Lincoln Life Insurance is one of the best life insurance companies that we represent. The company fills various niches in the marketplace and should be considered by anyone looking for the lowest whole and term life insurance rates.
Review of Lincoln Financial Life Insurance
If you are looking for Lincoln Life Insurance Reviews then you have come to the right place. In this review of Lincoln Life Insurance, we discuss the company’s pros and cons and offer our readers an alternative.
Lincoln Life Insurance Reviews
About Lincoln Financial Life Insurance
Lincoln Financial Group, also known as Lincoln National Corporation, The Lincoln National Life Insurance Company, Fort Wayne, IN, and Lincoln Life & Annuity Company of New York, has been around for over a hundred years.
Lincoln Life Insurance Reviews: The Positives
A.M. Best Company Rating
Lincoln Life Insurance has an A+ rating with A.M. Best Company. This is important for anyone who is concerned that the company they have life insurance with can pay out a death claim. Lincoln Financial Insurance is on solid ground when it comes to the company’s financial well being.
Lincoln Life Products
Lincoln Life Elements Level Term is a term insurance policy with guaranteed level premiums for your choice of 10, 15, 20, or 30 years. (30-Year Term is not available in Maryland). The premium is fixed for the term. After the term expires the policy will renew on an annual basis until age 95. Consider term life insurance for SBA loans, mortgage insurance or divorce life insurance.
Lincoln Life Guarantee UL provides a level death benefit option on a UL product that offers a guaranteed premium. Guaranteed Universal Life is permanent life insurance. Consider permanent life insurance for estate planning or funding buy-sell agreements.
A waiver of premium rider and child rider are available for an additional fee upon request.
A terminal illness rider is automatically included and will pay out a portion of the death benefit if you are diagnose terminally ill with death likely to occur in the next 6 months.
Lincoln Life Insurance Reviews: Underwriting Niches
Lincoln National Life is a great company but these specific areas are where it excels at being one of the most affordable life insurance companies.
- Clients who use cigars, pipes, chewing tobacco, nicotine gum, nicotine patches, electronic cigarettes, (basically all tobacco products besides cigarettes), can test positive for nicotine and still receive a standard rate class. However, the client must admit tobacco use on the application.
- Clients can qualify for the best rate class available if no nicotine shows up in the clients urine sample and the client uses a maximum of 12 cigars per year. A client can use up to 24 cigars a year and still qualify for preferred rate class as long as the urine sample shows no nicotine.
- Clients 70 and older are given more liberal underwriting requirements with regard to cholesterol, blood pressure and build (height and weight ratio).
- Lincoln Life Insurance also has more liberal underwriting for older clients with a history of prostate or breast cancer.
- Liberal cholesterol ratio with preferred plus rate class available for clients with 5.5 HDL ratio as long as total number less than or equal to 230. The total cholesterol number jumps to 275 for clients 70 and older.
- 70 year old clients with diabetes can qualify for a preferred rate class from Lincoln Financial if the following:
- Type 2 diabetes,
- Recently diagnosed within the last 3 years,
- A1C over the last 12 months 6.0 or lower,
- No history or proteinuria,
- No history of retinopathy or neuropathy,
- Favorable cardiac workup, and
- Good lipids (meets preferred lipids criteria).
As you can see from the above list, Lincoln Life is a solid life insurance company. However, as with every company out there, Lincoln does have its weaknesses.
Lincoln Life Insurance Rates
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Lincoln Life Insurance Reviews: The Negatives
Lincoln Life is but one company of many
Lincoln Life Insurance has its strengths as noted above. However, the company also has weaknesses. While it might give a 70 year old diabetic the best price on life insurance, a healthy 40 year old might pay 20% or more for life insurance with Lincoln Life, than with a competitor.
For example, a $500,000 20 year term for a healthy 40 year old male would cost $39.61 a month. In contrast, the top carrier for a $500,000, 20 year term for a healthy 40 year old male would run $29.41 a month. That is a 25% difference or a savings of $120 annually or $2,400 over a 20 year term.
The main point is that Lincoln Financial Group is but one fish in a large sea of companies offering life insurance. This is why if you are seeking out the best price for your specific situation or health you have to go with an agency that can offer you alternatives.
Lincoln Life Insurance Reviews: The Alternative
The name of the game is choices. At TermLife2Go we focus on working with life insurance companies that offer a unique niche. Whether that niche is price, smoking, diseases, etc…our job is to know which company would be the best fit for you.
Anyone searching the internet for Lincoln Financial Group Life Insurance Reviews want to see what options are out there. We currently represent dozens of the top rated life insurance companies. It is by aligning each of our client’s unique health and lifestyle with the various companies’ niches that allow us to offer the best quotes on life insurance for our clients. That is the TermLife2Go advantage.
We do not favor one life insurance company over another. Instead, we find out what you need and then we recommend the lowest priced, best life insurance company to meet your specific need. Therefore, if price matters to you, give us a chance to earn your business. We are here to serve you! Give us a call today!
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