Lincoln Life Insurance: Death Benefits Processed Easily

Lincoln Financial Group offers a range of life insurance policies, including term life and universal life insurance. The company was founded in 1905 and offers insurance and financial planning solutions to individuals and employers. While Lincoln Financial does not offer whole life insurance policies, it provides several optional riders, such as accelerated death benefits and long-term care. The process of claiming death benefits from Lincoln Financial may vary depending on the specific policy and state laws, but the company has been subject to settlements regarding its evidence of insurability practices. Lincoln Benefit Life, a leader in the industry since 1938, no longer sells new policies but continues to service existing customers.

Lincoln Financial Group's term and universal policies

Lincoln Financial Group offers a range of term and universal life insurance policies, providing both temporary and permanent coverage options. The company was founded in 1905 as the Lincoln National Life Insurance Company and has since grown to offer insurance and financial planning solutions to individuals and employers across the United States.

Term Life Insurance Policies

Lincoln Financial Group offers two types of term life insurance policies: Lincoln LifeElements Level Term and Lincoln TermAccel Level Term. These policies provide coverage for a specific time period, typically 10, 15, 20, or 30 years. The coverage amounts range from $100,000 to $2.5 million, depending on the policy chosen. One of the key advantages of these term life insurance policies is the ability to convert them to permanent life insurance policies without undergoing a medical exam or paying additional fees. Additionally, eligible applicants may be able to skip lab work during the underwriting process.

Universal Life Insurance Policies

For those seeking permanent life insurance, Lincoln Financial Group offers a variety of indexed and variable universal life insurance options. These policies provide flexible payments, a guaranteed death benefit, and a range of investment choices. The minimum coverage for these policies starts at $100,000, while some policies have a maximum coverage of $500,000. The maximum age to purchase a policy varies, with some policies available only to individuals up to 80 years of age.

Riders and Customization Options

Both the term and universal life insurance policies offered by Lincoln Financial Group can be customized with various riders, or add-ons. These riders include guaranteed insurability, an accelerated death benefit, long-term care, and a children's term insurance rider. The accelerated death benefit rider is particularly notable, as it provides access to a portion of the death benefit if the insured becomes terminally ill or requires permanent nursing home care.

Lincoln Benefit Life's fixed and variable life policies

Lincoln Benefit Life has been a leader in the life insurance and annuity industry since 1938. The company built its reputation by providing excellent customer service and offering sound financial alternatives to help customers prepare for life's uncertainties.

Lincoln Benefit Life offers fixed and variable life policies. While the company no longer sells new policies, it remains committed to providing the same level of service to its customers and safeguarding its policyholders' interests in their existing policies.

Fixed life policies offer permanent coverage with consistent premiums and benefits. These policies are designed to provide long-term financial protection for beneficiaries in the event of the policyholder's death. Fixed life policies typically have guaranteed death benefits, meaning the beneficiaries will receive a predetermined amount of money upon the policyholder's death.

Variable life policies, on the other hand, offer both insurance and investment components. While they also provide permanent coverage and death benefits, the cash value of the policy is tied to the performance of underlying investments. This means the policy's cash value can fluctuate over time, and there may be the potential for greater growth. Variable life policies offer more flexibility and opportunity for higher returns but also come with a higher risk.

Lincoln Benefit Life provides specific contact information for inquiries related to fixed and variable life policies. For fixed life policies, the number is 844-768-6777, while for variable life policies, the number is 844-768-6780.

Lincoln Financial's death benefit for designated beneficiaries

Lincoln Financial Group offers a range of life insurance policies, including term and universal life insurance. The company was founded in 1905 as Lincoln National Life Insurance Company and today provides insurance and financial planning solutions to individuals and employers. Lincoln Financial's life insurance policies cover a death benefit for designated beneficiaries, with some plans also offering investment options that increase the death benefit or accumulate cash value. This cash value can be accessed during the lifetime of the insured for needs such as chronic or terminal illness care.

Lincoln Financial's term life insurance policies offer coverage starting at $100,000 or $250,000, with terms of 10, 15, 20, or 30 years. The universal life insurance policies provide permanent coverage with flexible payments and a guaranteed death benefit, with some policies offering a minimum coverage of $100,000 and a maximum of $500,000.

The process of claiming insurance benefits from Lincoln Financial is generally bound by state laws, so it is advisable to contact the company or an insurance agent for specific information. However, in one case, the US Department of Labor reached a settlement with Lincoln National Life Insurance Co., requiring the company to change its evidence of insurability requirement. This settlement prevents Lincoln from denying a beneficiary's claim based on a lack of evidence of insurability if premiums have been paid for three months or more.

Lincoln Financial also offers several riders, or add-ons, to their life insurance policies, such as the children's term insurance rider and the accelerated benefits rider, which pays a portion of the death benefit if the insured becomes terminally ill or requires permanent nursing home care.

Lincoln National Life Insurance Co.'s settlement with the US Department of Labor

The US Department of Labor (DOL) reached a settlement with Lincoln National Life Insurance Co. in May 2024 to reform its evidence of insurability practices. The settlement requires Lincoln to change its "proof of good health" requirement for participants in job-based life insurance plans.

The DOL's Employee Benefits Security Administration (EBSA) found that Lincoln had denied life insurance benefits to beneficiaries after accepting premiums for months or years without obtaining evidence of insurability from participants. When beneficiaries filed claims after the deaths of the insured, Lincoln denied these claims, citing a lack of evidence of insurability. This left beneficiaries without the benefits their loved ones had paid for.

The settlement prohibits Lincoln from denying a beneficiary's claim based on a lack of evidence of insurability if premiums have been paid for three months or more. Lincoln is also only allowed to request evidence of insurability from existing participants within the first year of them paying premiums. Additionally, Lincoln cannot consider a participant's health condition if it arose after the company first received the participant's premium payment. These requirements apply to Lincoln National Life Insurance Co., its parent company, Lincoln National Corp., and another subsidiary, Lincoln Life & Annuity Co. of New York.

Lincoln has voluntarily reprocessed claims dating back to March 2018 to provide benefits for claims denied solely due to a lack of evidence of insurability. This settlement is similar to agreements the DOL reached with other insurance companies, including Prudential Insurance Co., United of Omaha Life Insurance Co., and Unum Life Insurance Co. of America.

Lincoln Financial's application process

Lincoln Financial Group offers a wide range of life insurance policies, including term and universal life insurance. The company was founded in 1905 as Lincoln National Life Insurance Company and has since become a leading provider of insurance and financial planning solutions for individuals and employers.

To initiate the application process for Lincoln Financial's life insurance, follow these steps:

• Visit the Lincoln Financial website to find a list of agents near you.
• Decide whether you want permanent or temporary coverage and the desired duration of coverage.
• Determine your monthly budget for life insurance premiums, as well as the financial expectations for yourself and your beneficiaries.
• Fill out the online form to contact an agent, who will assist you in finding the most suitable type of insurance for your needs.
• Work with the agent to obtain a quote and purchase the desired coverage. Please note that, as of the source date, Lincoln Financial does not provide online quotes or allow for online applications.

It is important to note that Lincoln Financial does not offer whole life insurance policies. Additionally, the availability of specific policies may vary depending on your state.

Lincoln Financial's life insurance application process involves working closely with their financial advisors and agents to determine the best coverage for your needs. While the process requires contacting an agent, the company offers flexibility in terms of coverage options and the ability to customize policies through various riders.

Frequently asked questions