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The company grew and branched out into other products in the ensuing decades. Several acquisitions and mergers have grown the company and modified its product offerings over the years. Now, aside from life insurance, the company offers financial products for individuals and businesses including annuities, retirement plans and real estate investments.
Lincoln Financial is currently headquartered in Omaha, Nebraska, a change from its founding city of Fort Wayne, Indiana. It employs over 9,000 people and utilizes independent agencies throughout the country to sell its products.
Among the individual insurance plans are term and universal life products, including a variable universal life option.
Term life insurance is offered in set time periods, beginning with as little as one or five-year protection and expanding up to 10, 15 or 20 year terms. These policies have a set benefit amount that does not change throughout the duration of the term, and premiums remain level during that period. In other words, you pay the same amount each month and your beneficiaries are guaranteed the same pay-out whether you die during the first or final year of the term. LFG offers two options for Term life insurance, Lincoln TermExcel and Lincoln LifeElements.
Universal life insurance is substantially more expensive but offers more flexibility. It is a permanent life insurance option, lasting as long as the individual chooses to pay for coverage. Premiums and benefits are flexible, with the benefit amount changing depending on how much you pay into the policy. These policies gain in value over time and can be borrowed against. But do not let “flexible premiums” fool you. They are often 10 times more expensive then the same death benefit amount when comparing to term life insurance. Lincoln LifeGuarantee, Lincoln LifeCurrent, Lincoln LifeReserve are examples of the Universal Policies available.
Group life insurance is available in both term and universal policy options. Lincoln Financial also sells extended-medical coverages like short and long-term disability, dental insurance, vision and critical illness and accident insurance coverage.
Aside from insurance, Lincoln sells some financial products for retirement planning. It offers these to both individuals and employees.
For individuals, annuities and long-term-care funding are available. Annuities are a special type of investment typically utilized throughout a person’s working life in order to provide retirement income. Long-term care coverage provides financial benefits that will pay for nursing home or related care when the insured reaches old age.
Lincoln Financial also sells workplace retirement plans that can be adapted to fit the needs of the employer.
Lincoln Financial’s term insurance prices came in around 6% above the average when comparing it during our rate test. A 30 year old male in California could buy a million dollar policy for about $50 per month, or $580 a year.
Lincoln Financial’s online claims center is located as an option on the top of the webpage under “Contacts, Forms, and Claims.” From this page, you can choose a claims form for annuities, life insurance, disability insurance, employee benefits, or long-term care protection. Alternatively, you can call customer service and start the process over the phone.
You will need to fill out a basic form on the website to serve as a notification of death, disability or other claim-worthy event depending on the policy. This form will ask for your name and contact information as well as details for the insured.
Once the initial claim has been submitted, you will be contacted by a representative to gain any further necessary information and walk you through any remaining steps needed to close the claim and receive benefits.
Lincoln Financial Group has been accredited with the Better Business Bureau since 1939 and has an “A+” rating on the site. The BBB website lists 63 complaints as having been closed in the last three years, with 20 of these being closed this year. Of these, 47 are listed as problems with the product or service.
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Lincoln Financial Group has a long track record in the US when it comes to life insurance, but they do not really jump off the charts anywhere that makes them stand out against their competitors. Their rates are not very competitive and their financial strength ratings are OK. Our assessment is they are a middle-of-the-road insurance company.
For a list of companies that we recommend, visit our Best Insurance Companies page.