Pros / Generally, it has lower premiums on permanent policies.
Cons / The company is slow to provide quotes.
Verdict / Lincoln Financial has more expensive term policies than its competition, but generally, its permanent policies are less expensive. As such, it’s worth considering if you want a permanent life insurance policy.
Lincoln Financial is a well-established life insurance provider that’s been selling insurance since 1905. It has a strong financial track record and earns an A+ rating from A.M. Best. As such, Lincoln Financial is on secure enough footing to pay out claims well into the future.
As we compared life insurance policies, we considered the costs for the two main types: term and permanent. Term policies are the most common and have the lowest premiums. When you get a term policy, it covers you for a set amount of time, and if you die during that period, it pays out a pre-determined amount to your beneficiaries.
Permanent life insurance costs more – sometimes 10 times more than a term policy. It covers you for as long as you pay your premium and provides more than a set amount to your beneficiaries. Permanent policies earn money over time, acting as an investment as well as an insurance policy. These policies also earn dividends.
A lot of variables go into determining how much you pay in premiums. Insurers factor in your health, age, income, debt, savings and your plans for your beneficiaries. To get an idea of Transamerica’s price range, we got quotes for a 45-year-old man who smokes and has good health and a 33-year-old woman in excellent health. We kept their income and debt the same, and both term quotes were for $250,000 policies with 20-year terms.
For both term policies, Lincoln Financial’s quotes were slightly more expensive than average, though only by about $10 for the male, which is a smaller gap than with other insurers. Lincoln Financial had the lowest permanent policy quote for our smoker test scenario, with a premium of $228 per month – the average across all the companies for the same terms was $480 per month.
However, we had a hard time getting quotes from Lincoln Financial. There’s no online quote calculator, so you need to fill out a form to request a quote from a local agent. It can take some time for the agent to get back to you and may take even longer if you’re interested in a permanent policy.