Term Life Insurance Lincoln: A Comprehensive Guide to Coverage

Term life insurance is a type of coverage that provides financial protection for a specified period, usually 10, 20, or 30 years.

The duration of the term can vary depending on your needs and goals. You can choose a term that aligns with your mortgage or other financial obligations.

Term life insurance is often less expensive than permanent life insurance, with premiums starting at around $10 per month for a $100,000 policy. This makes it an attractive option for many people.

Discover more: 10 Year Term Life Insurance Cost

Term life insurance is a type of life insurance that only pays a death benefit if the insured dies within a specific time period.

Term life policies are typically much more affordable compared to permanent life insurance, which is a major advantage for many people.

Lincoln Financial offers term life policies for 10, 15, 20, or 30 years with guaranteed level premiums.

Policyholders have the option to convert to permanent life insurance before the end of the level premium payment period or before reaching age 70.

Death benefits range from $100,000 to more than $2.5 million, providing financial protection for loved ones.

Term life insurance applications can be approved in as little as two days in some circumstances, which is relatively quick compared to other types of insurance.

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Lincoln Term Life Insurance offers a range of term life policies to suit different customer needs, including LifeElements and TermAccel.

Lincoln's underwriting process is straightforward, and you can log in to your online account to access your policy details.

Term life insurance policies from Lincoln are available for 10, 15, 20, or 30 years with guaranteed level premiums.

Policyholders have the option to convert to permanent life insurance before the end of the level premium payment period or before reaching age 70.

Death benefits range from $100,000 to more than $2.5 million, making it a viable option for those looking for affordable term life coverage.

Lincoln's LifeElements Level Term policy is a traditional term life insurance product that offers reliable coverage and flexibility.

Here are some key highlights of the LifeElements policy:

Lincoln Financial receives far fewer customer complaints than expected for its size, according to data from the National Association of Insurance Commissioners (NAIC).

Healthy applicants between the ages of 18 and 60 may be able to obtain coverage without undergoing a medical exam or bloodwork if they’re seeking coverage of $1 million or less.

Lincoln Financial's term policies are among the most affordably priced, particularly for healthy applicants in their 40s and 50s.

Lincoln Financial's term life insurance rates are competitive with the industry average. For a 20-year term life insurance policy with $500,000 in coverage, non-smokers in a Preferred health classification can expect to pay around $22.41 to $27.95 per month, depending on their age and sex.

The rates vary significantly based on age and sex, with 25-year-old females paying the lowest rates at $22.41 per month, and 60-year-old males paying the highest rates at $221.99 per month. This highlights the importance of considering your age and health when selecting a term life insurance policy.

Here is a breakdown of the average monthly premium prices for a 20-year term life insurance policy with $500,000 in coverage for non-smokers in a Preferred health classification:

Lincoln Term Life Insurance Rates offer competitive pricing for non-smokers in a Preferred health classification.

For a 20-year term life insurance policy with $500,000 in coverage, the average monthly premium prices vary based on age and sex.

A 25-year-old female can expect to pay $22.41 per month on average with Lincoln Financial. This is slightly higher than the industry average of $21.08.

In contrast, a 25-year-old male pays $27.95 per month on average with Lincoln Financial, which is also slightly higher than the industry average of $26.90.

As people get older, the premiums increase significantly. For example, a 45-year-old male pays $58.41 per month on average with Lincoln Financial, which is more than twice the premium for a 25-year-old male.

Here's a breakdown of the average monthly premium prices for a 20-year term life insurance policy with $500,000 in coverage from Lincoln Financial and the industry average:

Cost is a major factor in choosing the right life insurance policy. Lincoln Financial term life insurance rates are generally in line with the industry average.

Lincoln Financial offers guaranteed level premiums for 10, 15, 20, or 30 years, which means your premium payments will stay the same for the entire term of the policy. This can provide peace of mind and help you budget for your insurance costs.

The average monthly premium prices for a 20-year term life insurance policy with $500,000 in coverage for non-smokers in a Preferred health classification are shown below:

Keep in mind that these rates are just averages, and your actual premium costs may be higher or lower depending on your individual circumstances.

Lincoln Financial offers term life policies for 10, 15, 20, or 30 years with guaranteed level premiums.

Term life insurance applications can be approved in as little as two days in some circumstances, making it a convenient option. You can purchase term life insurance without a medical exam if you're between 18 and 60 years old and have minor pre-existing conditions.

The minimum coverage amount for term life insurance is $100,000, while the maximum coverage amount is $2.5 million. You can choose to convert your term life insurance policy to permanent life insurance before the end of the level premium payment period or before reaching age 70.

Here are the term lengths and coverage amounts for Lincoln's term life insurance policies:

Lincoln Financial offers a range of basic coverages to fit different needs and preferences.

Lincoln LifeElements is Lincoln Financial's traditional term life insurance policy, available for people age 18 to 80 in terms of 10, 15, 20, or 30 years.

Coverage amounts start at $250,000 and can go up to $60 million with financial justification.

You can choose from four term lengths to find the best fit for your situation.

Here are the basic coverages offered by Lincoln Financial:

These options give you flexibility and options to consider when selecting a policy.

Lincoln Financial receives far fewer customer complaints than expected for its size, according to data from the National Association of Insurance Commissioners (NAIC). This is a great sign for potential policyholders.

Healthy applicants between the ages of 18 and 60 may be able to obtain coverage without undergoing a medical exam or bloodwork if they're seeking coverage of $1 million or less. This can save you time and hassle.

Lincoln Financial has superior financial strength, with an A+ (Superior) rating from AM Best. This indicates that it's in a superior position to meet its financial obligations.

Lincoln Financial's policies were among the most affordably priced, particularly for healthy applicants in their 40s and 50s. I've seen this firsthand when comparing quotes from different insurers.

Here are some key pros of Lincoln Financial's term life insurance:

A waiver of premium rider is available for an additional cost on term policies only. This rider allows you to waive premium payments if you become totally disabled. You can add this rider to your term policy for an extra fee, which will provide you with some financial relief if you're unable to work due to a disability.

For more insights, see: Life Insurance with Long Term Care Rider Washington State

Life insurance riders are available to further customize your policy. The riders available will depend on the product type you choose, the state of policy ownership, and other factors.

You can choose from various riders to enhance your policy's coverage and flexibility. Some riders may require additional premium payments.

Lincoln Financial Life Insurance offers riders that can be tailored to your specific needs. The specific riders available will depend on your policy and circumstances.

For example, you might consider adding a rider to increase your coverage amount or extend your coverage period.

Curious to learn more? Check out: Choose Life Insurance Beneficiaries

If you need to file a claim for your Lincoln Term Life Insurance policy, you can do so through their online portal or by calling 800-487-1485.

You'll need to provide some personal and policy information, including your policy number and Social Security number.

To get started, make sure you have all the necessary documents and details ready to avoid any delays in the process.

Discover more: How Much Term Life Insurance Should I Have

Lincoln Financial scored 788 out of 1,000 in the 2023 JD Power customer satisfaction survey, just two points lower than the average of 790.

This suggests that Lincoln Financial is a reliable choice for term life insurance, with a strong reputation among customers. The company scored higher than competitors like Guardian Life, Midland National Life, and John Hancock in the same survey.

Lincoln Financial has a low complaint index score of 0.30, which indicates that it has far fewer complaints than expected for a company of its size. This is a testament to the company's ability to handle customer issues efficiently.

If you're not sold on Lincoln term life insurance, there are other options to consider.

Some alternatives to Lincoln term life insurance include Globe Life term life insurance, which offers a 10-year term life policy with no medical exam required.

Another option is Banner Life term life insurance, which offers a 10-year term life policy with a guaranteed death benefit.

Lastly, Transamerica term life insurance offers a 10-year term life policy with a flexible death benefit option.

Additional reading: What Does 10 Year Term Life Insurance Mean

If you're looking for alternatives to Lincoln Term Life Insurance, consider the following options.

You can opt for Banner Life Insurance, which offers a range of term life insurance policies with coverage from $100,000 to $50 million.

Mutual of Omaha's term life insurance policies are another viable alternative, providing coverage from $25,000 to $1 million.

North American Company for Life and Health Insurance offers term life insurance policies with coverage from $25,000 to $50 million.

State Farm's term life insurance policies offer coverage from $100,000 to $50 million, with a range of riders and add-ons available.

Transamerica's term life insurance policies provide coverage from $25,000 to $50 million, with flexible payment options and a range of riders.

If you're considering alternatives to Lincoln Term Life Insurance, you've got plenty of options. State Farm is one of the top-rated companies, with a Policygenius rating of 5.0/5 and an AM Best rating of A++.

State Farm is often considered a more comprehensive insurance provider, with a wider range of products and services. But what about other companies? Let's take a look at the table below to compare some of the top alternatives.

MassMutual, for example, has a Policygenius rating of 4.9/5 and an AM Best rating of A++. But it's worth noting that their cost is on the higher end, with a rating of $$$.

Pacific Life, on the other hand, has a Policygenius rating of 4.8/5 and an AM Best rating of A+, with a cost rating of $.

Protective also has a Policygenius rating of 4.8/5 and an AM Best rating of A+, with a cost rating of $.

New York Life has a Policygenius rating of 4.6/5 and an AM Best rating of A++, with a cost rating of $$.

Guardian has a Policygenius rating of 4.5/5 and an AM Best rating of A++, with a cost rating of $$.

Symetra, finally, has a Policygenius rating of 4.3/5 and an AM Best rating of A, with a cost rating of $$.

It's worth noting that these companies may offer different products and services, so it's essential to research and compare them thoroughly.

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Lincoln Term Life Insurance Company offers term life policies for 10, 15, 20, or 30 years with guaranteed level premiums. This means policyholders can expect consistent premium payments throughout the term of the policy.

Lincoln Financial provides a range of death benefits, from $100,000 to over $2.5 million. Policyholders can also convert to permanent life insurance before the end of the level premium payment period or before reaching age 70.

Term life insurance applications can be approved in as little as two days in some circumstances, making it a convenient option for those who need coverage quickly.

Lincoln Financial gets an A+ (Superior) grade from AM Best for its financial strength and ability to meet its ongoing insurance obligations.

This high rating is a testament to the company's stability and reliability.

Lincoln Financial Group ranked 12th out of 21 insurers in the 2021 U.S. Individual Life Insurance Study by J.D. Power.

The company received a score of 773, just below the industry average of 776.

This suggests that while Lincoln Financial has its strengths, it falls short in terms of overall customer satisfaction.

Lincoln National is a top competitor in the life insurance industry, according to their own rankings as of the 4th quarter of 2023. They're particularly strong in hybrid life/LTC sales, ranking #1 in this category.

Lincoln is also competitive for face amounts of $500,000 or greater, making it a viable option for those seeking larger coverage amounts.

Their aggressive underwriting for certain health issues sets them apart from other companies, but it's essential to note that this can also be a risk for some applicants.

Lincoln Financial competes against well-established companies like Prudential, Banner Life, and Corebridge Financial, among others.

Here are some key rankings that demonstrate Lincoln's competitiveness in the life insurance market: