Lincoln Financial Insurance Review & Ratings (2024)
Get expert insurance insights and explore comprehensive coverage options from Lincoln Financial Insurance to safeguard your valuable assets and secure a worry-free future for you and your loved ones. Our informative resources empower you to make informed decisions and find the perfect insurance solutions tailored to your unique needs.
Read moreEric Stauffer
Licensed Insurance Agent
Eric Stauffer is an insurance agent and banker-turned-consumer advocate. His priority is educating individuals and families about the different types of insurance coverage. He is passionate about helping consumers find the best coverage for their budgets and personal needs. Eric is the CEO of C Street Media, a full-service marketing firm and the co-founder of ProperCents.com, a financial educat...
Licensed Insurance Agent
UPDATED: Sep 13, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Sep 13, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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Lincoln Financial Insurance
Average Monthly Rate For Good Drivers
N/AA.M. Best Rating:
A+ (Superior)Complaint Level:
LowPros
- Offers a range of insurance products, including life insurance, annuities, and retirement plans.
- Provides both individual and employer products.
- Variety of employee benefits and retirement plans with up to 12,000 investment options.
- Offers digital and technological features, including a mobile app and online account management.
- Low NAIC complaint index indicates a low number of customer complaints.
Cons
- Negative customer reviews regarding long wait times for claims and poor customer service.
- Some customers may find the rates to be average compared to other life insurance companies.
Lincoln Financial Insurance offering insights into the company’s history, product offerings, and industry standing. Lincoln Financial, founded in 1905, specializes in providing annuities, life insurance, and retirement planning services with a focus on securing and growing income for its customers.
The article outlines the diverse range of individual and employer products, including annuities, life insurance, and retirement plans, highlighting the company’s commitment to comprehensive coverage options. It discusses the company’s digital offerings, such as a mobile app and online account management, emphasizing their dedication to enhancing the overall customer experience.
While acknowledging some negative customer reviews, the article points out Lincoln Financial’s low NAIC complaint index, indicative of a relatively low number of complaints for a company of its size. The absence of specific details on average rates and discounts encourages readers to explore further for personalized information.
Overall, the article provides a valuable overview of Lincoln Financial Insurance, offering readers insights to help make informed decisions about their insurance needs.
What You Should Know About Lincoln Financial Insurance
Welcome to our informative article on Lincoln Financial Insurance and how it can provide you with the protection you need. We will delve into various key topics, including the comprehensive coverage options offered by Lincoln Financial Insurance, the importance of tailored insurance solutions, and the peace of mind that comes from safeguarding your valuable assets.
We will also explore the expertise and insights provided by Lincoln Financial Insurance to help you make informed decisions regarding your insurance needs. To ensure you receive the best rates possible, we invite you to enter your zip code and compare rates from the top insurance providers in your area.
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Lincoln Financial Insurance Coverage Options
Lincoln Financial offers products for both individuals and employers. Individual products include annuities, life insurance, and long-term care planning. While, employer products include employee benefits and retirement plans. Below, is more information on these individual products:
- Lincoln Financial provides fixed annuities, fixed indexed annuities, and variable annuities. Annuities allow individuals to make an investment and invest it with an interest rate strategy determined by the type of annuity. Fixed annuities have a set interest rate, while fixed indexed annuities have a fixed rate with options to grow connected to an index.
- In terms of life insurance, Lincoln Financial offers term life insurance, universal life insurance, indexed universal life insurance, and variable universal life insurance.
- Term life insurance is a non-permanent policy that lasts for a specified period.
- Universal life insurance is permanent and lasts as long as the policyholder pays their premiums. Universal life insurance builds cash value at a set interest rate.
- Indexed universal life insurance has its interest rate tied to a major stock index.
- In contrast, variable universal life insurance will grow based on the performance of investments chosen by the policyholder.
- Lincoln Financial also provides long-term care planning in its MoneyGuard long-term care coverage. Lincoln Financial’s MoneyGuard products combine funding for long-term care needs with planning support.
Lincoln Financial also offers this inclusive list of employee benefits:
- Absence management (such as helping manage Lincoln Financial FMLA regulations)
- Short-term and long-term disability
- Term life insurance
- Dental and vision insurance
- Accident insurance
- Critical illness coverage
- Hospital indemnity insurance
In addition, Lincoln Financial’s retirement plans, such as a Lincoln Financial 401(k), have up to 12,000 investment options for employees to take advantage of.
Lincoln Financial Insurance Rates Breakdown
Lincoln Financial doesn’t provide information regarding their annuities or retirement planning rates on the company’s website. But, we can provide you with rates for some of Lincoln Financial’s life insurance products.
Average Lincoln Financial Rates - $1 Million 20-Year-Term Life Insurance
| Age | Average Rates for Females | Average Rates for Males |
|---|---|---|
| 35 | $57.81 | $75.99 |
| 40 | $83.28 | $105.57 |
| 45 | $126.32 | $165.93 |
| 55 | $292.14 | $438.40 |
| 65 | $898.92 | $1,404.22 |
The rates above are for non-smokers. If you smoke, you could see drastic increases in your rates. Take a look at average rates from Lincoln Financial for smokers.
Average Monthly Lincoln Financial Rates for Smokers - $1 Million 20-Year-Term Life Insurance
| Age | Average Rates for Females | Average Rates for Males |
|---|---|---|
| 35 | $148.78 | $185.76 |
| 45 | $317.34 | $464.40 |
| 55 | $684.56 | $1,094.78 |
Compared to other life insurance companies, Lincoln Financial’s rates are average.
Lincoln Financial Insurance Discounts Available
Insurance companies commonly offer various discounts to policyholders. Although the availability and eligibility criteria can vary, here are some general types of discounts that Lincoln Financial Insurance, like many insurers, may apply:
- Multi-Policy Discount: Combining different insurance policies, such as auto and home insurance, with the same provider may lead to a multi-policy discount.
- Safe Driver Discount: Policyholders with a clean driving record and no history of accidents may be eligible for a safe driver discount, particularly for auto insurance.
- Homeownership Discount: Owning a home can sometimes result in discounts on insurance premiums.
- Good Credit Discount: Maintaining a good credit score may qualify policyholders for a discount on their insurance premiums.
- Safety Features Discount: Installing safety features in your home or having anti-theft devices in your car could lead to discounts.
- Claim-Free Discount: Policyholders who have not filed any claims over a specified period may be eligible for a discount.
- Renewal Discount: Some insurers offer discounts to policyholders who renew their coverage with them.
The availability of these discounts and the specific criteria for eligibility can vary. To get accurate and up-to-date information on the discounts offered by Lincoln Financial Insurance, it is recommended to contact the company directly or visit their official website.
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Streamlined Claims Handling With Lincoln Financial Insurance
Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)
Lincoln Financial Insurance understands the importance of a streamlined claims process. When it comes to filing a claim, customers have multiple options available to them. Whether you prefer the convenience of online submissions, the personal touch of speaking over the phone, or the flexibility of mobile apps, Lincoln Financial Insurance has you covered.
Their commitment to providing accessible and user-friendly claim filing methods ensures that you can report your claim in a way that suits your preferences.
Average Claim Processing Time
One crucial aspect of the claims process is how quickly insurance providers can process and resolve claims. Lincoln Financial Insurance aims to provide prompt service to its policyholders. While actual processing times may vary depending on the nature of the claim, Lincoln Financial Insurance strives to handle claims efficiently and effectively, minimizing any delays in getting you the support you need when it matters most.
Customer Feedback on Claim Resolutions and Payouts
Customer feedback is invaluable when evaluating an insurance company’s performance. Lincoln Financial Insurance recognizes this and values the opinions of its policyholders.
While there may be mixed reviews online, it’s essential to note that Lincoln Financial Insurance has received high industry ratings and boasts a low NAIC complaint index, indicating a relatively low number of customer complaints for a company of its size.
Exploring Innovation: Digital and Technological Offerings by Lincoln Financial Insurance
Mobile App Features and Functionality
In today’s digital age, having a robust mobile app can significantly enhance the overall insurance experience. Lincoln Financial Insurance is committed to providing its customers with a comprehensive mobile app that offers a range of features and functionality.
Whether you need to access your policy information, file a claim, or manage your account on the go, Lincoln Financial Insurance’s mobile app is designed to make these tasks accessible and convenient.
Online Account Management Capabilities
The ability to manage your insurance policies and accounts online is a key component of modern insurance services. Lincoln Financial Insurance understands the importance of online account management. Through their user-friendly online portal, policyholders can access policy details, make payments, update information, and perform various account-related tasks with ease.
This digital convenience allows you to stay in control of your insurance needs from the comfort of your own home.
Digital Tools and Resources
In addition to mobile app and online account management, Lincoln Financial Insurance offers a range of digital tools and resources to help you make informed decisions regarding your insurance needs.
Whether you’re looking for insurance calculators, educational materials, or informative articles, Lincoln Financial Insurance’s digital resources empower you to navigate the world of insurance with confidence and knowledge. These tools are designed to assist you in finding the right coverage options tailored to your unique requirements.
How Lincoln Financial Insurance Ranks Among Providers
Lincoln Financial Insurance’s offerings and some aspects of its performance, but it does not present a comprehensive ranking among insurance providers. However, it does mention that Lincoln Financial Insurance has high industry ratings and a low NAIC (National Association of Insurance Commissioners) complaint index, indicating a relatively low number of customer complaints compared to companies of similar size.
To provide a more accurate and detailed ranking among insurance providers, it is advisable to refer to industry-standard rating agencies such as A.M. Best, Moody’s, and Standard & Poor’s. These agencies assess the financial strength, stability, and performance of insurance companies, providing consumers with valuable information to make informed decisions.
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What do customers think about Lincoln Financial?
Unfortunately, there are some negative reviews from Lincoln Financial customers online. Many complain of long wait times for claims and poor customer service. However, Lincoln Financial’s industry ratings put it among some of the highest-rated insurance companies.
Life Insurance Company Financial & Customer Service Ratings
| Insurance Company | Better Business Bureau | A.M. Best | J.D. Power |
|---|---|---|---|
| AIG | A+ | A | 718 |
| AXA Equitable | A+ | A+ | 752 |
| Banner Life | A+ | A+ | 745 |
| Brighthouse | A+ | A+ | 735 |
| Guardian Life | A+ | A++ | 760 |
| John Hancock | A+ | A+ | 739 |
| Lincoln Financial | A+ | A+ | 744 |
| Mass Mutual | A+ | A++ | 780 |
| Metlife | B- | A+ | 780 |
| Mutual of Omaha | A+ | A+ | 766 |
| Nationwide | A+ | A+ | 806 |
| Pacific Life | A+ | A+ | 725 |
| Principal Financial | A+ | A+ | 774 |
| Protective | A+ | A+ | 742 |
| Prudential | A | A+ | 770 |
| SBLI | A+ | A+ | 715 |
| Transamerica | A+ | A+ | 720 |
That said, Lincoln Financial has an NAIC complaint index of 0.09, which is extremely low compared to the national average of 1.00. This means that Lincoln Financial receives far fewer customer complaints than is expected for a company of its size.
Frequently Asked Questions
What is Lincoln Financial?
Lincoln Financial is an insurance company that offers a range of insurance products, including life insurance, annuities, and retirement plans.
What types of life insurance policies does Lincoln Financial insurance offer?
Lincoln Financial insurance offers both term and permanent life insurance policies.
What is term life insurance?
Term life insurance provides coverage for a specified period of time, typically 10, 20, or 30 years. If the policyholder dies during the term, their beneficiaries receive a death benefit. If the policyholder outlives the term, the policy expires and no benefits are paid.
What is permanent life insurance?
Permanent life insurance provides coverage for the entire life of the policyholder and includes a savings component that can accumulate cash value over time. There are different types of permanent life insurance policies, including whole life, universal life, and variable life.
What are annuities?
An annuity is a contract between the policyholder and the insurance company that provides a regular income stream in exchange for a lump-sum payment or a series of payments. Annuities are often used for retirement income.
What types of annuities does Lincoln Financial offer?
Lincoln Financial offers several types of annuities, including fixed annuities, variable annuities, and indexed annuities.
What is a fixed annuity?
A fixed annuity provides a guaranteed interest rate for a specified period of time and guarantees a minimum rate of return. The payments received from a fixed annuity are typically predictable and stable.
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Eric Stauffer
Licensed Insurance Agent
Eric Stauffer is an insurance agent and banker-turned-consumer advocate. His priority is educating individuals and families about the different types of insurance coverage. He is passionate about helping consumers find the best coverage for their budgets and personal needs. Eric is the CEO of C Street Media, a full-service marketing firm and the co-founder of ProperCents.com, a financial educat...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.