Lincoln National Life Insurance Company is an auxiliary of Lincoln Financial Group. The company was founded in 1905 and its headquarters is located in Indiana, Pennsylvania. The company provides insurance services and focuses mainly on life insurance, annuities, accident, health, dental, critical illness, group benefits, individual and group retirement plans. The company serves people in United States.
As at 2014, Lincoln National Life insurance company was ranked number 232 on Fortune 500 list in terms of company revenue and ranked 26 in terms of assets. It is also noteworthy to state that the company was also ranked number 218 on the Barron’s 500 2014 list for remarkable growth in revenue.
History and Structure
The Lincoln National Life Insurance Company was founded in 1905 in Fort Wayne, Indiana, where it maintains its headquarters. The company was established during an era of profound social doubt of corporate America by and large and of insurance agencies specifically, the first officers of Lincoln Life Insurance needed to pass on a notoriety of trustworthiness.
To that end, they persuaded Abraham Lincoln’s just surviving child, Robert Todd Lincoln, to allow the organization authorization to utilize the president’s name and similarity, which the organization keeps on utilizing right up till the present time. Within 10 years, the company had developed to end the standout amongst the most regarded organizations in the business.
Today, Lincoln Life Insurance is part of the Lincoln Financial Group (LFG), which includes several companies in the financial services industry. LFG is located in the Philadelphia Suburb of Radnor, Pennsylvania. LFG holds a very impressive record of execellent financial investing, and this can easily be seen in its ratings from the major agencies, A.M. Best, Fitch, Moody’s and also Standard & Poor’s.
These organizations set the benchmarks for how well a purchaser can confide in the solvency and future standpoint of a bearer and Lincoln can claim a better rating from each of the four rating offices, which few others can do.
Life Insurance Policies
Lincoln Life Insurance has a well-developed market share in insurance for individuals as well as the work place, retirement plans, executive bonus plans and retirement plans, executive bonus plans and investment avenues. The company offers four core life insurance policies and six different types of universal life insurance and indexed universal life insurance policies. However, what are their main life insurance policies or core products.
- Term life insurance
Term life insurance is that form of life insurance that provides beneficiaries coverage at a fixed rate of payments for a limited period. Therefore, after that term expires, coverageis lost until the insurer can either forgo the coverage of obtain further coverage with different payments or conditions.
However, among lincoln’s term life insurance, there are two options;
- Lincoln TermAccel
The TermAccel is the best choice for younger generations. The Lincoln TermAccel Level Term is for ages 18 to 50 for coverage of $500,000 or less. The TermAccel is potentially an exam free product (that is medical tests and examinations are not essential) can be issued for as little as two days.
- Lincoln LifeElements
The Lincoln LifeElements Level Term is for people age 45 and older for a coverage of $500,000 and above. Blood test is also not necessary for the Lincoln LifeElements. All with a phone interview, a person with over age 45 wo needs more than $500,000 in coverage can be approved with ease just like Lincoln TermAccel.
- Universal and Indexed Universal life insurance
Universal life insurance is a type of life insurance which is permanent with an investment savings element and low premiums like term life insurance.The Universal Life Insurance is based on a whole life insurance. It enables the policyholder to modify the approach in connection to life changes by joining the advantages of term life coverage with those of an investment account. Indexed Universal life insurance is a type of universal insurance which is distributed in the same manner as a fixed universal life, that is cash value can be linked to market index like the S&P 500. These policies have a minimum guaranteed interest rate.
- Lincoln LifeGuarantee
- Lincoln LifeCurrent
- Lincoln LifeReserve
- Lincoln LifeReserve Indexed Universal Life Accumulator
- Lincoln WealthAdvantage Indexed Universal Life
- Lincoln WealthPreserve Survivorship Indexed Universal Life
- Variable life insurance
Variable Life Insurance is a type of permanent life insurance policy except that it has an investment opportunity. Variable life insurance provides lifelong coverage while adding value to cash value account. Variable Life insurance is very useful when one is looking for an insurance policy with a low level of risk.
- Lincoln AssetEdge Variable Universal life insurance
- Lincoln AssetEdge Exec Variable Universal insurance
- Lincoln Variable Universal insurance
- Lincoln PreservationEdge survivorship Variable Universal Life
Pros and Cons of Lincoln National Life Insurance company
Lincoln national life insurance company has so many advantages as a choice. The company offers a comprehensive choice of life insurance products. The company is known for its excellent financial strength rating. Lincoln national life insurance company’s quotes are usually sold at a very competitive price, especially for term life insurance.
However, as flexible as the insurance policies of the company can be, Lincoln National Life Insurance Company does not permit customers to change their information online. This makes it tedious for individuals who hate filling paper forms and phone interviews.
Which coverage suits you
Lincoln National Life insurance company offers a nice variety of insurance policy. However, knowing a good insurance company is not enough, it is also paramount to know the kind of coverage that is most suitable for your needs, is it universal or term and so on.
- The first step is to know how much capital your family would need to meet immediate obligations at the time of your death. This means expenses like medical bills, funeral expenses, even college costs and also other outstanding debts
- It is also important to consider how much is needed to sustain the household when you are gone. This is not so easy to calculate especially if the market flow is not so predictable. Therefore, if this is the case, selecting a policy with investment component is the most appropriate choice.
There are a lot of advantages that Lincoln National Life insurance company attracts, aside from the fact that it offers a nice variety of term and universal insurance policies, it also contains investment components. This feature makes the company stand out. Also, just like all life insurance policies, premiums and available benefits are dependent on various factors like your health, age and other factors. There are so many insurance companies for your competitive especially for term life insurance.
In essence, Lincoln Financial Group is a trusted name with more than 100years of business. It has excellent ratings and is known for its remarkable financial strength. In a time whereby, the future cant be predicted, it is of utmost priority to at least first secure a future for your family, so even after you are gone, they wouldn’t live in hardship.