With life insurance, then you can be much more assured that those you love and care about won’t have to face a whole host of financial difficulties in the future. These could include the payoff of debt, making sure that they can pay ongoing living expenses.
For some people, qualifying for life insurance coverage can be easy – especially if they are young and in good health. But what if you have certain adverse health issues, or if you work in what is considered to be a risky occupation? Then it could be more difficult.
There is a potential solution, though. It’s no exam life insurance. They aren’t like your traditional policy with all of the underwriting. No blood tests. No exams.
When shopping around for no exam coverage, you can run into some tricky choices. You need a carrier who will give you a plan you can afford, but they have a stable business model. There are a lot of companies which check those boxes. Lincoln Financial is one of them.
The History of Lincoln Financial Life Insurance Company
Initially founded in 1905, this company is now listed as a Fortune 250 American holding company.
This large insurance and financial conglomerate operates numerous insurance and investment management companies via subsidiary businesses. Its primary operations are divided into various products, including life insurance, annuities, retirement plan services, and group protection.
Its name, Lincoln Financial Group, is the marketing name for LNC as well as its subsidiary companies. The primary subsidiaries of Lincoln include the following:
- Lincoln National Life Insurance Company
- Lincoln Life and Annuity Company of New York
- First Penn-Pacific Life Insurance Company
- Lincoln Financial Distributors
- Lincoln Financial Advisors
- Lincoln Financial Group is headquartered in Radnor, Pennsylvania.
Lincoln Financial Life Insurance Review
As of year-end 2016, Lincoln National brought in nearly $14 billion in overall revenue, and the company held approximately $262 billion in total assets. And, as of mid-2017, the company’s total life insurance sales increased by 14 percent to just under $200 million.
Lincoln National offers a number of wealth accumulation and protection products, as well as annuities. The company is also known for having affordable life insurance premium rates.
Insurer Ratings and Better Business Bureau Grade
When picking a life insurance company, you need to know their background and how they are doing. You don’t want to invest in an insurance policy with a company who’s about to go bankrupt.
Instead of having to go through the company’s financial reports, you can take advantage of other organization’s work. Companies like the BBB, A.M. Best, and Moody’s Investor Services do a lot of research and investigating to determine the financial outlook of various insurance carriers and other businesses.
According to the BBB, you have nothing to worry about with Lincoln Financial. They have awarded them an A+ rating. This is the best possible rating.
With A.M. Best, they have another A+, and Moody’s gave them an A1 rating (one of their best grades).
No Exam Life Insurance Products Offered by Lincoln Financial Life Insurance Company
One of the key products that is offered by Lincoln Financial is its no exam term life insurance product. The TermAccel product is a level term insurance policy, which means that the plan offers coverage for 15 years, 20 years, or 30 years, and that the coverage amount and the premium rate will remain level throughout that time frame.
Applicants who are between 18 and 50 are allowed to apply for this policy option, and the death benefit amount can range between a low of $100,000 and a high of $500,000. Also, there are some riders that may be added to this policy, such as the:
- Accelerated Death Benefit Rider
- Waiver of Premium Rider
- Children’s Term Rider
For those who may wish to have permanent life insurance coverage in the future, the Lincoln TermAccel policy may be turned into a whole life plan if the policyholder moves forward with such a conversion by the end of the term’s coverage or by age 70 (whichever occurs first).
Other Products and Services Available
Lincoln Financial sells a lot of kinds of insurance plans (which is inclusive of universal life insurance and variable universal life insurance options).
Lincoln Life offers the Elements Leven Term product. Here, applicants for coverage can choose between time lengths of 10 years, 15 years, 20 years or 30 years. The size of the coverage and premium, will remain level through these time frames. Then, after the time expires, the policy will renew on an annual term life insurance basis until the insured turns age 95.
There is also a long list of different permanent life insurance policy options that are available through Lincoln Life. Permanent life insurance includes cash value.
A policyholder can withdraw or borrow these funds for any reason that they desire, including paying off higher interest debts, supplementing retirement income, or even for taking a nice vacation.
Some of the more popular permanent life insurance coverage options that are offered by Lincoln include universal life. Here, the policyholder has a great deal of flexibility on when they pay the premiums and how much goes towards the cash value.
For example, with the Lincoln Life Guarantee UL (universal life) insurance policy, there is a level death benefit option, as well as a guaranteed interest rate on the cash value. The premium rate is also guaranteed.
There is also the Indexed UL Accumulator policy option. With indexed universal life insurance, the return on the policy’s cash value component will be based in large part on the performance of an underlying market index, such as the S&P 500.
In this case, should the index do well during a given year, then a positive return will be credited to the policy’s cash value – typically up to a set maximum, or “cap.” If, however, the underlying market index performs poorly during a given year, then the cash value is credited as 0%. So, while there is no gain, there is also no loss – which in turn, allows the policyholder protection of their principal, as well as with peace of mind.
Several different riders may be added to Lincoln’s life insurance policies. These may include the:
- Waiver of Premium Rider – With this rider, should the insured become ill or disabled and unable to work, the premium on the life insurance policy will be waived, thus keeping the coverage in force. There is usually an additional fee added to the policy’s premium to include this rider.
- Child Term Life Rider – This rider allows an insured to add additional life insurance coverage for his or her eligible children, typically for an additional amount of premium.
- Terminal Illness Accelerated Death Benefit Rider – This rider will allow the insured to access funds from the policy’s death benefit if he or she is declared to have a severe condition (and usually requiring a life expectancy of six months or less). This particular rider is automatically included on many of Lincoln’s life insurance policies.
The company also offers a wide variety of retirement annuities, as well as college savings plans, workplace benefits, and combination long-term care/life insurance policies, which can provide a range of protection for a number of different needs.
One of the more popular products that is offered by Lincoln Financial Group is its MoneyGuard ll. This is a combination life insurance / long-term care policy that will provide income benefits to the insured if he or she requires long-term care, and also offers life insurance protection if needed.
Getting Quality Coverage Through Lincoln Life
As you can see, there are a lot of decisions you’ll need to make. You need to decide the kind of plan, the amount of coverage, any additional riders, and the company.
If you’re overwhelmed by those choices, pick up your phone and call one of our experienced agents. We are both agents and advisors. We can help you navigate the confusing world of life insurance protection.