Lincoln National Life Insurance Company is a division of Lincoln National Corporation. An Indiana based insurer with a Financial Strength Rating of A+ they have a wide variety of insurance and financial offerings including Term, Annuities, and Various Universal Life Insurance options.
The Lincoln National Life Insurance Company History:
Lincoln National started around 1905 in Fort Wayne Indiana using our Former President Abraham Lincoln name. Its founder Perry Randall received approval from Robert Lincoln to use his father's name for the business. This has proven to be a very shrewd business and marketing decision..
Of the 55 insurers that entered the Great Depression, Lincoln is one of only 11 that survives. In 1960 the Lincoln National Corporation was created as a Holding Company for the insurer. In 1973 Lincoln gets into financial offerings such as advisory services and mutual funds.
The company has grown ever since both in the financial and insurance industries and in assisting in the creation of the Lincoln Museum. A division of Lincoln, Lincoln Reinsurance was the first US based Reinsurance business in the United States of America. The Lincoln Reinsurance group was later sold to Swiss Re.
Today the company remains in Fort Wayne Indiana.
Lincoln National Life Insurance Company
Address: 1300 South Clinton Street Fort Wayne, IN 46802-3518
NAIC Number: 65676
Lincoln National Life is a Division of Lincoln National Corporation
Lincoln National Corporation is affiliated or controls the following entities according to AM Best: First Penn-Pacific, Jefferson-Pilot, Liberty Life Assurance, Lincoln Life & Annuity, Lincoln National Capital VI, VII, VIII, and IX, Lincoln National, Lincoln National Reinsurance Inc, Lincoln National Reinsurance SC, Lincoln Reinsurance Company of VT I, III, IV,V, VII. There may be others.
Lincoln National Life Products:
Lincoln National Life has been in the business long enough that they have lots of insurance products including group life insurance. However with regards to personal lines of insurance they have several main offerings that may be of interest to consumers:
Lincoln Universal Life Insurance:
Lincoln has two main universal subsets of policies - Indexed Universal and a Variable Universal. Indexed Universal Life Insurance policies often abbreviated as IULs are complex forms of cash value life insurance that allow variances in the yearly premiums paid in. Part of the Cash account with IULs are invested so to speak in an index account which usually has a stock market exposure. There are typically both floors and ceilings to investment returns.
Variable Universal Life Insurance, abbreviated as VULS are an even more complex form of cash value life insurance policies that have a true stock market component.
Some of the names of their universal products include:
Lincoln PreservationEdge SVUL
Lincoln AssetEdge VUL
Lincoln AssetEdge Exec VUL
Lincoln LifeGuarantee UL
Lincoln WealthPreserve Survivorship
Lincoln WealthAdvantage IUL
Lincoln LifeReserve IUL
Lincoln LifeReserve UL
Lincoln LifeCurrent UL
*this may not be a complete list due to changes.
Lincoln Term insurance:
Term Insurance a type of pure insurance that has no cash value is the other major offering from Lincoln. They currently have two different term products.
Lincoln TermAccel a fast issued term product that is often written without a paramedical exam. They are written from $100,000 to $1,000,000 in coverage. These policies may be convertible. Lincoln TermAccel policies are issued from ages 18- ages 50,55, or 60 depending on the length of the term policy.
Three Riders are currently available with TermAccel: Accelerated Death Benefit, Child Life Rider, and Waiver of Premium.
Lincoln LifeElements is another term product they offer and has a minimum face amount of $250,000. These policies are issued from ages 18 to ages 50,55,60,65,70,75,80 depending on the length of the term. These policies may be convertible to their other products during the life of the contract.
The same three Riders are currently available with TermElements: Accelerated Death Benefit, a Child Life Rider, and Waiver of Premium.
Between these two term life options from Lincoln - TermAccel and LifeElements - Lincoln has many of your options for you to consider from.
Lincoln does not appear to offer a Whole Life Insurance Product at this time.
Lincoln National Life Financial Strength Ratings:
A financial strength rating is an expert opinion about an insurers ability to meet and pay claims. FSRs are really the only evaluation tool that consumers have about the insurers that they may use. This information is extremely important.
AM Best - A+ as of February 2018
S&P - AA as of January 2018
Moodys - A1 as of January 2018
Fitch Ratings - A+ as of January 2018
Lincoln National Life Financial Strength Ratings (FSRs) are considered very good. If you are considering using them for a term policy, they generally meet our criteria. We make no recommendations at this time with regards to annuities. If you are considering them for Universal policies I would encourage you to dig much deeper into the company and their financial history, including but not limited to their dividend payment history. This not to say that you will find something bad, but rather a general suggestion in regards to ANYONE considering buying ANY form of permanent life insurance. The truth is that permanent policies are complex beasts and requires much more research.
It is important to note that Lincoln is a complicated organization / corporation and they have more than one financial strength rating from most of the rating agencies. Other insurance companies include Lincoln Life Assurity - AM Best A and First Penn Pacific LIfe -also AM Best A. Therefore to merely categorize this company as an AM Best A+ may not be that simple. The corporate hierarchy considerations of companies such as Lincoln sometimes make it difficult to review these companies with one single letter grade.
Lincoln National Life Term Rates:
Term rates for Lincoln can be found by putting your information in on the term rater on the left.
Some Sample Lincoln Rates can be found below (all preferred plus):
Female, Aged 20, Non Smoker, $300,000 10 Year Term = About $14.70 Per Month
Female, Aged 20, Non Smoker, $300,000 20 Year Term = About $14.96 Per Month
Female, Aged 20, Non Smoker, $300,000 30 Year Term = About $20.90 Per Month
Female, Aged 30, Non Smoker, $300,000 10 Year Term = About $14.81 Per Month
Female, Aged 30, Non Smoker, $300,000 20 Year Term = About $15.70 Per Month
Female, Aged 30, Non Smoker, $300,000 30 Year Term = About $23.10 Per Month
Male, Aged 20, Non Smoker, $300,000 10 Year Term = About $14.96 Per Month
Male, Aged 20, Non Smoker, $300,000 20 Year Term = About $18.53 Per Month
Male, Aged 20, Non Smoker, $300,000 30 Year Term = About $26.46 Per Month
Male, Aged 30, Non Smoker, $300,000 10 Year Term = About $15.59 Per Month
Male, Aged 30, Non Smoker, $300,000 20 Year Term = About $18.59 Per Month
Male, Aged 30, Non Smoker, $300,000 30 Year Term = About $27.93 Per Month
*these rates are estimates and subject to change and numerous underwriting considerations. Please fill out your own quote for more accurate information.
Questions about Lincoln National Life:
Question: Where is Lincoln National Based?
Answer: Lincoln National is based in Fort Wayne Indiana, United States.
Question: Why are there four different financial strength ratings for Lincoln?
Answer: There are actually more than four. However each insurance company within Lincoln has four ratings because there are four main rating agencies.
Question: How do I apply for a TermAccel Product through Lincoln?
Answer: Fill out a quote form and contact us.
Question: What is the difference between IUL and Whole Life Insurance?
Answer: Whole life insurance is also a form of cash value life insurance but it is not tied directly to the market. IULs are tied to a benchmark index.
Question: If I were (to) convert a Lincoln policy what can I convert it to?
Answer: The exact answer to this will lie in your policy contract. In general though, you can usually convert your term policy to one of their universal products. There are numerous rules about doing so.
Question: What is an SVUL?
Answer: SVUL often stands for Survivorship Variable Universal Life. This is a pretty complex type of life insurance that insures two people. Basically it insures the second to die.
Question: How Old is Lincoln National Life?
Answer: If you take 1905 as its starting date than Lincoln National is about 113 years old as of 2018.
Question: What if a I want a Term Quote from Lincoln for more than $300,000?
Answer: Just fill out the term quoter with your exact details and we will get you a Lincoln quote ASAP.
Conclusion about Lincoln National Life:
Lincoln is terrific, highly rated company, that has some solid offerings. Their term products in particular stand out as strong candidates with their ability to convert to another form of permanent insurance. In general when convertible policies can be had for virtually the same price as their brethren - we like convertibles at WholeVsTerm. Their Universal life insurance offerings are wide and varied and for those considering such permanent policies they may be a good consideration.
Should you have any questions please send them direct to us or add them to the content box below.
sales at marindependent.com