal policies available.
- Possibility of turning term policies into long-term ones.
- Numerous universal life policies.
Disadvantages
- Received a customer satisfaction rating in the 2023 J.D. Power U.S. Individual Life Insurance Study that was marginally below average.
- Does not provide guaranteed or whole-life insurance.
- No direct online quoting, only accessible through employers or financial professionals.
How Much Does It Cost?
Your life insurance with Lincoln Financial Group varies depending on age, coverage amount, gender, and coverage type. In addition, your cost will also be affected if you choose to get riders or add-ons. However, it’s important to note that the costs are based on a certain kind of person, so it might not indicate what you will pay for coverage.
For example, the cost of permanent life insurance for a smoker might be higher, unlike a non-smoker. Also, you might be reimbursed less if you are in good health at the age of 25, instead of 35. The rates mentioned are only meant to serve as examples. For suitable quotes, consult with the insurance provider or agent directly.
Unlike other companies, Lincoln Financial does not provide a discount for combining multiple policies. Furthermore, you can use Lincoln Financial’s online calculator to find out the cost of its universal policies.
Is Lincoln Financial Life Insurance a Good Insurance Company?
For individuals who need either term or universal life insurance, Lincoln Financial provides affordable insurance prices. Also, policyholders can customize their policy with various kinds of available riders. The main disadvantage of the company is that it only provides policies through employers or the company’s financial advisor.
It might be essential to consider getting a life insurance policy from Lincoln Financial if you are working with a Lincoln Financial agent or have received an offer from your employer. However, ensure to compare your Lincoln offer with quotes from other companies, especially those that are looking for whole life insurance.
How Do I Buy Lincoln Financial Life Insurance?
The financial advisors at Lincoln Financial can provide information about the company’s life insurance policies. To begin with the process of getting life insurance from Lincoln Financial, the first thing to do is to visit their website. After that, the following process includes;
- Locate a list of agents in your area by using the website.
- Complete the online form to get in touch with an agent.
- Prepare yourself to choose the type of coverage you want—permanent or temporary—and the duration of that coverage.
- Understand your monthly life insurance premium budget as well as your own and your beneficiaries’ financial expectations.
To assist you in determining the best kind of life insurance for your requirements, an agent will get in contact. Lincoln Financial life insurance documents can be electronically delivered to a customer’s account, even though an online application is not available for this type of coverage.