Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Oct 1, 2020

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It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.

Today, we bring you the Lincoln National Life Insurance Company review, a company we proudly represent. A great way of starting your life insurance analysis is to read reviews about life insurance companies because you get a different perspective on their products, services, the underwriting process, and rates.

Although we never recommend going with one company over another just because of a review, you want to compare all quotes before choosing a carrier. This review will do just that. Let’s get to it!

Lincoln Life Insurance History

In 1905, a few businesspeople from Fort Wayne came together and established an insurance company based on the virtues of honesty, integrity, dependability, and services to their fellow humans. It was named after one of the nation’s greatest leaders, Abraham Lincoln.

Robert Todd Lincoln, Abraham Lincoln’s son, granted the permission to use the name in 1905. Lincoln National Life Insurance, also known as Lincoln Financial Group, is a Fortune-250 American holding company which has turned obstacles into opportunities for over a century.

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Lincoln Life Insurance Financial Ratings

Products Offered by Lincoln Life Insurance

Lincoln Financial provides annuities, long-term care, and life insurance products. This review’s main focus will be on the type of life insurance products they offer which include term, universal, and variable universal life insurance.

LifeElements Level Term

A level term life insurance is for those who seek to safeguard their family for a specific period. The reasons vary from childbearing to mortgage loans, and sometimes the purpose is to protect your business from a key employee premature death. Term life insurance is for the rescue because it offers the best cost-effective protection for that initial period.

You only pay for pure insurance without the added cash value accumulation or investment component permanent life has. Your premiums and death benefit are guaranteed for a period of 10, 15, 20, or 30 years. At the end of the term, you can convert it to permanent coverage, pay annually (ART), or drop it; the choice is yours. Below are Lincoln’s term life highlights:

  • Minimum face amount: $250,000
  • Issue ages:
    • 10-year term: 18–80
    • 15-year term: 18–75
    • 20-year term: 18–70
    • 30-year term: 18–55
  • Fully convertible at the end of the term or before age 70


The accelerated underwriting process is promoted by many companies such as North American, Legal & General, and Minnesota Life to name a few. This process does not require the applicant to undergo a paramedical exam or a urine or blood sample as part of the approval process.

Instead, the underwriter will collect the information via a phone interview and other public information agencies and can issue a policy in two days. However, not everyone will qualify for this process, as it reserved for those who are in good health. There is no charge for this process, nor will your premiums be higher.

If you are eligible, your policy will be issued quickly. If not, you will continue the traditional underwriting process which includes the exam and attending physician statement (APS) if needed.

  • Face amount: $100,000–$500,000
  • Issue ages: 18–50
  • Term periods: 15-, 20-, or 30-year term

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Universal Life Insurance

For others who are looking for permanent protection with flexibility, UL policies are the answer. Universal life provides a guaranteed death benefit to be paid to your beneficiaries upon your death with the opportunity to build cash value and to modify the death benefit (increase or decrease) as you see fit in the future.

Moreover, a unique advantage UL offers is the ability to adjust the premium payment or skip it as long as there is enough cash value in the account.

Lincoln provides four types of UL policies:

  1. LifeGuarantee UL: Is a guaranteed universal life policy or GUL, which provides a lifetime of coverage to age 121 as long as the minimum premium is paid. The death benefit and premiums are guaranteed to remain level even if the cash surrender in the policy is insufficient. It is geared for those who are interested in permanent protection and are not concerned with cash value accumulation or investments.
  2. LifeCurrent UL: A policy that builds cash value on a tax-deferred basis with coverage protection up to 20 years or age 90, whichever occurs first. When buying the policy, you will have a provision called Coverage Protection Guarantee (CPG) which protects your coverage from lapsing as long as the minimum payment is paid. The coverage also comes with three death benefit options:
    1. Purchased face amount
    2. Face amount plus account value
    3. Face amount plus premiums paid (return of premium)
  3. LifeReserve UL: Offers the best cash accumulation strategy with a guaranteed death benefit. You can adjust the amount and frequencies of premiums and also choose one of the three death benefit options offered by LifeCurrent UL.
  4. LifeGuarantee SUL: Is a survivorship universal life policy that pays upon the death of the second insured. It has the same benefits LifeGuarantee UL offers. The only difference that it covers two individuals. Those who buy it are looking for an estate planning solution.

Indexed Universal Life Insurance

Those who are looking for a little more in cash value accumulation are looking into IUL. With IUL, you can capitalize on the upside market accumulation without sacrificing a loss. IUL achieves that by offering 0% protection if the market goes south. IUL isn’t invested directly in the stock market; it only mimics the movement of a chosen index.

Lincoln offers three IUL types:

  1. Lincoln WealthAccumulate: Offers three indexed account options with different opportunities and level of protection.
  2. Lincoln WealthPreserve: Offers death benefit guaranteed that remains for up to 40 years or age 90, whichever occurs first. The policy’s interest will never fall below 1% yearly.
  3. Lincoln WealthPreserve Survivorship IUL: A survivorship policy for two people that pays on the death of the second one. This policy provides three different investment accounts in which you can park your money:
    • High participation: Perform best when S&P returns are lower
    • Capped account: Perform best when S&P returns are moderate
    • Uncapped account: Perform best when S&P returns are higher

Variable Universal Life Insurance

For the rest of us who are looking for upside cash accumulation through variable investments, options, indexes, or bonds, variable universal life insurance may be a good solution. Just like universal life, it offers a guaranteed death benefit payable upon your death with tax-deferred cash accumulation which you can access in the future if you take out a loan or when you surrender your policy.

Lincoln offers four types of VUL policies:

  1. AssetEdge VUL: Offers 20-year no-lapse protection guaranteed with the option to choose from 80 market-driven investment options. You also get the option to park your money in two other accounts which offer less volatility: a fixed account with expected growth, or the indexed account tied to the S&P 500.
  2. Lincoln VUL: Offers the freedom to pursue growth possibilities from more than 70 investment choices. A fund manager will work with you to find the right solution for your risk tolerance and objects. Just like any other insurance, it comes with guaranteed death benefit and a cash value account you can access in the future.
  3. Lincoln SVUL: A survivorship policy for two individuals with the freedom and opportunity to invest your money with more than 70 investment options from which you can choose.
  4. Lincoln PreservationEdge: Another survivorship policy which offers freedom to choose your investment options from conservative to aggressive.

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Optional Riders

  • Accelerated benefit: Pays a portion of the death benefit if you are terminally ill or require a nursing home.
  • Accelerated benefit with critical illness: Pay a portion of the death benefit if you were diagnosed with a critical illness such as stroke or heart attack.
  • Accidental death benefit: Pays additional death benefit if the death is accident-related.
  • Children’s term: You can buy temporary coverage for your child.
  • Disability waiver: Will waive your policy’s premium and keep it in force should you become disabled.
  • Guaranteed insurability: Gives you the option to increase the death benefit in the future without proof of insurability.
  • Spouse term: Gives you a choice to insure your spouse under your policy.

Related: Do I need life insurance riders?

Lincoln Life vs. Other Carriers’ Sample Monthly Rates

Male 20-year Term $250,000

 Company Age 30 Age 40 Age 50 Age 60
 Protective  $13.12  $17.85  $41.50  $111.59
 Banner  $13.33  $19.26  $40.85  $111.13
 AIG  $13.54  $19.38  $42.73  $114.74
 Foresters  $13.56  $18.81  $42.66  $114.84
 Lincoln $13.56  $18.38  $46.55  $190.53
 Mutual of Omaha  $13.56  $20.08  $46.55  $134.05
 Principal  $14.66  $19.03  $42.61  $110.03
 SBLI  $14.79  $21.67  $51.68  $147.70
 Transamerica  $20.34  $26.45  $51.17  $135.88
 Prudential  $20.34  $24.50  $45.50  $128.84
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Female 20-year Term $250,000

 Company Age 30 Age 40 Age 50 Age 60
 Protective  $11.83  $15.27  $31.18  $77.61
 Banner  $11.74  $15.67  $31.17  $78.83
 AIG  $11.81  $18.51  $35.59  $89.66
 Foresters  $12.47  $16.63  $31.94  $85.97
 Lincoln $12.08  $16.14  $32.77  $160.13
 Mutual of Omaha  $12.64  $19.21  $36.05  $94.02
 Principal  $13.13  $16.63  $32.90  $77.92
 SBLI  $13.31  $18.99  $36.46  $90.37
 Transamerica  $13.98  $21.72  $40.64  $110.51
 Prudential  $17.28  $22.53  $40.03  $89.25
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Male 20-year Term $500,000

 Company Age 30 Age 40 Age 50 Age 60
 Protective  $20.21  $28.38  $75.68  $205.97
 Banner  $20.12  $32.68  $74.39  $205.97
 AIG  $20.24  $30.62  $77.76  $213.57
 Foresters  $21.00  $31.50  $79.19  $223.56
 Lincoln $21.00  $30.28  $78.71  $214.33
 Mutual of Omaha  $21.61  $33.42  $85.05  $249.55
 Principal  $22.75  $31.50  $78.66  $213.50
 SBLI  $21.32  $36.92  $96.06  $286.85
 Transamerica  $23.65  $43.00  $95.46  $253.70
 Prudential  $33.25  $41.56  $83.56  $250.25
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Female 20-year Term $500,000

 Company Age 30 Age 40 Age 50 Age 60
 Protective  $17.63  $24.94  $55.47  $139.32
 Banner  $17.11  $25.49  $55.47  $145.00
 AIG  $17.21  $27.16  $63.06  $163.40
 Foresters  $18.81  $27.13  $57.75  $165.81
 Lincoln $18.16  $26.16  $58.41  $148.05
 Mutual of Omaha  $18.99  $28.61  $64.05  $169.93
 Principal  $19.69  $26.69  $59.24  $149.27
 SBLI  $19.14  $29.67  $65.87  $173.03
 Transamerica  $19.78  $34.83  $73.10  $204.68
 Prudential  $27.13  $37.63  $72.63  $171.06
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Male 20-year Term $1,000,000

 Company Age 30 Age 40 Age 50 Age 60
 Protective  $33.97  $51.17  $142.33  $396.03
 Banner  $37.84  $58.48  $140.61  $406.63
 AIG  $34.95  $53.98  $144.80  $418.14
 Foresters  $34.13  $56.00  $150.50  $438.38
 Lincoln $49.00  $70.00  $147.70  $418.78
 Mutual of Omaha  $37.80  $59.68  $161.18  $481.43
 Principal  $38.50  $55.56  $147.88  $418.78
 SBLI  $35.24  $56.03  $147.73  $457.62
 Transamerica  $39.56  $80.84  $178.02  $483.32
 Prudential  $48.56  $70.44  $157.94  $467.69
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Female 20-year Term $1,000,000

 Company Age 30 Age 40 Age 50 Age 60
 Protective  $28.81  $43.43  $101.91  $267.03
 Banner  $28.72  $50.09  $110.51  $294.55
 AIG  $28.89  $47.92  $117.12  $309.15
 Foresters  $29.75  $47.25  $107.63  $322.88
 Lincoln $38.50  $53.38  $108.50  $283.33
 Mutual of Omaha  $31.68  $50.93  $119.18  $324.80
 Principal  $32.16  $46.81  $108.94  $283.50
 SBLI  $29.67  $44.28  $104.57  $272.92
 Transamerica  $32.68  $65.36  $139.32  $388.72
 Prudential  $37.19  $59.94  $124.69  $319.81
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*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of Sep 2018 and are subject to underwriting approval.*

Bottom Line

Lincoln Life is mostly competitive around the $500,000 term policies, and the added underwriting process makes it a no-brainer for the healthiest among us to skip the exam and get a policy in two days. Their GUL policies aren’t competitive price-wise. Companies such as AIG and Principal will be a much better fit.

When buying life insurance, you want to compare as many quotes as possible and to make sure that you can be approved for the policy. You can run the quotes yourself on this page to see if Lincoln Life is a good fit for you.