Lincoln Financial Life Insurance Review: Rates, Pros & Cons (2026)

Lincoln Financial Overview

Lincoln Financial is one of the carriers we quote most often — and one of the carriers we actually place business with most often, which is not the same thing. Plenty of companies look good on a rate chart. Lincoln earns its spot on our shortlist because of what happens after the application goes in: fast no-lab underwriting, sensible decisions on borderline health histories, and rates that stay competitive all the way up to multi-million-dollar face amounts.

Company Snapshot

Detail	Information
Full name	The Lincoln National Life Insurance Company
Parent company	Lincoln Financial Group
Founded	1905
Headquarters	Radnor, Pennsylvania (founded in Fort Wayne, Indiana)
AM Best rating	A (Excellent)
States available	All 50 states (NY through Lincoln Life & Annuity of New York)
Products offered	Term, VUL, IUL, hybrid long-term care
No-exam option	Yes — TermAccel, up to $2.5M, ages 18-60
Distribution	Independent agents, brokers, financial advisors

Lincoln was founded in 1905 in Fort Wayne, Indiana, and famously received permission from Abraham Lincoln’s son, Robert Todd Lincoln, to use his father’s name and likeness. A century-plus later, the company is one of the largest life insurers in the United States by individual life insurance in force.

Financial Strength

Lincoln carries an A (Excellent) rating from AM Best. That is a notch below the A+ carriers like Banner Life and Protective, and it’s worth being honest about: Lincoln went through a rocky stretch a few years back tied to reserve charges on an older block of universal life business, and the rating agencies responded. The company has since rebuilt capital and stabilized.

Here’s our practical read as brokers: an A rating from AM Best is still firmly in the “excellent” category, and Lincoln’s sheer size, 120-year history, and diversified business give us no hesitation placing clients there. We would not put a client with a carrier we had doubts about — claims-paying ability is the entire product. But if a top-tier rating is non-negotiable for you, we’ll say plainly that other carriers rate higher, and our Banner Life review covers one of them.

Lincoln Financial Products

Unlike term-only shops, Lincoln offers a full product shelf. Here’s what matters for most buyers.

TermAccel — The Headline Product

TermAccel is the reason Lincoln makes so many of our recommendations. It’s a level term policy built around lab-free accelerated underwriting:

Feature	Detail
Face amounts	$100,000 to $2,500,000
Issue ages	18-60
Term lengths	10, 15, 20, 30 years
Medical exam	None required for qualifying applicants
Labs	None — uses Rx databases, MIB, electronic health records
Application	Online or tele-interview
Typical decision time	2-7 business days; some same-week
Conversion	Convertible to Lincoln permanent products

The underwriting engine pulls your prescription history, MIB file, driving record, and increasingly your electronic health records, then makes a decision without sticking a needle in your arm. When the data is clean, approvals come back in days. When something needs a human look, the case routes to an underwriter — and occasionally to a traditional exam — but you lose nothing by trying the accelerated path first.

The key difference from many no-exam products: TermAccel is priced like fully underwritten insurance, not like simplified issue. You are not paying a convenience premium. For a deeper look at how these programs compare across carriers, see our guide to no-medical-exam life insurance.

LifeElements Term

LifeElements is Lincoln’s traditional fully underwritten term product. It exists for everyone TermAccel can’t serve: applicants over 60, face amounts above $2.5 million, and cases where the health history needs full evidence. Same term lengths (10/15/20/30), face amounts into the tens of millions, and a conversion privilege to Lincoln’s permanent lineup. If you’re shopping million-dollar-plus coverage, this is the version of Lincoln you’ll likely be quoted above $2.5M.

MoneyGuard — Hybrid Long-Term Care

MoneyGuard is Lincoln’s hybrid life/long-term care product and one of the best-known names in that category. You fund a universal life policy (single premium or flexible payments), and it provides a pool of long-term care benefits if you need care — with a death benefit for your heirs if you don’t. For clients in their 50s and 60s worried about “use it or lose it” traditional LTC insurance, MoneyGuard is frequently the answer, and Lincoln has been a market leader in this space for years.

VUL and IUL

Lincoln offers a broad lineup of variable universal life (AssetEdge, VUL ONE) and indexed universal life (WealthAccumulate, WealthPreserve) products. These are accumulation and estate-planning tools, typically sold through financial advisors. They’re well-built products, but they’re a different conversation than term insurance — if you’re not sure whether you need permanent coverage, you almost certainly should price term first.

Lincoln Financial Term Life Rates

Lincoln’s term rates are consistently in the top tier — usually within $1-3 per month of the absolute cheapest carrier for a given cell. The table below shows sample 2026 monthly rates for a $500,000, 20-year TermAccel policy, non-smoker.

Lincoln 20-Year Term Rates — $500,000

Age	Male (Preferred Plus)	Male (Preferred)	Male (Standard)	Female (Preferred Plus)	Female (Preferred)	Female (Standard)
25	$17/mo	$19/mo	$25/mo	$14/mo	$16/mo	$21/mo
30	$19/mo	$21/mo	$28/mo	$16/mo	$18/mo	$24/mo
35	$22/mo	$25/mo	$34/mo	$18/mo	$21/mo	$28/mo
40	$32/mo	$37/mo	$47/mo	$27/mo	$31/mo	$40/mo
45	$49/mo	$55/mo	$70/mo	$41/mo	$46/mo	$58/mo
50	$77/mo	$86/mo	$109/mo	$63/mo	$71/mo	$91/mo
55	$125/mo	$137/mo	$174/mo	$102/mo	$112/mo	$146/mo
60	$209/mo	$226/mo	$289/mo	$167/mo	$181/mo	$235/mo

Representative quotes for illustration. Your rate depends on health class, state, and underwriting outcome.

How Lincoln Compares — $1,000,000, 20-Year Term, Male Age 40, Preferred Plus

Carrier	Monthly Premium	No-Lab Option at $1M?
Banner Life	$56/mo	Accelerated (case by case)
Protective Life	$57/mo	Up to $1M, age limits
Lincoln Financial	$59/mo	Yes — TermAccel to $2.5M
Pacific Life	$61/mo	Limited
Prudential	$64/mo	Up to $3M, stricter knockouts

This table tells the real story. Banner or Protective may beat Lincoln by a few dollars on paper, but Lincoln will often approve the same applicant without labs and in a fraction of the time — and Lincoln’s accelerated program extends to $2.5 million where many competitors cap lower or knock out more health conditions. For a lot of our clients, that trade is worth $3 a month. For comparisons across the whole market, see our ranking of the best life insurance companies.

Pros and Cons

Pros

1. TermAccel’s no-lab underwriting is genuinely fast. Up to $2.5 million with no exam and no labs for ages 18-60, with decisions in days. This is one of the most generous accelerated programs in the industry.

2. Competitive rates at every face amount. Lincoln is rarely the single cheapest carrier, but they’re almost always within a few dollars — and they hold that competitiveness at $2M, $5M, and $10M, where some budget carriers fade.

3. Marijuana-friendly underwriting. Occasional cannabis users can qualify for non-tobacco rates. Carriers that rate marijuana users as smokers can charge double or more.

4. Strong on aviation. Lincoln offers some of the better treatment in the market for private pilots — flat extras are often lower than competitors, and experienced pilots with instrument ratings flying modern aircraft can sometimes avoid them entirely.

5. Sensible on well-controlled health conditions. Sleep apnea with documented CPAP compliance, well-managed blood pressure and cholesterol, controlled anxiety or depression — Lincoln underwrites the current picture, not the diagnosis code.

6. Full product shelf. Term conversion goes to real permanent products, and MoneyGuard is a market-leading hybrid LTC solution.

7. Available in all 50 states, with New York served through Lincoln Life & Annuity of New York.

Cons

1. AM Best A, not A+. Lincoln’s rating sits a notch below Banner, Protective, and Pacific Life after a difficult 2022-2023 stretch. Still excellent — but not top of the table.

2. TermAccel cuts off at age 60 and $2.5M. Older applicants and larger cases go through full underwriting like anywhere else.

3. Rarely the absolute cheapest. If you’re a Preferred Plus specimen shopping purely on price, Banner or Protective may save you $2-4 a month.

4. No whole life. Lincoln’s permanent products are VUL and IUL. If you want traditional participating whole life with dividends, look at MassMutual, Penn Mutual, or Guardian.

5. Accelerated path isn’t guaranteed. If your electronic data raises questions, you’ll be routed to traditional underwriting — no worse off, but the “days not weeks” promise only applies to clean cases.

6. No direct-to-consumer sales. You’ll need to apply through an agent or broker.

Who Lincoln Financial Is Best For

Based on the cases we place, Lincoln consistently wins for these profiles:

1. People Who Want Coverage Fast, Without Needles

If you’re under 60, need $2.5 million or less, and have a reasonably clean health history, TermAccel will likely get you covered in under a week at fully underwritten prices. That combination is hard to beat anywhere in the market.

2. Pilots and Aviation Hobbyists

Lincoln is one of our go-to carriers for private pilots. Where some companies tack on $2.50 per thousand in flat extras or exclude aviation deaths entirely, Lincoln’s aviation underwriting is among the most competitive for experienced private pilots with solid hours and ratings. We cover the full carrier landscape in our pilots life insurance guide.

3. Marijuana Users

Occasional recreational use can still land non-tobacco rates at Lincoln. That single classification decision often matters more than anything else on the application — non-tobacco vs. tobacco rates can be a 50-110% premium difference.

4. Applicants With Well-Controlled Conditions

Sleep apnea on CPAP with good compliance data, hypertension controlled on one or two medications, well-managed cholesterol or thyroid conditions — Lincoln routinely offers Standard Plus or better where stricter carriers reflexively table-rate.

5. High-Income Buyers Needing Large Face Amounts

Lincoln stays sharp at $2M-$10M+ where the buyer pool thins out, and their financial size means jumbo cases don’t spook them. Their retention and reinsurance capacity handle large lines comfortably.

Who Should Look Elsewhere

1. Pure Price Shoppers in Perfect Health

If you’re a triathlete with flawless labs and you’ll happily do an exam to save every possible dollar, Banner Life or Protective will often come in a few dollars cheaper at Preferred Plus.

2. Whole Life Buyers

Lincoln doesn’t sell traditional dividend-paying whole life. Mutual companies like MassMutual, Guardian, and Penn Mutual own that category.

3. Seniors Past 60 Wanting No-Exam Coverage

TermAccel’s age cutoff is 60. Older applicants who want to skip the exam should look at carriers with simplified issue products or accelerated programs with higher age limits.

4. Severe Health Histories

Recent cancer, insulin-dependent diabetes with complications, heart attack within the last year — Lincoln’s accelerated program will knock these out, and their full underwriting is fair but not the most aggressive. Specialists like Prudential or table-shaving programs elsewhere may do better. This is exactly the kind of case where an independent broker earns their keep.

High-Risk Underwriting at Lincoln

High-risk cases are our specialty, so here’s our honest field report on where Lincoln fits in the impaired-risk and lifestyle-risk market:

• DUI history: Lincoln wants 3+ years since conviction and really rewards 5+. At 7+ years with a clean MVR, they’re one of the most aggressive carriers — Preferred is realistic. Not the carrier for a recent DUI.
• Sleep apnea: One of Lincoln’s quiet strengths. Mild-to-moderate apnea with documented CPAP compliance can see Standard Plus or Preferred. Bring your compliance report to the application.
• Marijuana: Non-tobacco classes available for occasional use, as covered above. Daily use gets rated harder but is still insurable.
• Aviation: Strong. Private pilots with 100+ hours, an instrument rating, and no accidents can often avoid flat extras entirely.
• Diabetes: Type 2 with A1c under 7.0, diagnosed after 40, no complications — Lincoln offers reasonable Standard-range offers. Type 1 is harder; other carriers compete better.
• Mental health: Well-managed anxiety or depression on stable medication usually clears at Standard or better. Hospitalizations within 2-3 years will route to full underwriting.
• Build/weight: Lincoln’s build chart is middle-of-the-pack — neither the most generous nor the strictest.

The pattern: Lincoln is excellent for controlled, documented, stable risks and lifestyle factors like aviation and cannabis. They are not a deep-impairment specialist. Knowing that distinction before applying is precisely why high-risk applicants should work with an independent broker rather than applying cold — every declined or rated application leaves a footprint in your MIB file.

How to Apply

Step 1: Quote Lincoln against the market. Lincoln sells through agents and brokers, not direct. Any independent broker can run Lincoln alongside 10-20 other carriers in minutes.

Step 2: Pre-qualify honestly. Tell your broker about every condition, prescription, ticket, and hobby up front. With accelerated underwriting, the databases will surface it anyway — and an undisclosed item is the fastest way to get kicked out of the no-lab path.

Step 3: Apply through TermAccel if eligible. Under 60 and under $2.5M? Start here. The application is online or by phone interview, takes about 20-30 minutes, and most data authorizations are electronic.

Step 4: Wait for the data pull. Lincoln checks prescription databases, MIB, your driving record, and electronic health records. Clean cases get decisions in 2-7 business days.

Step 5: If routed to full underwriting, don’t panic. Roughly speaking, a meaningful minority of accelerated cases get routed to traditional underwriting for an exam. Your rate doesn’t get worse because of the routing — it just takes the normal 3-6 weeks.

Step 6: Review during the free look period. Confirm face amount, term length, class, beneficiaries, and conversion rights before you file the policy away.

The Verdict

Lincoln Financial is one of the best all-around term life carriers in the 2026 market, and TermAccel is arguably the single best accelerated underwriting program for the under-60, under-$2.5M buyer: fully underwritten pricing, no labs, decisions in days.

Where they excel: speed, no-exam convenience at real prices, aviation and marijuana underwriting, well-controlled health conditions, large face amounts.

Where they fall short: rarely the absolute cheapest, A rather than A+ financial rating, no whole life, accelerated program capped at age 60.

Our practice: we quote Lincoln on nearly every term case and recommend them whenever the no-lab path or a lifestyle factor (flying, cannabis, controlled apnea) tilts the math their way. When a client is in pristine health and purely price-driven, we’ll show them Banner and Protective side by side and let the dollars decide.

Get a free quote comparing Lincoln Financial against 20+ carriers →

No single carrier is right for everyone — but Lincoln Financial belongs in almost every comparison, and for a fast, exam-free approval at a fair price, they’re frequently the one we bind.

Frequently Asked Questions

Is Lincoln Financial a good life insurance company?

Yes. Lincoln Financial has been in business since 1905, holds an A (Excellent) rating from AM Best, and is one of the largest life insurers in the country. Their term rates are consistently within a few dollars of the cheapest carriers in the market, and their TermAccel product is one of the best accelerated underwriting programs available — many applicants are approved without labs or a medical exam.

What is Lincoln TermAccel?

TermAccel is Lincoln Financial's accelerated underwriting term life product. It uses electronic health data, prescription histories, and a phone or online interview in place of a traditional medical exam. Qualifying applicants ages 18-60 can get up to $2.5 million in coverage without labs, often with approval in days rather than weeks. Pricing is nearly identical to Lincoln's fully underwritten LifeElements term product.

Does Lincoln Financial require a medical exam?

Not always. Through TermAccel, applicants ages 18-60 applying for up to $2.5 million can be approved with no exam and no labs if their electronic health data checks out. If something in your records triggers a closer look, or you're applying for more than $2.5 million, Lincoln will route you to traditional underwriting with an exam under their LifeElements product.

Is Lincoln Financial good for marijuana users?

Yes — Lincoln is one of the more marijuana-friendly major carriers. Occasional recreational users can often qualify for non-tobacco rate classes, which can cut premiums by half or more compared to carriers that automatically classify marijuana users as smokers. Frequency of use, the reason for use, and the rest of your health picture all factor into the final offer.

How long does Lincoln Financial take to approve a policy?

TermAccel applicants who qualify for the accelerated path are often approved within 2-7 business days, and some cases clear in 48 hours. Fully underwritten LifeElements cases with a medical exam typically take 3-6 weeks, which is in line with the rest of the industry.