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Lincoln Financial life insurance review 2020

Fact-checked with HomeInsurance.com

Lincoln Financial Insurance is one of the largest and most reputable life insurance companies in the U.S. It ranks #7 in AM Best’s review of the top 200 life and health insurance companies, with nearly $300 million in client assets managed. That figure is up 12% from the previous year, showing that Lincoln Financial Group reviews from customers are largely positive. 

Lincoln Financial Quickpoints

  • Date established: 1905
  • Insurance products offered: Individual, group
  • AM Best financial strength rating: A+
  • J.D. Power rating for overall satisfaction: 749/1,000
  • Availability: All states

Our quick snapshot of the pros and cons of Lincoln Financial insurance may help you determine whether the insurer might be the right fit for you. The information provided is based on Lincoln Financial life insurance reviews from customers, product offerings and ratings from independent, third-party agencies. 

Offers annuities, investment services, retirement planning, term and permanent life insuranceNo online quotes available
Survivorship (joint) life insurance availableOnline policy management limited
Superior (A+) financial stability rating from AM BestLincoln life insurance reviews from customers land the company “below average” in the 2020 J.D. Power study on customer satisfaction
Over-the-phone application for term life available with no lab testsNo whole life policies available

Lincoln Financial life insurance coverages

Determining the right type of life insurance for your needs is an important first step. Is term life insurance for a temporary amount of time all you need? Or do you prefer a lifetime of coverage? If you have budgetary concerns, it’s helpful to know that term life insurance is typically less expensive than a permanent policy. If you’re looking to add an investment element to your life insurance, permanent offers opportunities.

As a point of consideration, Lincoln Financial is one of the few life insurance companies offering survivorship policies. This policy is purchased by two individuals, with the surviving partner receiving the death benefit. The types of life insurance available through Lincoln Financial Life include:


A term life insurance product is ideal when you want to plan a legacy for loved ones for a set period of time. For example, if you have young children — or children about to go to college — term life coverage ensures they’re provided for financially into their adult years, in the event of your death. Term coverages from Lincoln Financial are available for periods of 10, 15, 20 or 30 years in length. 


Permanent life insurance does not have a time limit and covers you for as long as you continue to pay your premiums. It comes with two parts — besides the death benefit, permanent life policies have an investment component you can access, known as the cash value. Lincoln Financial offers three types of permanent life insurance with flexible options:

  • Universal: you can adjust the premiums and death benefit amount at any time without penalty. Earn simple interest on the cash value portion.
  • Indexed universal: flexible premiums and the chance to grow your cash value faster by investing the balance into an index fund.
  • Variable universal: comes with the greatest potential for growth but also the greatest risk to your cash value. You may invest your funds in stocks and other equities which fluctuate according to market conditions.


Lincoln Financial’s permanent policies all come with guaranteed coverage over a lifetime and a set death benefit amount which can be adjusted. As long as you pay your premiums, you’ll have coverage. However, unpaid loans or withdrawals made from the cash value of your policy could offset the death benefit amount.

Lincoln Financial life insurance riders

In addition to the life insurance coverages available, you can enhance coverage by adding riders to your policy to account for extenuating circumstances. The most popular riders include:

Accelerated benefits 

If you’re diagnosed with a critical or debilitating illness, you can draw on the death benefit to pay for medical expenses and care. The amount you spend will be deducted from the payout your beneficiaries would receive.

Accidental death

Adding an accidental death rider will increase the amount beneficiaries receive if you die in an accident. 

Disability waiver of premium

Policyholders who become disabled and unable to work could have their life insurance premiums waived without losing coverage.

Lincoln Financial life insurance customer and claims satisfaction

Lincoln Financial insurance reviews are positive, on the whole. The life insurance company has a low rate of complaints from the National Association of Insurance Commissioners (NAIC). The national average rate of complaints is 1.0; Lincoln Financial’s rate is 0.16.

Conversely, the 2020 J.D. Power customer satisfaction life insurance study scored Lincoln Financial as below average, but above other providers included in the study. 

Other insurance products available 

Lincoln Financial specializes in life insurance products and doesn’t provide other types of insurance, like home or auto insurance. That said, reviews from customers rate the company higher in satisfaction for its annuities than life insurance products.

ProductDiscountsJ.D. Power rating
Life insuranceN/A749/1,000

The takeaway

  • Lincoln Life Insurance provides a variety of term and permanent life insurance products but no whole life coverage.
  • Ratings and reviews for Lincoln Financial are largely positive.
  • Over-the-phone applications for term life insurance don’t require a medical exam. 
  • Survivorship policies are available, which allow a couple to purchase one policy and receive the death benefit if the other partner passes away first.
  • Besides life insurance, Lincoln Financial Group insurance sells annuities and offers investment, wealth and retirement planning.

Planning for your loved ones’ financial futures after you pass should be a vital component of your financial preparation. Life insurance is a good way to ensure your beneficiaries are taken care of after you’re gone. Lincoln Financial has been providing life insurance for over 100 years and is a good choice if you’re looking for life insurance products from a reputable company with strong financial stability ratings.

Cynthia Paez Bowman


Cynthia splits her time between Los Angeles, CA and San Sebastian, Spain. She travels to Africa and the Middle East regularly to consult with women’s NGOs about small business development.

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