Life insurance is designed to protect your family and loved ones in the event of an unexpected death or catastrophic injury. But the policy is only as strong as the company which issued it.
How do you know which insurance carrier will be there when you need them? Which type of policy is the best value for your needs?
We provide honest, in-depth reviews of all major life insurance providers. Interested in learning about the plans offered by Lincoln Life Insurance, including their overall financial health and customer service rating?
Check out our complete Lincoln Life Insurance Company review below for all the info you need to know before you buy.
A History of Lincoln Life Insurance Company
In 1905, the emerging life insurance industry wasn’t entirely trusted by the general public. Hoping to change this image was the newly created Lincoln National Life Insurance. They used the name and image of Abraham Lincoln in an attempt to inspire trust and confidence among potential customers.
In keeping with the spirit of honesty, the company actually secured permission from Lincoln’s son to use his dad’s iconic image as a symbol of their company. They’re one of the few products you’ll find anywhere with Lincoln’s image.
The plan to project honesty seemed to work well from the start. Over the decades the company grew into a large insurance and financial services company. Today they offer:
- Life Insurance
- Retirement Plans
- Real Estate Investments
The entire business is called the Lincoln Financial Group, with the life insurance section commonly referred to as the Lincoln Life Insurance Company.
Lincoln National was originally founded in Fort Wayne, Indiana. Today, their main office is in Omaha, Nebraska. They’re a large, national company with over 9,000 employees. Independent agents sell life insurance policies across the country.
The most recent financial strength ratings are all positive:
- A.M. Best A+ (Ranked second out of sixteen)
- Fitch A+ (rated fifth out of 19)
- Moody’s A1 (ranked fifth out of 21)
- Standard & Poor’s AA- (Ranked fourth out of 21)
Additional measures of the company’s financial strength and overall health include:
- #25 on 2016 Fortune by assets
- #205 on 2016 Fortune 500 by revenue
- #337 on 2016 Barron’s 500 lists based on revenue growth and cash returns
These rankings are determined by a median three-year cash flow return on investment (ROI) and 2014 sales growth, adjusted for divestitures.
Lincoln’s report from September 30, 2016, lists assets of $228 million. Their total adjusted statutory capital is $8.8 billion. Cash and invested cash account for $546 million. Other recent financial metrics include:
- Total average account balances of $226 billion
- Operating revenue of $3.5 billion
- Income from operations of $441 million
- Net income of $467 million
- Repurchased shares of $200 million
Term Life Insurance is a safe, secure way to provide for your family. These policies have a monthly payment which never changes and a guaranteed payout. You know what your beneficiaries will receive exactly.
The “term” in term life can be one, five, 10, 15 or 20 years. You can lock in a low rate with a longer commitment since your rate will almost certainly stay under inflation. Alternately, you can purchase a shorter term to cover a specific time period, such as until a child’s graduation from college.
Your choice of choosing a medical exam or skipping it will determine your rate, too.
Universal Life Insurance
This type of policy can get a little complicated. Universal Life Insurance is a permanent policy. Benefits change over time based on the amount paid in. The policy can be borrowed against. The benefit is the policy will gain in value over time.
Be careful with this policy. Understand what you’re signing up for before you commit. These policies often end up to be far more expensive than term but include no extra benefits. Most people looking for a life insurance policy will find a term policy of 15 or 20 years is a better deal than a universal life policy.
Both term and universal policies are available for group coverage. Policies have extended medical coverage options including:
- Short-term disability
- Long-term disability
- Dental coverage
- Vision disability
- Critical Illness
- Accident coverage
As befitting a company named after Abraham Lincoln, the Lincoln Life Insurance Company is extremely committed to charitable giving.
They give millions of dollars a year throughout various states. Here’s where and what they contributed since 2006:
- Concord, New Hampshire – $4.1 million
- Fort Wayne, Indiana – $29.5 million
- Greensboro, North Carolina – $17.5 million
- Hartford, Connecticut – $12 million
- Omaha, Nebraska – $5.9 million
- Philadelphia, Pennsylvania – $22.2 million
Most of this giving took the form of grants and donations. Organizations in need are encouraged to apply to Lincoln directly.
The company’s association with Abraham Lincoln provides unique charitable opportunities. In 2008, they helped celebrate Lincoln’s 200th birthday by donating the Lincoln Museum Collection to the state of Indiana. Valued at over $20 million, the collection includes the Emancipation Proclamation and other items of historical significance.
The public can view the collection at both the Allen County Public Library and the Indiana State Museum.
Applying for a claim is done either online or over the phone. The online claim center lets you easily access any claim form such as annuities, disability, life and long-term care protection. Each form is short and simple. You provide some basic info on the claim-worthy event.
After submitting the claim, you’ll be contacted by a Lincoln Life rep. They’ll personally walk you through the specific steps required.
The Final Verdict on the Lincoln Life Insurance Company
President Lincoln is still widely admired around the world, of course. But today’s consumers are a bit more sophisticated. Abraham Lincoln as a spokesman is probably not enough of a draw for most. People want assurances their insurance company will be there when needed.
After looking at the products and services, there’s a lot to like about Lincoln Life Insurance. Their company culture is charitable, reliable and customer focused.
They offer a variety of insurance products, with term life the most popular. There are enough options available to cover almost any situation and budget. Their longer terms are a great way to secure a low rate for a long time, while their shorter term policies offer affordable peace of mind for a temporary situation.
So, while Honest Abe didn’t have much to do with Lincoln Life directly, the company still does embody a variety of his values. With solid financials, top-notch customer service and a wide variety of affordable policies, there’s a lot to like about the Lincoln Life Insurance Company.