Lincoln Financial Group is a prominent player in the U.S. life insurance market, known for its diverse product offerings and strong customer satisfaction ratings. Founded in 1905 and named after President Abraham Lincoln, Lincoln Financial Group continues to uphold a reputable position within the insurance industry, marked by its financial strength and broad service offerings, including life insurance, annuities, and retirement planning services.
Types of Life Insurance Offered
Lincoln Financial provides a range of life insurance policies to meet various customer needs:
- Term Life Insurance: These policies offer temporary coverage for specific periods (10, 15, 20, or 30 years). Term policies are often preferred for their affordability and straightforward structure. Notably, Lincoln Financial’s term life insurance can be acquired without a medical exam for eligible applicants, depending on their health profile and other factors.
- Universal Life Insurance: This category includes more flexible options, such as variable universal life insurance and indexed universal life insurance. These policies can provide coverage for a lifetime and often include investment components that can grow based on market performance. Lincoln Financial’s “MoneyGuard” universal life policies also provide long-term care benefits, reducing the death benefit if the policyholder uses it for care costs.
- No-Exam Life Insurance: For customers looking to avoid medical examinations, Lincoln Financial offers no-exam life insurance options, which allow for quicker approvals based on health questionnaires.
Financial Strength and Customer Satisfaction
Lincoln Financial boasts solid financial credentials. The company holds an A rating from AM Best, indicating a strong ability to meet its financial obligations and pay out claims. This rating reflects Lincoln Financial’s stable financial health and prudent management practices.
In terms of customer satisfaction, Lincoln Financial scores highly. In a survey conducted by J.D. Power, the company earned a score of 788 out of 1,000, placing it among the top insurers in terms of customer satisfaction. This achievement is supported by a lower-than-expected complaint ratio as reported by the National Association of Insurance Commissioners (NAIC), indicating a generally positive customer experience.
Lincoln Financial was ranked 8th overall in Insure.com’s Best Life Insurance Companies list for 2024, scoring 4.3 out of 5 based on customer satisfaction, financial strength, and ease of service. The company also enjoys strong customer loyalty, with 100% of surveyed customers indicating they plan to renew their policies with Lincoln Financial.
Pros and Cons
Pros:
- Offers a wide range of policy types, including term, universal, indexed universal, and no-exam life insurance.
- Strong financial stability (A rating from AM Best).
- High customer satisfaction and loyalty, with fewer complaints than expected.
- Competitive pricing, with average premiums below the industry average for many policies.
Cons:
- Some competitors offer a wider variety of policy features.
- Policy purchases require consultation with a financial advisor; there is no option for a fully online purchase process.
Pricing
Lincoln Financial’s term life insurance policies are competitively priced. For example, a 20-year, $500,000 term life insurance policy for a 35-year-old nonsmoker with a preferred health rating averages about $297 annually, which is below the industry average of $358. This pricing positions Lincoln Financial as a cost-effective option, particularly for those looking for straightforward term life coverage.
Policy Features and Customer Benefits
Lincoln Financial’s policies are designed to be consumer-friendly, offering various benefits depending on the product type. The universal life policies, for example, allow for flexible premium payments and the potential to build cash value over time. Additionally, some policies include benefits for long-term care, which can be crucial for aging customers or those planning for future healthcare needs.
The company also provides robust support through its customer service channels, including live chat and access to downloadable forms for policy management. These resources enhance the ease of service and contribute to overall customer satisfaction.
Conclusion
Lincoln Financial Group stands out as a reliable and versatile provider of life insurance products, supported by strong financial ratings, competitive pricing, and a solid track record of customer satisfaction. While it may not offer the widest variety of policy features compared to some competitors, its overall service quality, financial stability, and customer-centric approach make it a strong contender for anyone considering life insurance in 2024.
For more details and personalized insurance quotes, you can visit their official website or consult trusted resources like NerdWallet and Insure.com.
Sources:
- NerdWallet review on Lincoln Financial Life Insurance (2024)
- Insure.com review and ratings (2024)
- AM Best Company Profile for Lincoln Financial (2024)