Lincoln Financial Life Insurance Review (2026)

Rated A (Excellent) by AM Best, Lincoln Financial is one of the largest life insurance companies in the United States, offering term life insurance and universal life insurance policies, including options that can help cover long-term care (LTC) expenses. Endorsed by Todd Lincoln, the son of Abraham Lincoln, this company has helped people secure their financial future for the past 120 years.² However, individuals seeking whole life coverage may need to look elsewhere.

Key Takeaways

Best for: Individuals seeking permanent life insurance, long-term care benefits, or estate and wealth transfer planning.

Coverage options: Available products include term life, indexed universal life, variable universal life, survivorship life insurance, and hybrid life insurance with long-term care benefits.

Financial strength: Lincoln Financial holds an A (Excellent) rating from AM Best.

Application process: Coverage must be purchased through a licensed financial professional; online quotes and direct purchases are not available.

About Lincoln Financial Life Insurance

Founded in 1905 in Fort Wayne, Indiana, Lincoln Financial Group is a publicly traded stock company operating under parent entity Lincoln National Corporation.

The company derives its name from Abraham Lincoln and provides term life, indexed universal life (IUL) as well as variable universal life (VUL) insurance options. As of 2025, the company holds $131 billion in general accounts assets, providing financial security to over 17 million customers in the US.²

Beyond life insurance, Lincoln Financial offers annuities, retirement planning solutions, long term care benefits and group employee benefits. Life insurance products are available in 49 states, except New York. Policies are distributed exclusively through licensed financial professionals and independent brokers.

Lincoln Financial Life Insurance Review for 2026

Lincoln Financial offers more than basic term coverage, with options that include indexed and variable universal life insurance, survivorship policies, and long-term care benefits. This 2026 Lincoln Financial life insurance review takes a closer look at its products, application and claims processes, customer experience, and pros and cons to help you decide whether the company is worth considering.

Lincoln Financial’s Financial Strength and Ratings

One of the best ways to evaluate an insurer's financial stability is by reviewing ratings from independent agencies that assess an insurer's ability to meet its ongoing obligations. Lincoln Financial has strong ratings from major independent rating agencies, such as:¹

AM Best: A (Excellent)
S&P Global: A+
Moody's: A2
Fitch: A+

These ratings suggest that Lincoln Financial is in a strong position to meet its commitments to policyholders. Consistently high marks across multiple agencies may also provide added confidence in the company’s ability to pay covered claims and support its policies over time.

Lincoln Financial Life Insurance Products

Lincoln Financial’s product lineup includes term life insurance, indexed universal life insurance, and variable universal life insurance. However, the company does not offer whole life insurance, which may be a drawback for shoppers looking for lifelong coverage with guaranteed cash value growth.

Term Life Insurance

Lincoln Financial offers two term life insurance options, both designed to provide coverage for a specific period while helping protect your family's financial future. Each policy includes a conversion feature, allowing eligible policyholders to switch to permanent life insurance without purchasing a new policy.³

Accelerated underwriting term coverage

Designed for healthy applicants, generally between ages 18 and 60.
Coverage amounts typically range from $100,000 to $2.5 million.
Available in 10-term, 15-term, 20-term, and 30-year term lengths.
Fully digital application process. Eligible applicants may qualify without undergoing a medical exam.
Best suited for those seeking a faster and more convenient application experience.

Traditional term life coverage

Available in 10-year⁠, 15-year⁠, 20-year⁠, and 30-year⁠ term lengths.
Coverage amounts generally start at $250,000 and with a very high maximum face amount, subject to underwriting guidelines.
May be a better fit for older applicants or those with more complex underwriting requirements. May also be suitable for those seeking substantial financial protection.

Indexed Universal Life Insurance

Lincoln Financial offers five indexed universal life (IUL) insurance policies for individuals seeking lifelong coverage with cash value growth potential. These policies earn interest based on the performance of a market index while providing protection against market downturns.4

Key features of Lincoln Financial's indexed universal life insurance include:

Permanent life insurance coverage with a cash value component.
Cash value growth is linked to the performance of a market index.
Guaranteed minimum interest rates that help protect against market losses.
Coverage available for a broad range of ages, from children to older adults.
Death benefit amounts that can exceed $20 million for eligible applicants.
Access to cash value through policy loans and withdrawals.
Optional no-lapse guarantee riders that can help keep coverage in force when premium requirements are met.
Survivorship life insurance options that cover two individuals and pay a death benefit after the second insured passes away.
Suitable for estate planning, wealth transfer, and long-term financial protection needs.

However, loans and withdrawals can reduce the policy's death benefit and cash value. If too much cash value is withdrawn or borrowed, the policy may be at risk of lapsing.

Variable Universal Life Insurance

Lincoln Financial offers variable universal life (VUL) insurance for individuals seeking permanent life insurance coverage with greater investment flexibility and growth potential. Key features of Lincoln Financial's variable universal life insurance include:⁵

Permanent life insurance coverage with a cash value component.
Availability for applicants from ages 0 to 80.
Coverage amounts that can reach up to $5 million for eligible applicants.
Access to more than 75 investment sub-accounts and indexed account options, with flexible investment allocation choices based on individual financial objectives.
Potential for higher cash value growth compared to other types of permanent life insurance.
Access to cash value through policy loans and withdrawals, although excessive withdrawals may deplete the policy’s cash value and lead to a lapse risk.
Individual and survivorship coverage options, with survivorship policies covering two people under a single policy and paying a death benefit after the second insured passes away.
Policy features designed to help preserve coverage when policy loans are taken.

Hybrid Life and Long-Term Care Benefit

Lincoln Financial offers a flagship hybrid life insurance policy that combines a death benefit with long-term care (LTC) benefits. These policies allow policyholders to access a portion of their death benefit to help pay for qualifying long-term care expenses if they need care during their lifetime.⁶

One of the standout features of Lincoln Financial's hybrid coverage is its zero-day elimination period. Unlike many long-term care policies that require policyholders to wait before benefits become available, eligible benefits can begin as soon as the insured qualifies for care.

Lincoln Financial’s Underwriting and Application Process

Lincoln Financial uses a mix of accelerated and traditional underwriting depending on the product, coverage amount, and the applicant's health profile.

Medical Exam Requirements

Lincoln Financial offers both accelerated and traditional underwriting options. Whether a medical exam is required depends on factors such as age, health history, coverage amount, and the type of policy being purchased.

Accelerated underwriting: Eligible applicants may qualify for coverage without a medical exam. Underwriting decisions are based on a health interview and a review of personal, medical, and third-party data sources. Qualified applicants up to age 60 may be able to obtain up to $2.5 million in coverage without lab work.³
Traditional underwriting: Applicants seeking higher coverage amounts or those with more complex health histories may be required to complete a medical exam. The process typically includes a health questionnaire, medical records review, and laboratory testing.

How to Apply for Lincoln Financial Life Insurance

Lincoln Financial does not sell life insurance policies directly to consumers online. Instead, applicants must work with a licensed financial professional or insurance broker to complete the application process. Here’s how you can apply:

Applications must be submitted through a licensed financial professional or broker.
Consumers can use Lincoln Financial's online “Find an Advisor” tool to find a local representative.
Some term life insurance policies with accelerated underwriting offer a fully digital application process that can be completed remotely.
Faster underwriting programs can provide a coverage decision within one to two business days for qualified applicants.
Policies requiring traditional underwriting typically take between two and six weeks from application to approval.
Approval timelines vary based on factors such as age, health history, coverage amount, and underwriting requirements.

Lincoln Financial Life Insurance Customer Experience

Lincoln Financial operates through a financial advisor model, so the overall service experience combines the company's own infrastructure with the quality of each buyer's advisor relationship.

Customer Service and Contact Options

Lincoln Financial offers customer support by phone at 1-877-275-5462, Monday through Friday from 8:00 a.m. to 6:00 p.m. ET. Customers can also use the company’s website chat, which starts with a virtual assistant named “Abe.” Policyholders can manage most routine account needs through the online portal, including viewing policy documents, checking account values, reviewing billing history, and making electronic payments.

Lincoln Financial Life Insurance Claims Process

Lincoln Financial allows beneficiaries to file life insurance claims through its claims department or online account portal. Here’s how you can file a claim:

Claims can be initiated by phone or through Lincoln Financial's online policyholder portal.
Beneficiaries are typically required to submit a completed claimant statement and a certified copy of the death certificate.
Additional documentation may be requested depending on the circumstances of the claim.
Death benefits can generally be paid by check or electronic funds transfer (EFT).
Certain settlement options may allow beneficiaries to receive proceeds through alternative payment arrangements.
Beneficiaries should contact the claims department after submitting their documents to receive updates and estimated processing times for their claim.

Mobile App and Online Access

Lincoln Financial provides an online policyholder portal that allows customers to access policy documents, track account values, make payments, and manage their coverage in one place. The company also offers educational resources and financial planning tools through its website. A mobile app is available for on-the-go account access, though some users report that its features and performance are not as robust as those of the web portal.

Lincoln Financial Life Insurance Pros and Cons

Lincoln Financial stands out for its strong financial stability, broad selection of permanent life insurance products, and long-term care benefit options. However, the company may not be the best fit for shoppers seeking whole life insurance, online purchasing, or coverage in every state.

Pros of Lincoln Financial Life Insurance

Lincoln Financial holds an A (Excellent) financial strength rating from AM Best, indicating a strong ability to meet its long-term obligations.
The company offers a wide range of permanent life insurance options, including universal, indexed universal, and variable universal life insurance.
Hybrid life insurance policies can help cover qualifying long-term care expenses and offer immediate access to benefits once eligibility requirements are met.
Some term life insurance applicants may qualify for accelerated underwriting, which can speed up the approval process and eliminate the need for a medical exam.
Survivorship life insurance options are available for couples and business partners seeking shared coverage under a single policy.

Cons of Lincoln Financial Life Insurance

Lincoln Financial does not offer whole life insurance, limiting options for shoppers seeking guaranteed cash value growth.
Policies cannot be quoted or purchased directly online and require working with a licensed financial professional.
Life insurance coverage is not currently available to residents of New York.

Ethos vs. Lincoln Financial Life Insurance

Ethos and Lincoln Financial serve different segments of the life insurance market. The right choice depends on the type of policy you need and how you prefer to shop for coverage.

Product Range

Ethos: Ethos offers a streamlined selection of term and permanent life insurance products designed for consumers seeking straightforward coverage.
Lincoln Financial: Lincoln Financial provides a broader range of permanent life insurance solutions with advanced planning features.

Online Buying Experience

Ethos: Ethos allows eligible applicants to research, apply for, and purchase life insurance entirely online without working with an agent.
Lincoln Financial: Lincoln Financial requires applicants to work with a licensed financial professional throughout the application process.

Underwriting and No-Medical-Exam Options

Ethos: Ethos uses a technology-driven underwriting process that can provide no-medical coverage decisions in minutes. However, you may need to answer a set of health questionnaires to qualify for coverage.
Lincoln Financial: Lincoln Financial offers accelerated underwriting for a few eligible policies but many policies still follow the traditional underwriting path, with longer review times.

Best Fit Profiles

Ethos: Ethos is best suited for shoppers who value convenience, speed, and a fully digital life insurance experience.
Lincoln Financial: Lincoln Financial is better suited for buyers seeking permanent life insurance, long-term care benefits, or more comprehensive financial planning solutions.