Lincoln Financial Group Life Insurance Review 2016

When Lincoln Financial got its start in 1905 in Fort Wayne, Indiana, it was with the endorsement of Robert Todd Lincoln, President Lincoln’s son, who granted the company permission to use his father’s likeness in its logo. Since its humble beginnings, the company has strived to maintain dependability, superior service and honesty in how it serves its clients. In addition to life insurance, the company offers annuities, long-term care insurance and retirement savings plans. Read on to learn more about the types of life insurance policies Lincoln Financial Group offers and how to choose the ideal option for yourself and your family.

Lincoln Financial’s Life Insurance Coverage Options

Lincoln Financial offers multiple life insurance policy options and a team of advisors to help you find the right coverage and options for your needs. Avoid choosing a Lincoln insurance policy with premiums that end up being too high to manage, which makes it more likely that you let the policy lapse later. Consider the cost of life insurance a necessary expense, much like a mortgage or car payment. To choose the type or policy that’s right for you, consider the death benefits, flexibility and tax advantages.

• The Lincoln Financial Group’s website offers a handy calculator to help you decide how much life insurance you need based on the amount of assets you have, your debts, your current income, the number of years the money needs to last your beneficiaries and the inflation rate.
• Term life insurance offers the most budget-friendly prices, with fixed payment amounts for a fixed period. Lincoln Financial offers two types of term life: Lincoln TermAccel and Lincoln LifeElements. TermAccel is open to applicants who are 50 years old or younger, with insurance amounts of $500,000 or less. LifeElements is open to applicants ages 45 and older, with insurance amounts of $500,000 or more.
• Universal life insurance builds cash value over time that you can even take out loans against if you need cash in an emergency. Added benefits include having the flexibility of setting your monthly premium and death benefit while gaining tax-deferred earnings.
• Variable universal life insurance has all the benefits of universal life, but with a cash value that’s dependent on your policy’s investment returns. Your premiums are invested according to your wishes, and you gain tax-deferred earnings.

The following chart provides a quick overview of some of the key differences between the three distinct types of insurance that Lincoln Financial offers:

Getting the Right Life Insurance Rates from Lincoln Financial

To find the right deal, you need to shop around and compare term life insurance rates or permanent life insurance rates with at least three different companies to find the one that offers the lowest premiums and the most favorable terms for your needs. Although individual rates vary depending on your gender, age and overall health, the following chart provides estimated premiums based on the annual rate for a $500,000, 20-year term life insurance policy for a healthy non-smoker with no pre-existing medical conditions.

How to Get Low Rates from Lincoln Financial

Although certain factors, such as your age and gender, are out of your control, you can take a few steps to help yourself qualify for the lowest possible rates. Lincoln Financial underwriters look at several factors when they decide on your rate, including:

• Blood pressure: To qualify for a low rate if you’re 69 years of age or younger, your blood pressure should average no higher than 130/80 in a 12-month period. If you’re 70 years of age or older, then your blood pressure should average no higher than 140/90.
• Driving record: If you want low rates, you need to have no serious driving infractions, such as a driving while intoxicated (DWI) or a license suspension five years prior to applying.
• Smoking habits: Optimal rates are available if you haven’t used nicotine within three years of filing your application.
• Drug and alcohol use: For the lowest rates, you need to have a clean history without any record of drug or alcohol abuse within seven years prior to applying.

Lincoln Financial Ratings

Lincoln National Corporation earned a spot on the 2016 Fortune 500 list for revenue and assets, in addition to placement on Barron’s 2016 500 list for revenue growth and cash returns. Other positive ratings based on the company’s financial strength include:

On the downside, results from a 2015 survey conducted by J.D. Power gave Lincoln Financial below-average ratings in overall satisfaction, billing and payment, price, policy offerings and interaction.