Lincoln Financial Life Insurance Review 2026: Pricing, Pros & Cons

Lincoln Financial is a good choice for buyers who want no-exam term coverage up to $2.5 million or a hybrid life and long-term care policy through MoneyGuard. Its underwriting is more flexible than many carriers for marijuana and cigar users, who can qualify for nonsmoker rates. Lincoln holds an A (Excellent) AM Best rating and has operated since 1905. It received fewer customer complaints than average, as reflected by its NAIC complaint index of 0.22 (well below the industry baseline of 1.0). It doesn't offer whole life insurance. Self-service purchasing isn't available, so you need to call a licensed agent or apply directly by phone through Lincoln.

Read our Lincoln Financial life insurance review to learn about its coverage options, pricing, pros and cons, and decide if it's the right insurer for you.

Select age group
fact checked icon

Updated: September 28, 2026

Advertising & Editorial Disclosure

At a Glance: Lincoln Financial Life Insurance Review

Lincoln Financial

Lincoln Financial

MoneyGeek Rating
3.7/ 5
3.7/5Affordability
3.5/5Customer Experience
4.1/5Coverage

  • Average Monthly Cost

    $46 (women), $60 (men)

  • Ages Supported

    18–80
Compare Life Insurance Rates

Get the best rate for your life insurance. Compare quotes from the top insurance companies.

Lincoln Financial Policy Options

Lincoln Financial sells term life insurance, three types of indexed and variable universal life insurance, and a hybrid long-term care and life product called MoneyGuard. Term coverage runs from $100,000 to $2.5 million across 10, 15, 20 and 30-year options. 

Permanent policies offer flexible premiums and cash value growth through indexed or variable investment accounts. Cash value is the savings component that builds inside a permanent policy over time. You can borrow against it or withdraw from it. Lincoln doesn't offer whole life insurance.

Term Life Insurance

Lincoln Financial’s term life insurance policies work best for people who want straightforward coverage with fixed premiums. Both the TermAccel and LifeElements policies let you lock in rates for 10, 15, 20 or 30 years and convert to permanent coverage at the end of the term.

  • coupleS icon

    Lincoln TermAccel Level Term

    Lincoln TermAccel is a good fit for healthy buyers who want fast coverage without a medical exam. It offers 10-, 15-, 20- and 30-year terms with coverage from $100,000 to $2.5 million, and your premiums stay level during the initial term. After the level term ends, the death benefit gradually decreases while premiums stay the same or decline slightly.

    You can convert your policy to any of Lincoln's universal or variable universal life products within the first seven years or before age 70, whichever comes first. Available riders include accelerated benefits, children's term and waiver of premium.

  • coupleS icon

    Lincoln LifeElements Level Term

    This term policy is available for applicants up to age 60. Term options vary from 10, 15, 20 or 30 years with coverage levels from $250,000. Maximum coverage amount depends on individual underwriting. Depending on your profile, you may not need lab work and a phone interview to qualify for coverage.

    Premiums are fixed for the duration of the policy term, and if you elect to continue coverage at the end of the term, premiums will increase annually. You can also convert your policy to a permanent plan when it expires. Available riders include accelerated benefits, children's level term and waiver of premium.

LifeElements Age Eligibility

Lincoln Financial's LifeElements term life insurance issue ages vary by term length and tobacco use:

10-year

18–80

18–80

15-year

18–75

18–70

20-year

18–70

18–65

30-year

18–55

18–50

Universal Life Insurance

Lincoln Financial's indexed universal life (IUL) policies credit interest based on a market index with downside protection, so cash value grows when markets rise but doesn't decline in down years. Variable universal life (VUL) policies let you allocate cash value across up to 75 investment options, including indexed accounts and a fixed account, accepting more market risk for more growth potential.

  • rocketShip icon

    Lincoln WealthAccelerate IUL

    With this policy, you get a death benefit plus growth potential through your choice of two indexed accounts: the S&P 500 Traditional Indexed Account or Fidelity AIM Dividend Indexed Account with Fixed Bonus. Indexed accounts have downside protection to safeguard your investment from market losses. You can also add various riders to your policy to customize your coverage. It's the right fit for buyers who want market-linked growth with a simple, two-account structure.

  • rocketShip icon

    Lincoln WealthBuilder IUL

    Lincoln WealthBuilder IUL combines death benefit coverage with growth potential through five indexed accounts, including S&P 500 Traditional, S&P 500 Dynamic Intraday TCA Enhanced VCI and Fidelity AIM Dividend Fixed Bonus options. The policy offers downside safeguards from market losses while providing access to cash value for life needs or retirement income supplementation. You can add optional riders, such as chronic illness protection and a multiplier rider on eligible accounts. Consider this policy if you want more index options than WealthAccelerate offers and want chronic illness coverage built into the same product.

  • rocketShip icon

    Lincoln WealthBuilder ECV IUL

    Lincoln WealthBuilder ECV IUL focuses on high early cash value access. It includes an Early Cash Value Endorsement option and offers five indexed accounts with built-in market volatility protection. This policy works well for premium financing (borrowing to pay for large life insurance premiums, with the policy serving as collateral) and business insurance due to its high early cash value access and tax-deferred growth options. It's the right fit for business owners and high-income buyers who need fast access to accumulated cash value.

  • rocketShip icon

    Lincoln WealthPreserve 2 Survivorship IUL (2022)

    This policy offers coverage for up to two lives under a single policy. You also get growth opportunities for cash value through six indexed accounts, including Fidelity AIM Dividend Indexed Account - Fixed Bonus, Fidelity AIM® Dividend Indexed Account, S&P 500 Multiplier Indexed Account, S&P 500 Fixed Bonus Indexed Account, S&P 500 Traditional Indexed Account and S&P 500 Performance Trigger Indexed Account. It's a strong option for married couples or business partners who want shared, lower-cost coverage to support estate-planning goals.

Lincoln Financial also offers variable universal life insurance policies with flexible premiums and death benefits and cash value growth based on your market-driven fund allocations.

  • rocketShip icon

    Lincoln AssetEdge VUL (2022)

    This policy offers tax-free death benefit coverage and cash value growth with supplemental income potential. You can choose from up to 75 variable investment options, four indexed account options with downside protection and a fixed account that offers predictable growth. You can adjust your investments as needed throughout the policy term and include optional riders in your policy to customize your benefits. Buyers who are comfortable with market exposure and want broad control over how their cash value grows will get the most from this policy

  • rocketShip icon

    Lincoln AssetEdge VUL (2025)

    Lincoln AssetEdge VUL (2025) updates the company’s variable universal life design with structural changes that improve flexibility and simplify management. It removes earlier allocation restrictions, allowing full access to indexed account options in all policy years. It introduces an Enhanced Overloan Protection Endorsement that activates earlier and expands loan support for heavily funded policies. Lincoln also adjusted the no-lapse guarantee mechanics and removed lower-use provisions like the Change of Insured Rider. It's a strong option if you carry a heavily funded policy and want stronger overloan protection.

  • rocketShip icon

    Lincoln AssetEdge SVUL

    Lincoln AssetEdge SVUL covers two lives under one survivorship policy. It pairs death benefit coverage with growth through more than 75 investment options and four indexed accounts that provide downside protection against market losses. Policyholders get tax-deferred growth, tax-free income access and no-lapse protection for up to 20 years. It's the right choice for married couples or business partners who want life insurance for estate planning, wealth transfers or a buy-sell arrangement. Optional riders include living benefits for unexpected care expenses.

  • rocketShip icon

    Lincoln AssetEdge Exec VUL (2020)

    Lincoln AssetEdge Exec VUL (2020) combines a tax-free death benefit with tax-efficient cash value growth and supplemental income potential. Policyholders can choose from more than 75 variable investment options, four indexed account options and a fixed account. It includes an enhanced surrender value rider that automatically waives all surrender charges. Consider it if you're an executive who wants tax-advantaged cash accumulation alongside a death benefit, or a business owner funding executive benefit plans.

Hybrid Long-Term Care and Life Insurance

Lincoln Financial's MoneyGuard policy combines life insurance with long-term care coverage. The policy pays for qualified long-term care (LTC) expenses first, and any unused benefit is paid to your beneficiaries as a death benefit. Using long-term care benefits reduces the remaining death benefit dollar for dollar. 

You can choose from flexible premium payment options, and benefits cover services such as home care and assisted living. Unlike standalone long-term care policies, MoneyGuard pays the full original death benefit to your beneficiaries if you never use the long-term care coverage. With standalone LTC policies, you lose all paid premiums if care is never needed. MoneyGuard removes that risk.

Lincoln Financial’s Life Insurance Riders

Lincoln Financial offers eight rider options, most at an additional cost, though availability varies by policy type.

Rider
Description

Children’s Term

Provides level term coverage for all the policyholder’s children.

Accelerated Benefits

Pays out part of the death benefit if you become terminally ill.

Supplemental Term Insurance

Allows you to add additional, convertible level term insurance for a loved one or business partner. This rider is not available with all policies.

Payor Waiver of Premium Benefit

Waives the premium payments if you become totally disabled while your policy is in force.

Lincoln LifeAssure Accelerated Benefits

Pays part or all of the death benefit if you develop a permanent chronic illness.

Lincoln LifeEnhance Accelerated Benefits

Pays out part or all of the death benefit if you develop a permanent chronic or terminal illness.

Estate Protection

Offers additional term insurance on your survivorship policy in the first four years of the policy’s term.

Extended No-Lapse Minimum Premium

Extends the no-lapse premium included with the policy, subject to a specified minimum premium.

Overloan Protection

Ensures that the minimum death benefit will be $10,000, offering financial protection for those with heavily loaned policies. Lincoln introduced an Enhanced Overloan Protection Endorsement in 2025 with no upfront fee.

Critical Illness

Allows you to access a portion of the death benefit if diagnosed with qualifying critical illnesses, including heart attack, end-stage renal failure or certain cancers. A charge applies if the rider is exercised. Availability varies by policy type.

*Rider availability varies by policy type and your eligibility. Contact Lincoln Financial for a full list of riders.

Lincoln Financial Life Insurance Cost

Lincoln Financial's term life rates are at or below the national average for applicants through age 60. At $250,000 and above, its rates rank among the lowest in MoneyGeek's analysis.

Cost by Age

Lincoln Financial averages $28 per month for a 20-year-old nonsmoking woman and $35 for a man with a 20-year, $500,000 policy. Rates remain at or below the national average through age 60, when Lincoln costs $23 per month less than average for women and $27 less for men. At age 70, however, the pattern reverses: women pay $106 more per month than the national average, while men pay $68 more.

20
$28
-$1 (-5%)
$35
-$1 (-3%)
30
$31
$0 (0%)
$37
-$1 (-2%)
40
$46
-$0 (-1%)
$60

+$1 (+2%)

50
$99
-$3 (-3%)
$132
-$5 (-4%)
60
$263
-$23 (-8%)
$368
-$27 (-7%)
70
$950

+$106 (+13%)

$1,200

+$68 (+6%)

*Rates shown are for nonsmokers in average health with a 20-year, $500,000 policy.

Cost by Coverage Level

Lincoln Financial offers its strongest value at coverage amounts of $250,000 and above. At $250,000, its rates are 20% to 23% below the national average, the second-cheapest option in our analysis for women and the third-cheapest for men. At $500,000, rates are roughly in line with the national average. For $750,000 and $1 million policies, Lincoln's pricing advantage returns, with rates running 5% to 8% below average. At the $100,000 coverage level, though, its premiums are 6% to 8% above the national average.

$100,000
$17

+$1 (+8%)

$20

+$1 (+6%)

$250,000
$22
-$6 (-23%)
$28
-$7 (-20%)
$500,000
$46

-$1 (-2%)

$60

+$1 (+2%)

$750,000
$63
-$5 (-7%)
$81
-$4 (-5%)
$1,000,000
$79
-$7 (-8%)
$102
-$8 (-7%)

*Rates shown are for nonsmoking 40-year-olds in average health with a 20-year term.

How to Get Lincoln Financial Life Insurance

Lincoln Financial policies are available in all states, though options may vary by location. It doesn't offer online quotes and coverage is available through a licensed agent or directly by phone.

  1. 1
    Do your research

    Lincoln Financial doesn't offer online quotes. Contact a licensed agent or call Lincoln directly to get rates for your age, health class (Lincoln's internal risk tier based on your medical history and lifestyle) and coverage amount. The Tele-App (Lincoln's phone-based application) and phone interview options let you complete the process without an in-person meeting.

  2. 2
    Compare quotes

    Individual factors like age and health status impact life insurance rates, so it pays to compare quotes to find the best rates for your profile. Some policy options have age restrictions and may require medical exams based on your age or health condition.

  3. 3
    Health check

    Your health may impact your insurability, so health checks may be required depending on the type of policy, coverage level and other factors. Lincoln Financial also has policy options with no exam requirement, so check with an advisor to find the most suitable option for your profile.

  4. 4
    Approval

    Once your policy is approved, you can choose the eDelivery option (electronic delivery of your policy documents) to receive it faster than standard mail. Your policy takes effect once you make the first premium payment.

mglogo icon
WHAT TO DO IF LINCOLN FINANCIAL INSURANCE DENIES YOU COVERAGE

If Lincoln Financial declines your application, ask your agent for the specific reason. Underwriting decisions are based on health history, lab results, lifestyle factors and financial need. Smokers, people with certain chronic conditions or those with a high-risk occupation may receive a postponement or rating rather than a flat decline. If you're declined, no-exam policies or graded benefit policies from other carriers are worth reviewing. You can also reapply after making documented health improvements.

How Lincoln Financial Evaluates Applications

Lincoln Financial's underwriting guidelines are more flexible than many competitors, particularly for people who use marijuana or other non-cigarette tobacco products.

  • Marijuana users can qualify for nonsmoker rates. Lincoln doesn't automatically classify marijuana use as tobacco use, so you can receive nonsmoker pricing if the rest of your health profile qualifies.
  • Cigar and pipe users can also qualify for nonsmoker rates. Eligibility depends on overall risk factors, but Lincoln evaluates these applicants more favorably than many insurers that automatically assign tobacco rates.
  • Motor vehicle records (MVRs) are required only above certain coverage amounts. Lincoln reviews driving records for applicants ages 16 to 40 seeking $250,000 or more in coverage and for applicants 41 and older seeking $500,000 or more. Lower coverage amounts don't require an MVR.
  • Family medical history can affect your health classification. If your parent or sibling died before age 65 from coronary artery disease, a heart attack or stroke, you may not qualify for Lincoln's best rate class, though you can still be approved for coverage.

If you have a unique health history or use marijuana, cigars or pipes, ask a Lincoln Financial agent or independent broker for a preliminary underwriting assessment before applying.

Lincoln Financial Claims Process

Beneficiaries can file a Lincoln Financial life insurance claim online, by phone at 800-454-6265 or by mail. You'll need the policy number, a certified death certificate and completed claim forms.

Lincoln Financial assigns a dedicated claims specialist to each beneficiary and processes most claims within five to seven business days after receiving all required documentation.

For accelerated benefits or living benefits claims, contact your financial professional or call the claims department directly. Death benefit proceeds can be paid as a lump sum, in installments or as a refund annuity.

mglogo icon
CONTACTING LINCOLN FINANCIAL

Reach Lincoln Financial's customer service at 800-487-1485 on weekdays from 8 a.m. to 6 p.m. ET. You can also email CustServSupportTeam@LFG.com or use live chat on Lincoln's contact page at LincolnFinancial.com/contact.

Lincoln Financial Life Insurance vs. Alternatives

At $250,000 and above, Lincoln Financial's rates rank among the lowest in our analysis. Banner Life and Transamerica offer lower average rates overall and cap coverage at $10 million, compared to Lincoln's $2.5 million limit. Lincoln offsets those gaps with age eligibility up to 80, no-exam coverage up to $2.5 million and MoneyGuard, a hybrid life and long-term care policy that none of the other carriers in this comparison offer.

Lincoln Financial doesn't offer whole life insurance. Buyers who want guaranteed cash value growth and fixed lifetime premiums will find better options in our comparison of whole life carriers.

Lincoln Financial
$46 (F), $60 (M)

10–30 years

18–80

$2.5 million

A
3.7

Banner Life

$37 (F), $46 (M)

10–40 years

20–75

$10 million

A+
4.5

Transamerica

$37 (F), $46 (M)

10–30 years

18–80

$10 million

A
4.4

Penn Mutual

$38 (F), $47 (M)

10–30 years

20–70

$10 million

A+
4.3

Nationwide

$45 (F), $56 (M)

10–30 years

21–55

$1.5 million

A+
4.3

Pacific Life

$38 (F), $54 (M)

10–30 years

18–80

$10 million

A+
4.2

Fidelity

$44 (F), $58 (M)

10–30 years

18–70

$10 million

A-
4.2

Protective Life

$42 (F), $54 (M)

10–40 years

18–75

$10 million

A+
4.1

Mutual of Omaha

$49 (F), $60 (M)

10–30 years

18–80

$10 million

A+
4

Bottom Line: Is Lincoln Financial Right for You?

Lincoln Financial offers its strongest value at the $250,000 coverage level, where rates are 20% to 23% below the national average and among the lowest in MoneyGeek’s analysis. It also offers favorable underwriting for marijuana users and allows term policyholders to convert to any Lincoln permanent product within the first seven years. MoneyGuard adds a hybrid life and long-term care option not offered by other companies in our comparison. Its NAIC complaint index of 0.22 also points to a strong service record.

Lincoln is a good fit if you:

  • Want $250,000 or more in coverage and are shopping for competitive rates
  • Need to apply up to 80 years old
  • Want no-exam approval up to $2.5 million
  • Are considering indexed or variable universal life with cash value growth
  • Want hybrid long-term care and life coverage through MoneyGuard

Consider other insurers if you:

  • Are shopping for a $100,000 policy, where Lincoln's rates run about 6% to 8% above average
  • Need more than $2.5 million in coverage
  • Want whole life insurance, which Lincoln doesn't offer
Compare Life Insurance Rates

Get the best rate for your life insurance. Compare quotes from the top insurance companies.

Frequently Asked Questions

MoneyGeek scored Lincoln Financial using rate data for our baseline profile of a 40-year-old male nonsmoker in average health seeking $500,000 in coverage on a 20-year term. The MoneyGeek Score weights affordability at 50%, customer experience at 30% and coverage options at 20%. Customer experience ratings draw from customer reviews, J.D. Power life insurance study scores, AM Best financial strength ratings and NAIC complaint indexes.

More Life Insurance Company Reviews

About Patrick Bryant

Patrick Bryant, Vertical Lead, Life & Health Insurance, MoneyGeek

Patrick Bryant is the Vertical Lead for Life and Health Insurance at MoneyGeek, where he researches insurance products, writes consumer guides and oversees provider scoring methodologies that are reviewed quarterly to reflect current market conditions and carrier data. He has analyzed more than 50 life insurance carriers across multiple policy types and collected thousands of quotes nationwide to compare pricing, coverage and underwriting requirements.

Read Full Bio »
Sources