Finding the right term life insurance plan is not always easy. You’re going to have a variety of providers and policy options to choose from. One of those providers that should be on your radar is a term insurance plan from Lincoln Financial Group.
Term life insurance is often more affordable and convenient to obtain compared to permanent life insurance policies such as whole life insurance. You can choose coverage for a specific period based on your age, budget, and overall life insurance needs. However, not all term insurance plans work for everyone.
Your health, income, and other factors will determine your eligibility for various insurance options. With Lincoln Financial, you get two types of term life insurance to choose from:
- Lincoln TermAccel Level Term: Strictly accelerated underwriting process
- Lincoln LifeElements Level Term: Traditional approach with a no-medical exam option
Both term life insurance products include similar features with a few notable differences. For example, TermAccel and LifeElements have different minimum and maximum face amounts, issue ages, and application processes.
Exploring the differences between these two options can help you select the right plan. However, comparing insurance plans can also be daunting. To help with your decision-making process, we created the following Lincoln Financial term life insurance review.
In this article, we take a detailed look at both term life insurance options from Lincoln Financial. You will learn about the key details of each plan, including the issue ages, coverage amounts, policy riders, and medical exam requirements.
Lincoln Financial Group Life Insurance Company
Lincoln Financial Group (LFG) was founded in 1905 in Fort Wayne, Indiana. Abraham Lincoln’s son, Robert Todd Lincoln, granted the company permission to use his father’s likeness. As a result, Lincoln Financial is the only company to use Abraham Lincoln’s face for its branding.
Less than a decade after the company’s founding, Lincoln Financial became one of the world’s largest insurance companies. Over a century later, Lincoln Financial remains one of the top-ranked insurers. According to AM Best rankings of the top 200 US life/health insurers, Lincoln Financial ranks seventh-largest life insurer based on admitted assets.
Lincoln Financial Group was restructured in the 1960s and is now the marketing name for Lincoln National Corporation. LNC includes a variety of subsidiaries covering almost all areas of life insurance, including life reinsurance and annuities.
Lincoln Financial Life Ratings and Reviews
Along with a company’s background, you should learn more about its financial stability. Looking at professional ratings from independent agencies gives you a better idea of the company’s financial standings.
Lincoln Financial continually receives high ratings from the leading financial strength agencies:
- AM Best: A+ (Stable)
- Fitch: A+ (Stable)
- Moody’s: A1 (High Grade)
- S&P Global Rating: AA- (Very Strong)
In 1933, Lincoln Financial reached $1 billion worth of in-force insurance policies. The company now has over $300 billion in total assets and $14.5 billion of total equity. The company generated over $16 billion in revenue in 2018 and employs over 9,000 people. It is a stable company with over 115 years of history.
Lincoln Financial Term Life Insurance Plans
Lincoln Financial offers two term life insurance plans:
- Lincoln TermAccel
- Lincoln LifeElements
TermAccel
TermAccel is designed to provide customers with a fast, convenient term life insurance option. The “accel” in the name comes from its accelerated underwriting process. The application is only available through a digital drop ticket system. The minimum coverage amount is $100,000 with a maximum of $1,000,000. Term insurance plans are available with contract lengths ranging from 10 years to 30 years.
TermAccel Features:
- $100,000 minimum coverage
- $1,000,000 maximum coverage
- Issue ages 18 to 60
- Accelerated underwriting
- Digital application only
- Reduced death benefit after the level term period
- Conversion options available
- Excellent rates for coverage
LifeElements
LifeElements is a more traditional term life product. Unlike TermAccel, LifeElements is available with a paper or digital application. Traditional and accelerated underwriting options are also available.
Depending on your health and age, you may still qualify for accelerated underwriting. Instead of $100,000, coverage starts at $250,000. The maximum face value of the policy is based on your income and finances. You can also qualify for LifeElements term life up until the age of 80.
LifeElements Features:
- $250,000 minimum coverage
- No maximum coverage amount
- Issue ages 18 to 80
- Traditional and accelerated underwriting
- Paper or digital application
- Decreasing death benefit after the level term period
- Conversion options available
Both options are backed by a stable insurance company and include many of the same features. However, one option may be better suited for your specific needs. Here is a closer look.
Lincoln TermAccel vs. Lincoln Life Elements Overview
| Policy Features | TermAccel | LifeElements |
|---|---|---|
| Issue Ages: | 18 to 60 years old | 18 to 80 years old |
| Contract Options: | 10-Year: 18-60 15-Year: 18-60 20-Year: 18-60 30-Year: 18-55 (18-50 tobacco users) | 10-Year: 18-80 15-Year: 18-75 (18-70 tobacco users) 20-Year: 18-70 (18-65 tobacco users) 30-Year: 18-55 (18-50 tobacco users) |
| Coverage Amounts: | Minimum Amount: $100,000 Maximum Amount: $1,000,000 | Minimum Amount: $250,000 Maximum Amount: $1,000,000+ |
| Policy Riders: | Accelerated Benefit Rider Children's Level Term Ins Rider Waiver of Premium Rider | |
| Renewability: | Renewable after the level premium period to age 95. | |
| Conversion Option: | Convertible up to age 70. | |
| Underwriting Categories: | Preferred Plus - Preferred - Standard - Preferred Tobacco - Standard Tobacco | |
| Accelerated Underwriting: (No Medical Exam) | Ages 18-60 applying for up to $1,000,000 | |
| Traditional Underwriting: (Medical Exam Required) | A medical exam will be required if an applicant does not qualify for the accelerated non-medical underwriting program. | |
| State Availability: | Available in all states except NY | |
Lincoln Term Insurance - Issue Ages
| TermAccel | LifeElements |
|---|---|
| 18 to 60 years old | 18 to 80 years old |
TermAccel:
The minimum issue age for Lincoln TermAccel is 18, and the maximum age is 60. The maximum issue ages for TermAccel are lesser than LifeElements due to the non-medical accelerated underwriting feature.
LifeElements:
The minimum issue age for Lincoln LifeElements is 18, and the maximum age is 80. LifeElements offers a higher range of issue ages due to mandatory medical exam requirements for applicants over age 60.
Lincoln Term Insurance - Contract Options
| TermAccel | LifeElements |
|---|---|
| 10-Year: 18-60 15-Year: 18-60 20-Year: 18-60 30-Year: 18-55 (18-50 tobacco users) | 10-Year: 18-80 15-Year: 18-75 (18-70 tobacco users) 20-Year: 18-70 (18-65 tobacco users) 30-Year: 18-55 (18-50 tobacco users) |
Contract options are available in 10, 15, 20, or 30-years. Each contract option offers a level premium paying period that keeps the premium at a guaranteed fixed rate until the end of the contract.
Both Lincoln TermAccel and Lincoln LifeElements offer the same contract options. However, Depending on your age when you apply for a policy, you may be limited to specific contract options due to maximum issue ages guidelines.
Also, if you use tobacco products, your maximum issue age for contract lengths greater than 10-years will be limited to lesser ages than non-tobacco users.
- TermAccel 10-Year: 18-60
- TermAccel 15-Year: 18-60
- TermAccel 20-Year: 18-60
- TermAccel 30-Year: 18-55 (18-50 tobacco users)
- LifeElements 10-Year: 18-80
- LifeElements 15-Year: 18-75 (18-70 tobacco users)
- LifeElements 20-Year: 18-70 (18-65 tobacco users)
- LifeElements 30-Year: 18-55 (18-50 tobacco users)
Lincoln Term Insurance - Coverage Amounts
| TermAccel | LifeElements |
|---|---|
| Minimum Amount: $100,000 Maximum Amount: $2,000,000 | Minimum Amount: $250,000 Maximum Amount: $1,000,000+ |
The coverage amount, also known as the death benefit of a life insurance policy, is the total amount of money paid to your beneficiary if you were to die while the term insurance contract is active.
Both Lincoln term life insurance plans offer applicants a wide range of coverage amounts to choose from.
TermAccel:
The minimum coverage amount with TermAccel is $100,000, and the maximum is $2,000,000.
LifeElements:
The minimum coverage amount with LifeElements is $250,000, and there is no maximum provided the total amount applied for meets financial underwriting requirements.
Lincoln Term Insurance - Policy Riders
| TermAccel | LifeElements |
|---|---|
| Accelerated Benefit Rider Children's Level Term Ins Rider Waiver of Premium Rider | |
Lincoln Financial TermAccel and LifeElements offer the same policy riders. An accelerated benefits rider is included at no additional cost. You may also add optional riders, including a children’s level term insurance rider and a waiver of premium rider.
Accelerated Benefit Rider
The accelerated benefit rider is included at no additional cost. With this rider, you can receive a portion of the death benefit if you become terminally ill. This rider is included with the coverage.
Children’s Level Term Insurance Rider
The children’s level term insurance rider allows you to obtain term insurance coverage for all your children for one flat price. You can obtain up to $15,000 in coverage per child. The rider is available at an additional cost.
Waiver of Premium Rider
The waiver of premium rider waives the premium payments if you become totally disabled. This rider is available at an additional cost.
Lincoln Term Insurance - Renewability
| TermAccel | LifeElements |
|---|---|
| Renewable after the level premium period to age 95. | |
Both Lincoln term life insurance plans offer guaranteed renewability after the level premium period up to the age of 95. This is a common feature provided with most term insurance plans that allow you to keep your existing term insurance by paying an annually increasing premium.
The guaranteed renewability feature can be beneficial if you still require term insurance coverage after the level premium has expired and cannot re-qualify for a new level premium term contract.
If you can re-qualify for a new term contract after the original contract has expired, it will almost always be a cheaper option than renewing an expired contract on an annual basis.
Unique Renewal Feature:
With the two Lincoln term life insurance plans comes a unique policy feature that occurs when the level premium period of the term contract ends.
The death benefit will automatically be reduced if you keep the term insurance policy after the level premium period has ended.
However, the benefit is that your premium will remain the same as what you were paying during the level premium period for three years into the renewability period. After the third year, premiums will begin to increase annually should you keep renewing coverage.
This feature reduces the sudden shock of the increased premium required to keep coverage after the premium period of a term insurance policy has expired.
Lincoln Term Insurance - Conversion Option
| TermAccel | LifeElements |
|---|---|
| Convertible up to age 70. | |
A conversion option is another common policy feature offered with most term insurance plans.
Both Lincoln term life insurance plans offer the same conversion option that allows for an existing term insurance contract to be exchanged for a permanent life insurance plan offered by Lincoln Financial.
Converting a Lincoln term life insurance contract to permanent coverage must be requested before the end of the level premium period or before the insured has reached the age of 70, whichever comes first.
The greatest benefit of converting a term insurance contract is that it is guaranteed approval. Most people who choose to convert their term insurance coverage do so because they cannot re-qualify for a new policy or have realized they need permanent life insurance protection since purchasing their term insurance coverage.
Lincoln Term Insurance - Underwriting Categories
| TermAccel | LifeElements |
|---|---|
| Preferred Plus - Preferred - Standard - Preferred Tobacco - Standard Tobacco | |
Insurance companies utilize underwriting categories as tools to evaluate the risk of taking on a client.
Upon completion of the underwriting process, and if approved for a policy, a final underwriting category will be determined, which will finalize the price of what you pay for your life insurance coverage.
Lincoln Financial utilizes a set of five different underwriting classes to evaluate the overall risks of applicants with both of their term life insurance plans.
Preferred Plus will result in the most affordable rates for coverage, and with each next class, the premium will be slightly higher than the previous.
Lincoln Term Insurance - Medical Exam Requirements
| TermAccel | LifeElements | |
|---|---|---|
| Accelerated Underwriting: (No Medical Exam) | A medical exam will be required if an applicant does not qualify for the accelerated non-medical underwriting program. | |
| Traditional Underwriting: (Medical Exam Required) | A medical exam will be required if an applicant does not qualify for the accelerated non-medical underwriting program. | |
Lincoln TermAccel and LifeElements offer an accelerated non-medical underwriting process available to qualifying applicants. With both term insurance options, applicants ages 18 up to 60 can apply for up to $1,000,000 and potentially receive non-medical approval.
Applicants that do not meet the underwriting guidelines for accelerated underwriting could be asked to complete a medical exam to continue with the underwriting process.
Application Process for Lincoln Term Life Insurance
The application process depends on the term insurance plan you’re applying for.
TermAccel Application Process:
Lincoln TermAccel is a fully electronic paperless application process. After receiving an initial quote, you and a licensed agent will submit an electronic ticket that notifies Lincoln Financial that you would like to apply for coverage.
Once Lincoln Life has received the electronic ticket, you will have the option to choose to complete a telephone app (Tele-App) or an online app (eInterview). All signatures are obtained either by voice authorization or electronic signature, depending on the application method you choose.
If you choose to complete the application online, you will receive a link to a web-based interface. The online interview takes roughly 20 to 30 minutes to complete. You can complete a telephone interview that takes approximately 20 to 40 minutes if you prefer.
Lincoln’s automated process will confirm identification during the interview and obtain underwriting resources such as prescription checks, motor vehicle reports, and a MIB report.
At the end of your interview, you will be notified if you will need to complete a medical exam or if you have been approved for lab-free underwriting. If a medical exam is required, you will be contacted by a representative to schedule a complimentary medical exam.
If approved for a Lincoln TermAccel policy, the policy will be electronically issued and delivered.
LifeElements Application Process:
Lincoln LifeElements offers both a traditional and an automated application process called LincExpress. The traditional application process is available to applicants applying for coverage over $1,000,000 and those over the age of 60.
The automated underwriting process is available to applicants ages 18-6 applying for up to $1,000,000 in coverage, same as TermAccel.
The entire application process is nearly identical to the TermAccel process, with a few minor exceptions. For example, LincXpress allows for a paper drop ticket request in addition to electronic ticket submission.
Once the initial ticket submission request has been sent to Lincoln Financial, the application process will begin. As with TermAccel, you will have the option to complete an online interview or telephone interview.
Underwriting will confirm identification and obtain prescription checks, motor vehicle reports along with MIB reports. Lincoln will then decide if the application requires a medical exam or if approval can be made on the spot.
Lincoln Financial Term Life Insurance Frequently Asked Questions: Overview
After reviewing the basic features of Lincoln Financial term life products, you may still need answers to a few questions. The following FAQ should address any remaining concerns. If we left anything out, feel free to leave a comment.
Is Lincoln Financial Group a Good Company?
Lincoln Financial is a trusted insurance company with over 115 years of experience. It is also one of the top ten largest insurers in the US and the only company to use Abraham Lincoln’s likeness. In addition, Lincoln Financial ranked fourth in a list of the top life and health insurers based on revenue.
Lincoln Financial also offers generous features and competitive term life insurance rates with its term life products, indicating that it cares about providing reliable coverage.
What Determines Eligibility for Lincoln Financial Term Life Insurance Coverage?
Eligibility is based on a long list of factors. However, your health plays the most significant role. Therefore, if you have any of the following conditions, Lincoln Financial may decline your application:
- Alzheimer’s disease
- ALS
- Aneurysms
- Cancer
- Cardiomyopathy
- Chronic kidney failure
- Cirrhosis of the liver
- Congestive heart failure
- Coronary artery disease
- Diabetes (diagnosed before the age of 25)
- Dialysis treatment
- Down syndrome
- Hepatitis C
- HIV/AIDS
- Huntington’s disease
- Implantable defibrillator
- Muscular dystrophy
- Organ transplant recipient
- Oxygen use
- Untreated severe sleep apnea
Along with your health, Lincoln Financial reviews other details of your life, including:
- Age
- Height and weight
- Motor vehicle history
- Criminal background
- Credit history
Certain non-medical issues may disqualify you from getting a policy from Lincoln Financial. For example, multiple DUIs, convictions, and bad credit may limit your options.
Is a Medical Exam Required to Apply for Lincoln Financial Term Life Insurance?
A medical exam is typically needed when applying for Lincoln LifeElements term life insurance. Some applicants may also need a medical exam when applying for Lincoln TermAccel.
Both options provide lab-free applications processes for applicants who meet specific criteria:
- Ages 18 to 60
- Face amount of $100,000 to $1,000,000
- No tobacco usage
- No DUIs in the last five years
- No felony convictions in the last seven years
- Within height/weight limits
- No major medical conditions
Some of the medical conditions and scenarios that require a medical exam include:
- Alcohol or drug abuse
- Atrial fibrillation
- Cancer
- Bipolar disorder
- COPD/emphysema
- Epilepsy
- Diabetes
- Hypertension
- Kidney disease
- Multiple sclerosis
This list is not all-inclusive. You may also need to complete a medical exam if you have multiple minor medical conditions. For example, a combination of asthma, migraine treatment, and allergies may prompt the need for an exam.
The medical exam is short and should only take 10-20 minutes. Then, Lincoln Financial can arrange for a qualified paramedical technician to visit your home, take your fluids, and check your vitals.
How Quick Is Approval for Coverage?
On average, approval takes up to three days if you qualify for accelerated non-medical underwriting with Lincoln Financial TermAccel process or the LincXpress process for Life Elements.
However, suppose you do not qualify for an exam-free application. In that case, the underwriting process may take up to four weeks or longer depending on how quickly you can complete your medical exam and if underwriting needs to request medical records from your primary care physician.
What Happens After You Are Approved for Coverage?
If your application was submitted electronically, approval will be sent digitally to your inbox. Any final forms along with payment can be completed online. As soon as Lincoln Financial receives your payment and finalized delivery forms, your coverage will be placed in an active status.
If you completed a paper application process, the delivery process will be completed by mail.
Once your Lincoln term life insurance policy is placed in an active status, you will have the opportunity to create an online account with Lincoln providing access to your coverage and policy forms.
Is Lincoln Financial Term Life Insurance Plans Affordable?
Lincoln Financial updated its pricing for TermAccel and LifeElements term life insurance products. The recent price changes occurred in November 2021, intending to be a top 3 provider in the following non-tobacco areas:
- Coverage at $500k and above, ages 40-60, nearly all premiums are in the top 3
- Coverage at $500k and above, all ages, nearly all premiums are in the top 5
- Coverage at $1M, ages 45-60 ranked #1 most of the time.
If you’re looking for affordable term life insurance rates with coverage over $500,000, you’re likely to find it with Lincoln Financial.
Lincoln Term Life Insurance Rate Chart
| Male | TermAccel 10-Year | LifeElements 10-Year | TermAccel 30-Year | LifeElements 30-Year |
|---|---|---|---|---|
| Age 30 | $13.75 / monthly | $18.91 / monthly | $30.09 / monthly | $42.74 / monthly |
| Age 35 | $14.18 / monthly | $20.63 / monthly | $35.16 / monthly | $48.16 / monthly |
| Age 40 | $18.05 / monthly | $24.94 / monthly | $51.11 / monthly | $62.78 / monthly |
| Age 45 | $27.08 / monthly | $30.74 / monthly | $79.54 / monthly | $87.16 / monthly |
| Age 50 | $40.84 / monthly | $48.68 / monthly | $129.36 / monthly | $140.31 / monthly |
| Age 55 | $68.10 / monthly | $68.10 / monthly | $234.70 / monthly | $234.70 / monthly |
| Age 60 | $110.47 / monthly | $110.47 / monthly | Not Available | Not Available |
| Age 65 | Not Available | $190.91 / monthly | Not Available | Not Available |
| Female | TermAccel 10-Year | LifeElements 10-Year | TermAccel 30-Year | LifeElements 30-Year |
| Age 30 | $11.60 / monthly | $15.33 / monthly | $25.36 / monthly | $33.20 / monthly |
| Age 35 | $12.33 / monthly | $18.28 / monthly | $29.55 / monthly | $39.13 / monthly |
| Age 40 | $15.47 / monthly | $21.07 / monthly | $40.15 / monthly | $48.42 / monthly |
| Age 45 | $24.46 / monthly | $26.66 / monthly | $60.84 / monthly | $66.24 / monthly |
| Age 50 | $33.10 / monthly | $36.12 / monthly | $96.63 / monthly | $101.00 / monthly |
| Age 55 | $50.38 / monthly | $50.38 / monthly | $178.06 / monthly | $178.06 / monthly |
| Age 60 | $73.45 / monthly | $73.45 / monthly | Not Available | Not Available |
| Age 65 | Not Available | $123.28 / monthly | Not Available | Not Available |
*Preferred Plus (Excellent Health) Non-Nicotine underwriting classification. Monthly Male/Female premium rates are current as of 1/29/2022, representing the cost of a $500,000 Lincoln TermAccel and Lincoln LifeElements 10, and 30-year term life insurance policy.
What Happens After the Level Premium Ends?
After the level premium ends, you will have a few different options to choose from. If you no longer need life insurance coverage, you can simply stop making premium payments, and the life insurance coverage will terminate.
You can also continue with your existing coverage up to age 95 after the level premium period known as the guaranteed renewability period. With Lincoln term insurance plans, the guaranteed renewability period lasts up to age 95.
The death benefit will automatically be reduced should you choose to continue with your term insurance coverage. However, the premiums will be the same as those paid under the level premium period for three consecutive years.
After the third renewal year, the rates to continue coverage will begin to increase with each new renewal year until you reach age 95 or cancel coverage.
Lincoln term life insurance plans also offer a guaranteed conversion option that allows the term insurance coverage to be converted into a permanent life insurance product from Lincoln Financial. Conversions must occur before the age of 70 or the end of the level guaranteed premium period.
Converting your existing term insurance policy requires no new underwriting requirements as it is guaranteed approval. Your premiums will also become a fixed rate for the rest of your life.
Lastly, if you still require life insurance protection after your term life insurance policy has ended, it’s always best to check out your options for a new policy. It will often result in the lowest premiums.
Is Lincoln Financial Term Life Insurance Good for People with Pre-Existing Health Conditions?
If you have a pre-existing health condition and are shopping for term life insurance coverage, we will always recommend using the help of a licensed, experienced life insurance agent.
The primary reason is that all life insurance companies evaluate health risks differently. That can cause a significant swing in rates or even be a determining factor in a company offering coverage and a company not offering coverage.
With that said, Lincoln Financial will consider applicants with pre-existing health conditions. However, there is a very good chance that you will be required to complete a medical exam.
Certain medical conditions that would require medical records review would not be eligible for TermAccel. You would have to apply for a Lincoln Life Elements plan instead.
TermAccel vs. Life Elements: Which Is Better?
Lincoln TermAccel and Lincoln Life Elements offer many comparable features. For example, both options include similar contract lengths, policy riders, renewability, and conversion options. However, these two insurance products use different application processes.
TermAccel uses an accelerated underwriting process with an online application. Life Elements uses a traditional underwriting process but offers an accelerated underwriting option called “LincExpress” for qualified applicants.
Choosing between these two options may come down to the coverage amount and your age. The death benefit for TermAccel has a minimum face value of $100,000 and a maximum of $1,000,000. The minimum amount for LifeElements is $250,000. There is no maximum amount.
TermAccel is only available for those between the ages of 18 and 60. Depending on the contract length, LifeElements is available up to the age of 80.
TermAccel offers cheaper premiums than LifeElements but is ideal for healthier applicants.
How Are Lincoln Financial Term Insurance Plans Compared to the Competition?
Lincoln Financial term life insurance plans are comparable to other top insurance companies. The most recognizable insurers offer products with similar contract lengths, issue ages, and face amounts.
On the other hand, Lincoln Financial is one of the more affordable options. The company also provides two separate term life products to fit your needs.
How Do You Get a Lincoln Financial Term Life Insurance Quote?
You must work with a licensed insurance professional to apply for Lincoln Financial term life insurance. Most independent agents and agencies, including our company, offer Lincoln Financial.
Our company offers Lincoln Financial term life insurance and their other life insurance products. Rates can be viewed using our online quoter and we can assist with the electronic application process.
What Is Lincoln Financial Life Insurance Company’s Cancellation Policy?
Lincoln Financial includes a 30-day free look period for its term life insurance policies. You may cancel the policy within the first 30 days to receive a full return of premiums. After 30 days, you only receive any unused premium.
How Do You Contact Lincoln Financial Customer Service?
Lincoln Financial offers several options for contacting its customer service department. You can reach customer service via phone, email, or live chat. The live chat feature was introduced in 2018, making Lincoln Financial one of the first insurance companies to provide this option.
The customer service phone number is 1-877-ASK-LINC (275-5462). The customer service center is open Monday to Friday from 8 am to 5 pm ET.
Advantages of Lincoln Financial Term Life Insurance
Lincoln Financial provides several advantages that help make its term life insurance products among the top choices:
- Two separate term life products
- Healthy individuals rarely need a medical exam
- Affordable prices for most underwriting classes and rate bands
- Wide variety of payment options and methods
With two distinct term life products, Lincoln Financial ensures that everyone has an affordable option that suits their needs. In most cases, healthy individuals do not need to take a medical exam. However, even a minor medical condition may trigger the need for an exam.
Lincoln Financial also offers a variety of ways for you to pay your premiums. You can select from annual, semi-annual, quarterly, or monthly payments. You can set up automatic payments, send a check, or submit an electronic funds transfer (EFT).
Disadvantages of Lincoln Financial Term Life Insurance
Lincoln Financial term life insurance does not have any noticeable disadvantages. However, if you are a smoker or have been diagnosed with any medical conditions, you will likely need to take a medical exam.
The no-medical exam options from Lincoln Financial include relatively strict requirements. This means that many applicants need to complete an exam.
Conclusion: Is Lincoln Financial Term Life Insurance Worth it?
Lincoln Financial term life insurance is worth it for those who want a term life policy with affordable prices from a trusted company. Lincoln Financial is one of the biggest insurance companies in the United States, with over 17 million customers.
Lincoln TermAccel and LifeElements are both reliable choices for term life insurance. Both options include multiple contract lengths, several policy riders, and competitive rates.
TermAccel was designed with an accelerated underwriting process to give you faster approval. It was made for those in good health with no major medical issues. You may receive a decision within one to three days.
You may also qualify for an exam-free option with LifeElements. The Lincoln LincXpress system allows you to skip the exam if you meet certain criteria, such as being 60 years or younger. However, full underwriting is still needed. The average timeframe for approval is three to four weeks.
In the end, TermAccel may appeal to those who want a faster response. If you are in good health, you may also receive a lower rate. TermAccel also offers a lower minimum coverage amount. You can get just $100,000 in coverage with TermAccel while LifeElements has a minimum of $250,000 in coverage.
Yet, TermAccel is only available for applicants aged 60 and under. You can apply for LifeElement term life up to the age of 80 (for a 10-year contract). There is no maximum coverage amount.
No matter which option you choose, the next step is to get a quote so you can compare prices. Use our online quoter to get a Lincoln Financial term life insurance quote or contact us for help with the application.
