Lincoln National has a great combination of low rates and excellent plan designs
Anyone planning on purchasing life insurance is going to have to place a lot of confidence in the company they are applying with. If the economy is not doing well then this subject becomes even more important. This article will inform you about an excellent life insurance company you may or may not have heard of.
The Lincoln National life insurance company is a major player in the life insurance and financial industry that has a magnitude of excellent products to choose from with some of the best term life insurance rates and plan designs.
These excellent rates and benefits promoted us to run the Lincoln National Life Insurance Company Review.
Taking a close look at this company’s history
In the year 1905, a small group of business people from Fort Wayne Indiana decided to create a new life insurance company. This company would be focused on honesty, dependability and the best customer service that could ever be offered. This company would be named after one of our nation’s greatest presidents, Abraham Lincoln.
Naming a life insurance company after Mr. Lincoln would mean this new company would have to be walking in the reputation of one of the most respected men that ever lived. Today Lincoln National which is a key member of the Lincoln Financial Group has generated that respect and the excellent reputation they were originally pursuing 116 years ago.
How Lincoln Nationals financial rating stacks up
As of the third quarter of 2020 Lincoln National has reported managed assets of $278 Billion Dollars. Operating revenue of $3.9 Billion, net income of $512 million and income from operations, $552 million.
Financial Strength Ratings:
- M. Best: A+
- Standard & Poor’s: AA-
- Moody’s: A1
- Fitch: A+
These are some of the very best ratings you will ever see for a life insurance company to obtain. To say the least, Lincoln National is in the highest-ranking bracket possible. This spells stability and trust for their policyholders and perspective life insurance applicants as well.
Let’s take a look Lincoln’s extensive list of products
Term Life Insurance:
TermAccel is a very simple term life insurance product which utilizes a convenient application by telephone. If you meet their health history guidelines there will be no lab work required.
These policies can be issued in as little time as two days which means you could have a policy in hand in a fraction of the time it would take a conventional term life insurance policy to be issued.
The TermAccel policies have very competitive premiums and offer the flexibility of being able to convert your Term policy to one of Lincoln’s permanent policies such as Universal Life.
TermAccel Product Details:
- Minimum Face Amount – $100,000
- Maximum Face Amount – $500,000
- Term Periods – 15, 20 & 30 years
Supplemental Benefit Riders:
- Children’s Rider – This rider for an additional cost offers provides level Term insurance for all of the children of the insured.
- Accelerated Benefits Rider – This excellent rider pays out a portion of the policy face amount if the insured is diagnosed with a terminal illness that only gives them six months or less to life.
- Waiver of Premium Rider – This rider waives the premium if the insured becomes totally disabled and can no longer pay the premiums.
Highly competitive rates for applicants 45 years old and above with face amounts of $500,000 and above.
- Fast & Simple telephone applications with approval times of several days.
- No Lab Work if you meet their medical guidelines.
- The ability to convert your term life policy to permanent universal Life policies.
- Minimum face amount of $250,000
- Maximum face amount of individual consideration of each applicant and underwriting limits.
- Term periods of 10, 15 & 30 years.
Just as with the TermAccel policies, you have the options of choosing the Accelerated Death Benefit Rider, The Waiver of Premium Rider and the Childrens Rider.
Universal Life Insurance:
- Lincoln LifeGuarantee UL
- Lincoln LifeCurrent UL
- Lincoln LifeReserve UL
Universal Life offers the benefits of term insurance along with:
- The opportunity to generate cash value over time with a fixed interest rate.
- The option to designate the amount of your monthly premium.
- The option to change the amount of your policy face amount with the approval of the underwriting department.
- Earn interest which will be tax deferred.
How Lincoln National Term rates stack up with the toughest competitors
To make this simple we with use the rates of a 30-year-old male in the preferred non-tobacco rate class with a face amount of $500,000 for 20 years. These are the best Term life insurance quotes from 18 of the most competitive life insurance companies.
- John Hancock – $306.50
- Lincoln National – $310.00 (TermAccel Plan)
- AIG American General – $314.00
- Transamerica – $315.00
- Protective Life – $317.27
- Banner Life – $318.99
- SBLI – $319.00
- MetLife – $319.00
- AXA Equitable – $319.00
- United of Omaha – $332.50
- North American – $335.00
- Principal National – $338.00
- Assurity Life – $365.00
I believe you will agree that after reviewing that extensive list of 13 Term life insurance companies, Lincoln National is a force to be reckoned with when it comes to offering competitive premiums. Keep in mind that all life insurance companies underwrite their applications differently. This means the most applicable company should be used for each individual specific needs and health history.
Life insurance agents appreciate Lincoln National
Many life insurance agents in the US like working with Lincoln National. This is because because they know the underwriting department at Lincoln National will go out of their way to help their clients get the lowest rates. Also, the financial stability of Lincoln National give the agents a strong vote of confidence.
Many years from now Lincoln National should remain in a strong financial position so that when a death claim is reported. The company will be able to pay claims promptly and efficiently. Insurance agents have a lot of legal liabilities in this industry and their companies paying claims are just one of them.
Active our quote engine and see for yourself
Many years ago when life insurance agents wanted to give their clients premium quotes of multiple carriers. Each and every company had to be quoted one at a time with a rate book and calculator. We can now compare low cost term life insurance quotes online in less than a minute with our modern life insurance quoting tools. Finding the term life insurance with the lowest rates is now a snap.
If you have any medical conditions a simple 10-minute medical prescreen can show what company would offer you the lowest life insurance rates.
Some of the valuable niche markets that Lincoln National offers
Applicants that use tobacco products such as chewing tobacco, pipes, cigars, and nicotine gum, nicotine patches, electronic cigarettes can test positive for nicotine. They can receive a standard rate class as long as he or she discloses tobacco use on their application. Traditional cigarette use does not fall into this niche market. Lincoln has some of the lowest rates for cigarette smokers.
For cigar smokers, if no traces of nicotine shows up in the applicant’s urine sample a client can qualify for the best rate class available. The applicant would have to use the maximum of 12 cigars per year. Also, the applicant can use up to 24 cigars per year to receive a preferred rate class as long as nicotine does not appear in the urine test.
- Applicants over the age of 70 years old can receive more liberal underwriting. Especially if they have high cholesterol, high blood pressure or are overweight according to the height & weight build chart.
- Lincoln has been very liberal when it comes to applicants with a history of breast or prostate cancer. This is also due to the much higher success rate the medical profession has for treating prostate and breast cancer patients than in past years.
- A super preferred rate class is also available to folks with high cholesterol that have a 5.5 HDL ratio as long as the total number is below or equal to 230. For the applicants over 70 years of age the total cholesterol may jump as high as 275 for people age 70 or older.
Lincoln National also offers employer group related products:
- Term life insurance along with accidental death and dismemberment coverage.
- Short Term Disability Insurance
- Long Term Disability Insurance
- Dental Insurance
- Critical Illness Insurance
- Accident Insurance
- Vision Insurance
Long Term Care and Annuities:
If you are looking for protections in your later years from being confined to a nursing home for example, Lincoln Nation has some of the best Long Term Care provisions on the market.
Lincoln MoneyGuard II
Many people today want to help protect their retirement savings from health-related and age related expenses, such as long-term care. With Lincoln MoneyGuard II program you have the flexibility to prepare for the future. This is universal life insurance with an optional long-term care benefit rider which will give you a choice of premium payment options.
Unlike traditional long-term care insurance, your policy costs are set at issue and will never increase. Your policy provides benefits, even if you never need care, provided all planned premiums are paid.
Annuities, especially the fixed rate versions can offer and excellent investment for people who have money to invest but the want to stay clear of any financial downfalls such as Stocks and Mutual Funds. Many people have learned the hard way how fast you can lose money when you base your investment on the Stock Market.
Fixed Annuities for all practical reasons give you a designated interest rate that will never change if another financial disaster takes place in the United States.
Lincoln MYGuarantee Plus:
The Lincoln MYGuarantee Plus annuity is the fixed annuity that gives you a guaranteed interest rate from 5 to 10 years depending on your specifics needs.
Our final Word
Due to the fact that life insurance is not a one size fits all type of product. Lincoln National may not be the best company for everyone but it sure is a good overall company to select. We always shop the market from our selection of over 40 trusted companies. We always make sure the company we advise our clients to apply with will be the best fit for their specific needs and budget.
Thank you for visiting our website and reading this blog post. I hope it has answered a lot of your questions. Do not hesitate to contact us if you have any life insurance questions or want to know more about the Lincoln National Life Insurance Company.
All the best,
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