Lincoln National Life Insurance: Size And Scope Explored

Lincoln National Life Insurance, better known as Lincoln Financial, is a well-known financial services and insurance products company in the United States. Founded in 1905 in Fort Wayne, Indiana, and now headquartered in Radnor, Pennsylvania, Lincoln Financial has established itself as a prominent player in the industry. The company offers a diverse range of financial products, including annuities, life insurance, group life, disability, dental insurance, retirement plans, savings plans, and financial planning services. With approximately 17 million customers, as of December 31, 2023, Lincoln Financial has built a substantial customer base. The company's products consistently rank in the top five across various categories, including total life insurance sales, variable life sales, universal sales, and variable annuity sales. Notably, Lincoln National Life has earned A+ ratings from A.M. Best for its financial strength, underscoring its solid position in the market.

Lincoln Financial's history and current standing

Lincoln Financial, the marketing name for Lincoln National Corp. and its affiliates, has a long history dating back to 1905 when it was founded as the Lincoln National Life Insurance Company in Fort Wayne, Indiana. Named after Abraham Lincoln, the company's logo still bears his likeness and it even received the blessing of Lincoln's son.

Today, Lincoln Financial is headquartered in Radnor, Pennsylvania, and offers a wide range of financial products and services, including annuities, life insurance, group life, disability, dental insurance, retirement plans, savings plans, and financial planning and adviser services. As of December 31, 2023, the company serves approximately 17 million customers across these various financial offerings.

Lincoln Financial has grown significantly over the years and is currently one of the top five companies in total life insurance sales, variable life sales, universal sales, and variable annuity sales. The company has received A+ ratings from A.M. Best for its financial strength, demonstrating its strong position in the market.

In 1988, the company introduced its new name, Lincoln Financial Group, to reflect its expanding financial services beyond life insurance. This expansion has been successful, and Lincoln Financial Group now provides financial services to over a million customers.

The types of insurance offered by Lincoln Financial

Lincoln Financial Group, formerly known as Lincoln National Life Insurance Co., offers a range of insurance products to its approximately 17 million customers. The company was founded in 1905 in Fort Wayne, Indiana, and was named after Abraham Lincoln, whose likeness still appears on the company's logo.

Lincoln Financial offers both term life and universal life insurance policies. Within these categories, there are several options for customisation.

Term Life Insurance

Term life insurance provides temporary coverage for a specific time period, such as 10, 15, 20, or 30 years. Lincoln Financial offers two types of term life policies: LifeElements Level Term and TermAccel Level Term. The former has coverage starting at $250,000, while the latter ranges from $100,000 to $2.5 million. Both policies offer guaranteed level premiums, the ability to convert to a permanent policy without a medical exam, and optional riders such as an accelerated benefits option and a children's level term rider.

Universal Life Insurance

Universal life insurance is a type of permanent insurance that offers flexible payments and a guaranteed death benefit. Lincoln Financial offers both indexed and variable universal life insurance options.

Indexed Universal Life Insurance

This type of insurance is controversial due to the complex nature of the policies and the lack of a guaranteed return. However, it can be attractive for those interested in large investments and tax-free gains during retirement. Lincoln Financial offers two indexed universal life products: WealthAccumulate 2 IUL and WealthPreserve 2 IUL. Both offer cash value tied to indexed accounts and downside protection to minimise investment losses.

Variable Universal Life Insurance

Variable universal life insurance allows policyholders to select sub-accounts for cash value investments and enjoy tax-deferred earnings. Lincoln Financial offers several variable universal life products, including VULONE, AssetEdge VUL, and SVULONE, the latter being a survivorship policy that covers two people under one premium.

In addition to life insurance, Lincoln Financial also provides financial planning solutions to individuals and employers.

The pros and cons of Lincoln Financial's insurance policies

Lincoln Financial Group offers 10 different life insurance policies, including term life, indexed universal life, and variable universal life insurance. Here are some pros and cons of their insurance policies:

Pros

• Lincoln Financial offers consumer-friendly options like term life insurance that can be purchased over the phone and a universal life policy with long-term care benefits.
• The company provides a wide range of universal life policies, including variable and indexed universal life policies.
• Applicants can often qualify for coverage quickly without a life insurance medical exam.
• Lincoln Financial offers term life policies with coverage starting at $100,000 or $250,000 and terms of 10, 15, 20, or 30 years.
• The company's universal life policies offer flexible premiums, a wide range of investment options, and tax-deferred cash value that the insured can access.
• Lincoln Financial has drawn fewer complaints to state regulators than expected for a company of its size, according to NerdWallet.
• The company offers survivorship life insurance policies, which insure two lives under one policy and provide a payout when both people have passed away.
• Lincoln Financial's cash value policies generally have low internal policy costs, allowing more of the premium money to go towards cash value.
• The company offers a LifeGoals plan that allows you to buy coverage without a medical exam.

Cons

• Lincoln Financial does not offer whole life insurance policies, which may be a negative for some customers.
• Online quotes are not available; you must work with an agent or financial advisor to get a quote or purchase coverage.
• Term life insurance rates are high compared to other companies.
• The investment performance for some of Lincoln's cash value products has been mediocre, potentially resulting in lower-than-expected cash value growth.

How to buy insurance from Lincoln Financial

Lincoln Financial Group, formerly known as Lincoln National Life Insurance Co., is a large insurance company that serves approximately 17 million customers as of December 31, 2023. The company was founded in 1905 and is named after Abraham Lincoln, whose likeness still appears in the company's logo.

Step 1: Visit the Lincoln Financial Website

Start by visiting the Lincoln Financial website. Here, you will be able to find information about their insurance products and services, as well as access their online resources.

Step 2: Find a List of Agents Near You

From the website, you can find a list of agents near your location. These agents are financial advisors or professionals who can help you with the application process and finding the best type of insurance for your needs.

Step 3: Contact an Agent

You can contact an agent by filling out the online form on the Lincoln Financial website. Be prepared to discuss the type of coverage you are interested in, such as permanent or temporary insurance, and your budget for insurance premiums.

Step 4: Work with the Agent to Choose a Policy

Lincoln Financial offers a range of insurance policies, including term life, indexed universal life, and variable universal life insurance. Their policies are customizable and offer different riders, such as guaranteed insurability, accelerated death benefit, and long-term care. The agent will help you navigate the options and choose the policy that best suits your needs.

Step 5: Start the Application Process

The agent will guide you through the application process, which may include providing personal information, medical history, and other relevant details.

Step 6: Receive Your Policy Documents

Once your application is approved, you will receive your Lincoln Financial life insurance documents. These can be delivered electronically to your customer account.

It is important to note that Lincoln Financial does not offer online applications or quotes. You must work with one of their agents or financial professionals to purchase insurance. Additionally, they do not offer whole life insurance policies, so if you are interested in this type of policy, you will need to explore other insurance providers.

How to file a claim with Lincoln Financial

Lincoln Financial Group, the marketing name for Lincoln National Corp. and its affiliates, serves approximately 17 million customers in its annuities, life insurance, group protection, and retirement plan services as of December 31, 2023.

Now, here is a guide on how to file a claim with Lincoln Financial:

Filing a claim with Lincoln Financial can be done by following these steps:

Understand the Claim Process

Before initiating a claim, it is important to understand the different types of claims and the specific requirements for each. Claims can vary depending on the type of insurance policy you have, such as life insurance, disability insurance, or annuity. Make sure to review your policy documents to familiarize yourself with the coverage, benefits, and claim procedures.

Gather Necessary Information and Documents

When filing a claim, you will need to provide Lincoln Financial with detailed information and supporting documents. This may include personal information, such as your full name, policy number, and contact details. Additionally, you will need to provide documentation related to the claim, such as medical records, death certificates, or police reports, depending on the nature of the claim. Ensure that you have all the necessary documents organized and readily available.

Contact Lincoln Financial

Reach out to Lincoln Financial's claims department to initiate the claim process. You can find their contact information on their website or your policy documents. They may have specific instructions or requirements for submitting a claim, so follow their guidelines closely. Ask for clarification on any aspect of the process that you do not understand.

Complete and Submit the Necessary Forms

Lincoln Financial will provide you with the appropriate claim forms to complete. Carefully read through the forms and fill them out accurately and completely. Provide all the requested information and ensure that your forms are signed and dated. If you have any questions or concerns during this process, don't hesitate to contact Lincoln Financial for assistance.

Provide Supporting Documentation

Along with the completed claim forms, submit all the necessary supporting documentation. This may include medical bills, hospital records, police reports, or any other relevant evidence to support your claim. Make sure to provide clear and legible copies of the documents and retain the originals for your records.

Follow Up and Track Your Claim

Once you have submitted your claim, it is important to follow up and track its progress. Lincoln Financial should provide you with a claim number or reference code, which you can use to check the status of your claim. Stay in communication with the claims department and promptly respond to any additional requests for information or documentation.

Remember to carefully review your policy, prepare all the necessary documents, and follow the instructions provided by Lincoln Financial to ensure a smooth claim process.

Frequently asked questions