Few companies host a strong public image of fortitude, strength, and history like Lincoln National does. An old-school feel of a brand, but a fresh take on business all across the United States, Lincoln represents what trust and superior performance should look like. But, out of the hundreds of life insurance companies available to you, can they stand up to the competition? Today, our Lincoln National Life Insurance Company review will answer these questions. We discuss the financial strength and solvency of the company, their products, the value they offer, and who might be the best fit for coverage from Lincoln. Let’s begin.
OUR LINCOLN NATIONAL LIFE INSURANCE COMPANY FOR 2017
In 1905, Lincoln National Life Insurance Company was founded in the well-known city of Fort Wayne, staking Indiana as its original headquarters. The name is a direct implication of the U.S. President Abraham Lincoln, as the company’s founders thought it might imbue the idea of integrity and leadership amongst its consumers. They even were given authorization from Robert Todd Lincoln, the son of the late Abraham Lincoln. The company spread its wings into the reinsurance category early on, as well as buying up other companies as it successfully grew its book of business. It is perhaps considered one of the best life insurance companies of the time, and to this day, still holds its national prowess, as well as worldwide business scope. By 1969, the company went public and was traded on the New York Stock Exchange under the ticker symbol of LNC, where it still is being traded today. Up until the 90’s, they continued their aggressive buying of many other insurance acquisitions, but sold off pieces of its healthcare business in ’92 to focus more strictly on the life insurance portion of its revenues.1998 began a new marketing name (which is still used today) under Lincoln Financial Group. This was, in part, to help distinguish its different aspects of growing, under both the insurance side and investment side of operations. Today, Lincoln sits in the top 25, according to Forbes, based on assets.
LFG holds a very long track record of sound financial investing, and this is easily reflected in its ratings from the major agencies, A.M. Best, Fitch, Moody’s and, of course, Standard & Poor’s. These companies set the benchmarks for how well a consumer can trust the solvency and future outlook of a carrier, and Lincoln can boast an “A” or better rating from all four rating agencies, which few others can do. Here are the ratings, respectively:
• A.M. Best – A+
• Fitch – A+
• Moody’s – A1
• S&P – AALincoln
National has received many prestigious awards in its time of more than a century in business, including “100 Best Companies To Work For,” significant acknowledgements in diversity in the workplace, and even a Corporate Angel award for assisting cancer patients with free travel.
For anyone in Philadelphia, the LFG name is very prominent as it stands atop the Philadelphia Eagles’ stadium, Lincoln Financial Field. It also owns the Lincoln Financial Foundation, which spearheads its philanthropic arm for educating our youth, developing fair and economically sound workplaces, and expanding creativity through the arts.
PRODUCTS BY LINCOLN LIFE
In regards to products and marketplaces, Lincoln has the well-developed market share in insurance for individuals and the workplace, retirement plans, executive bonus plans, and retirement and investment avenues. Lincoln is also one of the few core strengths of the long-term care insurance (LTCi) industry, where it’s nearly a staple insurer. But, since it is our main focus, where do they stand with life insurance? Here are the core products they offer:
3. Indexed Universal
4. Variable Universal
Whether you need a short duration policy or one to last a lifetime, you have virtually option and more with Lincoln Financial Group and their subsidiaries.
Among Lincoln’s term life insurance, you get two main choices:
• Lincoln TermAccel®
• Lincoln LifeElements®
For the younger generations, the TermAccel® is the better option among the two. With the advancement of technology and big data, this is offered as a potentially exam free product and can be issued in as little as two days, all electronically. Get up to a half a million in coverage, as long as you are under the age of 50. The Lincoln Life Elements® is also a possible purchase by skipping the blood test (though we find it less common with older applicants). With just a simple phone interview, someone over the age of 45 who needs more than $500,000 in coverage can be approved quickly.
UNIVERSAL & INDEXED UNIVERSAL
You have quite a few choices if you are looking for permanent insurance. Within the fixed product line up, you have:
• Lincoln LifeGuarantee® UL
• Lincoln LifeCurrent® UL
• Lincoln LifeReserve® UL
• Lincoln LifeReserve® Indexed UL Accumulator
• Lincoln WealthAdvantage® Indexed UL
• Lincoln WealthPreserve® Survivorship Indexed UL
Each serves a distinct purpose (and may or may not be available in all states), with the most basic promoting level premiums and guaranteed death benefits, and the most advanced offering unique solutions for estate planning and wealth preservation. The indexed options allow for potentially more cash value growth as they’re tied to market indices.
If you are prepared to take on additional risk for the possibility of additional gains throughout your lifetime, you may want to consider a variable policy (offered only through a registered representative). The primary options are the:
• Lincoln AssetEdge® VUL
• Lincoln AssetEdge® Exec VUL
• Lincoln VULONE
• Lincoln SVULONE
• Lincoln PreservationEdge® SVUL
Whether you are looking to take on a low level of risk for the purpose of growing just enough cash to beat the low-interest environment we’re in, or higher risks for much more satisfying gains, you can do as you please. With the SVUL options, the policy is a survivorship, meaning it’s spread across two lives. These are your estate planning, legacy planning, and wealth preservation tools for couples or even businesses.
OUR FINAL THOUGHTS
LFG is a trusted name, and for good reason. With greater than 100 years of business under its belt, it’s no wonder it hosts the complete package to excellent insurance products made available for anyone who needs them and why it ranks close to our list of top 10 best life insurance companies. As a player in long-term wealth generation, their indexed and variable universal life insurance policies are great contenders. Their term life isn’t as competitive, but if you want to host your insurance plans at just one carrier, the value is strong enough to warrant doing so. Overall, Lincoln National Life Insurance Company is strong, trustworthy, and can make a great solution to your insurance needs.