Lincoln Financial Group provides policyholders with several alternatives for both term and permanent life insurance, as well as a variety of riders, which may or may not incur an additional fee upfront and include several living benefit riders. The company's financial stability and the number of customer complaints it receives are far lower than would be anticipated for a business of this size.
Additionally, it provides no-medical-exam coverage for amounts up to one million dollars and has relatively reasonable terms insurance prices. You will need to contact a representative to apply for coverage since the website does not provide quotation options.
Lincoln Financial Life Insurance Policies
Two different plans for term life insurance are available from Lincoln Financial. A purchase of either may be made after finishing an interview over the phone or online. Certain applicants can easily qualify for coverage even if they do not need lab testing. Ten, fifteen, twenty, or thirty years may be chosen as the period.
A survivorship variable policy is one of the several types of universal, variable universal, and indexed universal life insurance plans that this provider has available for purchase. Survivorship life insurance provides coverage for two individuals, most often a married couple, under the umbrella of a single policy. When the second individual passes away, the insurance pays out the benefit. Several things can't be purchased in the state of New York.
Long-term care coverage is included in MoneyGuard universal life insurance policies by Lincoln Financial. Death benefit is lowered when a life insurance policy is used to pay for long-term care expenses. When an insured individual passes away, the policy will pay out the entire death benefit amount even if they did not receive any long-term care benefits. If the long-term care benefits of the insurance have not been utilized, the policyholder can cancel the policy and get either a partial or full refund of any premiums paid. Details and available choices might vary from state to state.
Complaint Index
According to NAIC, Lincoln Financial gets a relatively small number of complaints in comparison to the size of the company. We used the NAIC complaint index, which rates firms based on the number of complaints they get about their size, to determine the total number of complaints a company receives. After that, we took each company's index score for the last three years and calculated an average to see where it stands.
A firm with an index of 1.0 has received typical customer complaints for its size. If the index is higher than 1.0, it indicates that the firm got more complaints than anticipated. An index lower than 1.0 implies a lower number of customer complaints compared to other businesses of comparable size. The average complaint index score for Lincoln Financial for 2019, 2020, and 2021 is merely 0.09, which indicates that the company got a much lower number of complaints than was anticipated.
Third-Party Ratings
The company's strong financial position has earned Lincoln Financial a lot of praise. AM Best gave the company a grade of A+ (Superior) for its financial strength and capacity to meet its ongoing insurance obligations. AM Best gives businesses a grade that ranges from A++ to D; an A++ rating is seen as excellent, while a D rating is regarded as unsatisfactory.
According to the findings of the 2021 U.S. Individual Life Insurance Study conducted by J.D. Power, which uses a scale from 0 to 1,000 to assess total customer happiness, the firm received a score slightly below the norm for overall customer satisfaction. The Lincoln Financial Group achieved a score of 773, placing it 12th out of 21 insurers and barely below the 776 mark, representing the industry average.
Customer Service
Phone and email assistance are available to customers of Lincoln Financial Group's individual life insurance products Monday through Friday between 8:00 am and 6:00 pm local time. The company's website provides access to several useful functions, such as real-time chat, an insurance premium estimator, and an option to file a claim electronically. You may also make changes to your beneficiaries by completing a form that is available online. On the other hand, the website does not allow users to receive a price or submit an application electronically.
Pros
- According to statistics provided by NAIC, Lincoln Financial gets much fewer customer complaints than would be anticipated for an organization of its size.
- There is no need for a medical test for some applicants: Applicants who are in good health and are between the ages of 18 and 60 may be able to get coverage without having to submit to a medical exam or have bloodwork done if the amount of coverage they are looking for is less than $1 million.
Cons
- Although it provides many other kinds of permanent life insurance, whole life insurance is not one of them. Lincoln Financial does, however, provide numerous other forms of permanent life insurance.
- Same-day decisions are not provided: Same-day decisions are not provided by Lincoln Financial; however, certain applications for term life insurance may be granted within two business days.
