Lincoln Financial Insurance Review & Ratings (2023)
Get expert insurance insights and explore comprehensive coverage options from Lincoln Financial Insurance to safeguard your valuable assets and secure a worry-free future for you and your loved ones. Our informative resources empower you to make informed decisions and find the perfect insurance solutions tailored to your unique needs.
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Laura Walker
Former Licensed Agent
Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...
Former Licensed Agent
UPDATED: May 24, 2023
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Welcome to our informative article on Lincoln Financial Insurance and how it can provide you with the protection you need. We will delve into various key topics, including the comprehensive coverage options offered by Lincoln Financial Insurance, the importance of tailored insurance solutions, and the peace of mind that comes from safeguarding your valuable assets.
We will also explore the expertise and insights provided by Lincoln Financial Insurance to help you make informed decisions regarding your insurance needs. To ensure you receive the best rates possible, we invite you to enter your zip code and compare rates from the top insurance providers in your area.
What is Lincoln Financial?
Lincoln Financial is a company that focuses on providing annuities, life insurance, and retirement planning services. They have helped many customers plan for retirement and protect their families’ financial security with products that enable them to secure and grow income.
Lincoln Financial was founded in 1905 and named after President Abraham Lincoln. Its logo represents the company’s belief in Abraham Lincoln’s values and ideals.
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What products does Lincoln Financial offer?
Lincoln Financial offers products for both individuals and employers. Individual products include annuities, life insurance, and long-term care planning. While, employer products include employee benefits and retirement plans.
Below, is more information on these individual products:
- Lincoln Financial provides fixed annuities, fixed indexed annuities, and variable annuities. Annuities allow individuals to make an investment and invest it with an interest rate strategy determined by the type of annuity. Fixed annuities have a set interest rate, while fixed indexed annuities have a fixed rate with options to grow connected to an index.
- In terms of life insurance, Lincoln Financial offers term life insurance, universal life insurance, indexed universal life insurance, and variable universal life insurance.
- Term life insurance is a non-permanent policy that lasts for a specified period.
- Universal life insurance is permanent and lasts as long as the policyholder pays their premiums. Universal life insurance builds cash value at a set interest rate.
- Indexed universal life insurance has its interest rate tied to a major stock index.
- In contrast, variable universal life insurance will grow based on the performance of investments chosen by the policyholder.
- Lincoln Financial also provides long-term care planning in its MoneyGuard long-term care coverage. Lincoln Financial’s MoneyGuard products combine funding for long-term care needs with planning support.
Lincoln Financial also offers this inclusive list of employee benefits:
- Absence management (such as helping manage Lincoln Financial FMLA regulations)
- Short-term and long-term disability
- Term life insurance
- Dental and vision insurance
- Accident insurance
- Critical illness coverage
- Hospital indemnity insurance
In addition, Lincoln Financial’s retirement plans, such as a Lincoln Financial 401(k), have up to 12,000 investment options for employees to take advantage of.
How much is Lincoln Financial insurance?
Lincoln Financial doesn’t provide information regarding their annuities or retirement planning rates on the company’s website. But, we can provide you with rates for some of Lincoln Financial’s life insurance products.
| Age | Average Rates for Females | Average Rates for Males |
|---|---|---|
| 35 | $57.81 | $75.99 |
| 40 | $83.28 | $105.57 |
| 45 | $126.32 | $165.93 |
| 55 | $292.14 | $438.40 |
| 65 | $898.92 | $1,404.22 |
The rates above are for non-smokers. If you smoke, you could see drastic increases in your rates. Take a look at average rates from Lincoln Financial for smokers.
| Age | Average Rates for Females | Average Rates for Males |
|---|---|---|
| 35 | $148.78 | $185.76 |
| 45 | $317.34 | $464.40 |
| 55 | $684.56 | $1,094.78 |
Compared to other life insurance companies, Lincoln Financial’s rates are average.
What do customers think about Lincoln Financial?
Unfortunately, there are some negative reviews from Lincoln Financial customers online. Many complain of long wait times for claims and poor customer service. However, Lincoln Financial’s industry ratings put it among some of the highest-rated insurance companies.
Life Insurance Companies with the Highest Ratings
| Companies | Better Business Bureau (BBB) | A.M. Best | J.D. Power |
|---|---|---|---|
| AIG | A+ | A | 718 |
| AXA Equitable | A+ | A+ | 752 |
| Banner Life | A+ | A+ | N/A |
| Brighthouse | A+ | A+ | N/A |
| Guardian Life | A+ | A++ | 760 |
| John Hancock | A+ | A+ | 739 |
| Lincoln Financial | A+ | A+ | 744 |
| Mass Mutual | A+ | A++ | 780 |
| Metlife | B- | A+ | 780 |
| Mutual of Omaha | A+ | A+ | 766 |
| Nationwide | A+ | A+ | 806 |
| Pacific Life | A+ | A+ | N/A |
| Principal Financial | A+ | A+ | 774 |
| Protective | A+ | A+ | 742 |
| Prudential | A | A+ | 770 |
| SBLI | A+ | A+ | N/A |
| Transamerica | A+ | A+ | 720 |
That said, Lincoln Financial has an NAIC complaint index of 0.09, which is extremely low compared to the national average of 1.00. This means that Lincoln Financial receives far fewer customer complaints than is expected for a company of its size.
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How do I get Lincoln Financial quotes or file claims?
Since there is no way to get Lincoln Financial quotes on the company’s website, you will need to contact Lincoln Financial directly to learn about its products. You can call (800) 487-1485 to learn about life insurance products.
You may also be able to learn about Lincoln Financial’s products through your employer. For example, if you have an employer that provides Lincoln Financial employee benefits, you should have easy access to information about Lincoln Financial’s products.
To file Lincoln Financial claims, you can call (800) 423-2765 (for employer-sponsored plans) or (800) 487-1485 (for general death claims). In some cases, financial advisors may be able to use their Lincoln Financial provider login to help manage your claims, or you can use your Lincoln Financial login to manage your policy if you have one.
Should I buy Lincoln Financial insurance?
Lincoln Financial provides adequate life insurance and other financial products for most people. The company has a variety of life insurance products, not including whole life insurance. In addition, its term life insurance is convertible to permanent life insurance.
Some life insurance policies from Lincoln Financial don’t require a medical exam, making the application process easier for people with minor health issues. However, some people may find it more convenient to apply for coverage online than over the phone or with an agent.
If you receive benefits from your employer, you may also have a wider variety of products to choose from, such as Lincoln Financial retirement plans or Lincoln Financial short-term disability insurance.
Now that you’ve learned about Lincoln Financial, enter your ZIP code into our free quote comparison tool below to learn about life insurance companies in your area.
Frequently Asked Questions
What is Lincoln Financial?
Lincoln Financial is an insurance company that offers a range of insurance products, including life insurance, annuities, and retirement plans.
What types of life insurance policies does Lincoln Financial insurance offer?
Lincoln Financial insurance offers both term and permanent life insurance policies.
What is term life insurance?
Term life insurance provides coverage for a specified period of time, typically 10, 20, or 30 years. If the policyholder dies during the term, their beneficiaries receive a death benefit. If the policyholder outlives the term, the policy expires and no benefits are paid.
What is permanent life insurance?
Permanent life insurance provides coverage for the entire life of the policyholder and includes a savings component that can accumulate cash value over time. There are different types of permanent life insurance policies, including whole life, universal life, and variable life.
What are annuities?
An annuity is a contract between the policyholder and the insurance company that provides a regular income stream in exchange for a lump-sum payment or a series of payments. Annuities are often used for retirement income.
What types of annuities does Lincoln Financial offer?
Lincoln Financial offers several types of annuities, including fixed annuities, variable annuities, and indexed annuities.
What is a fixed annuity?
A fixed annuity provides a guaranteed interest rate for a specified period of time and guarantees a minimum rate of return. The payments received from a fixed annuity are typically predictable and stable.