Lincoln Financial offers five types of life insurance to accommodate a variety of customer needs and is included in Forbes Advisor’s list of best life insurance companies.Lincoln offers:
- Fixed-rate universal life
- Indexed universal life
- Term life
- Variable universal life
Lincoln Financial’s Term Life Insurance
Term life insurance is temporary life insurance with a finite coverage length. It is often the cheapest way to purchase life insurance and is a preferred option for those seeking coverage for a specific period. Lincoln Financial offers term lengths of 10, 15, 20 or 30 years.
Lincoln TermAccel is available in all U.S. states except New York and is geared toward buyers in good health who are looking for a quick and automated process. Coverage amounts start at $100,000 and go up to $2.5 million. TermAccel is available to buyers ages 18 to 60 (or younger for a 30-year term).
Lincoln LifeElements may be the right solution if you’re seeking more coverage, with options for coverage amounts starting at $250,000 and going up to $5 million. Coverage is available to buyers ages 18 to 80, depending on your state and term length chosen.
| Lincoln TermAccel | Lincoln LifeElements | |
|---|---|---|
Best for | Those in good health who want a quick and automated application process | Those seeking higher coverage limits |
Death benefit | $100,000 to $2.5 million | $250,000 to $5 million |
Term options | 10, 15, 20 or 30 years | 10, 15, 20 or 30 years |
How to apply | With an agent by phone | With an agent by phone |
Available for applicants | 18 to 60 years old | 18 to 80 years old |
Option to convert to a permanent policy | Yes | Yes |
Rider options | Accelerated Benefits, Children’s Level Term, Waiver of Premium | Accelerated Benefits, Children’s Level Term, Waiver of Premium |
Lincoln Financial’s Indexed Universal Life Insurance
Universal life insurance is a type of permanent life insurance that can cover you for the duration of your life, regardless of how long that may be. There are several different types of universal life insurance and some also include an option for cash value.
Indexed universal life (IUL) insurance is the most controversial type of universal life insurance due to the complex nature of the policies and no guarantee of return. However, while it is wise for buyers to thoroughly understand IULs before deciding on a policy, they can be attractive for those interested in large investments and tax-free gains during retirement.
Lincoln Financial offers two indexed universal life products, Lincoln WealthAccumulate 2 IUL and Lincoln WealthPreserve 2 IUL. Both of these are available in all U.S. states except New York.
Lincoln WealthAccumulate 2 IUL has cash value tied to six indexed accounts with downside protection. Downside protection is a way to minimize the risk of losses in your investments and cash value. This product offers three death benefit calculation options, depending on your unique needs and goals, but it is important to work with your insurance agent or financial advisor to select the right one, as you may be limited on changing it within the first five years.
There are two types of cash value borrowing options with the WealthAccumulate 2 IUL (fixed loan or participating loan) and a 10-year no lapse guarantee that ensures you that if the premium requirement is met, the policy will remain in force even if the cash surrender value drops too low to cover the monthly policy charges.
Lincoln WealthPreserve 2 IUL ties the cash value to five indexed accounts and guarantees the death benefit for up to 40 years or when you reach age 90. This policy includes downside protection which helps to protect you against losses from market changes. WealthPreserve 2 IUL also offers the option of borrowing against your cash value, whenever you need it.
| Lincoln WealthAccumulate 2 IUL | Lincoln WealthPreserve 2 IUL | |
|---|---|---|
Best for | Those who want death benefit options and accessible cash value with significant growth opportunities | Those wanting guaranteed death benefit protection for the long term and accessible cash value |
Death benefit | Minimum 100,000 | Minimum 100,000 |
How to apply | With an agent by phone | With an agent by phone |
Available for applicants | Max age 80 | Max age 80 |
Lincoln Financial’s Variable Universal Life Insurance
With a variable universal life insurance (VUL) policy, you can select sub-accounts for cash value investments and enjoy tax-deferred earnings. You can also choose to vary premium payments and death benefit amounts. With the right investments, this type of policy can offer a large potential for growth.
Due to the complexities of VULs, they often require the policyholder to actively manage the investment accounts. VULs can also come with higher-than-usual fees.
Lincoln Financial offers several variable universal life products, available in all U.S. states except New York:
- Lincoln VULONE: This product offers guaranteed protection with more than 75 different investment options and the ability to add riders for chronic illness or long-term care expenses.
- Lincoln AssetEdge VUL: AssetEdge is for buyers looking to maximize investment potential with their cash value. More than 75 investment options are available, plus four indexed account options and a fixed account.
- Lincoln SVULONE: This is Lincoln Financial’s only variable universal life survivorship policy and covers two people under one policy and one premium.
| Lincoln VULONE | Lincoln AssetEdge VUL | Lincoln SVULONE | |
|---|---|---|---|
Best for | Those seeking guaranteed death benefit protection. | Those looking to maximize cash value. | Those seeking a VUL policy for two with one premium. |
How to apply | With an agent by phone | With an agent by phone | With an agent by phone |
