Lincoln Financial Group Company Snapshot
Lincoln National Corporation — operating under the brand Lincoln Financial Group — was founded in 1905 in Fort Wayne, Indiana (now headquartered in Radnor, Pennsylvania). With over $300 billion in total assets and consistently ranked in the Fortune 250, Lincoln is one of the largest life insurance and financial services companies in America. It is particularly well-regarded for its term insurance pricing and its indexed universal life (IUL) platform, which consistently earns high marks for competitive cap rates.
- AM Best: A+ (Superior)
- Moody's: A1 (Strong)
- S&P: A+ (Strong)
- Fortune 250: Yes
- Headquarters: Radnor, PA
Lincoln Financial Products
TermAccel (Online, No-Exam Term): Lincoln's flagship online term product. Available to applicants ages 18–60 in good health, up to $1,000,000 with no medical exam and typically an instant or same-day decision. One of the best no-exam term products on the market for coverage up to $1M.
LifeElements Term: Traditional fully underwritten term life, available in 10-, 15-, 20-, 25-, and 30-year terms. More health rating classes than TermAccel, suitable for applicants with minor health conditions who want to go through underwriting for potentially better classification.
IUL (Indexed Universal Life): Lincoln offers multiple IUL products including Lincoln WealthAccumulate IUL and Lincoln WealthPreserve IUL. Known for offering some of the highest cap rates in the industry (historically 11–14%) and multiple index options beyond just the S&P 500 (including a blended index option).
Variable Universal Life (VUL): For those wanting direct market exposure with a life insurance wrapper. Multiple investment sub-accounts available.
Whole Life: Available but not Lincoln's primary focus — for whole life specialists, MassMutual or Guardian may be better options.
Lincoln Financial Term Life Rates (20-Year, Non-Smoker Preferred)
| Age | Coverage | Male/Mo | Female/Mo |
|---|---|---|---|
| 25 | $250,000 | $11 | $9 |
| 25 | $500,000 | $16 | $12 |
| 25 | $1,000,000 | $25 | $19 |
| 30 | $250,000 | $12 | $10 |
| 30 | $500,000 | $19 | $15 |
| 30 | $1,000,000 | $30 | $23 |
| 35 | $250,000 | $16 | $13 |
| 35 | $500,000 | $26 | $20 |
| 35 | $1,000,000 | $44 | $33 |
| 40 | $250,000 | $24 | $19 |
| 40 | $500,000 | $41 | $31 |
| 40 | $1,000,000 | $71 | $53 |
| 45 | $250,000 | $41 | $30 |
| 45 | $500,000 | $71 | $52 |
| 45 | $1,000,000 | $126 | $91 |
TermAccel rates shown for healthy Preferred applicants. LifeElements rates may differ slightly with full underwriting.
TermAccel: The No-Exam Advantage
Lincoln's TermAccel is one of the industry's best no-exam life insurance products. For applicants ages 18–60 in good health, it offers:
- Up to $1,000,000 with no medical exam required
- Instant or same-day decision via algorithmic underwriting using prescription databases and MIB records
- 10-, 15-, 20-, 25-, and 30-year terms available
- Competitive pricing — often within 5–10% of fully underwritten rates
Note: TermAccel is not available in New York State. New York residents can apply for LifeElements Term instead.
Lincoln IUL: Multiple Index Options and High Cap Rates
Lincoln's IUL platform stands out for offering some of the most competitive cap rates in the industry. In 2026, Lincoln WealthAccumulate IUL offered caps in the 12–14% range on S&P 500 strategies, which is among the highest available. Additionally, Lincoln offers:
- Bloomberg US Dynamic Balance Index II — a blended equity/bond index with potentially higher participation rates
- S&P 500 Daily Risk Control Index — reduced volatility index strategy
- Fixed account option (currently 3–4%) for conservative allocations
These options give Lincoln IUL policyholders more ways to diversify their crediting strategies within a single policy.
Lincoln Financial Pros and Cons
| Pros | Cons |
|---|---|
| Competitive term pricing — often 5–15% below MassMutual/MetLife | Customer service reviews can be inconsistent (J.D. Power mid-tier) |
| TermAccel: no-exam up to $1M, fast approval | Complex IUL illustrations can be difficult to interpret |
| Strong IUL platform with high historical cap rates | TermAccel not available in New York State |
| Fast underwriting — decisions often in days, not weeks | Whole life not a specialty — better options exist for WL buyers |
| Multiple index options in IUL for strategy diversification | Some products not available in all states |
Who Lincoln Financial Is Best For
Lincoln Financial is the top choice for healthy applicants who want affordable term insurance fast — TermAccel's no-exam process for up to $1M is among the best in the industry. It's also an excellent choice for IUL buyers who prioritize high cap rates and multiple crediting strategies. Business owners using life insurance for executive benefits or key person coverage will find Lincoln's flexibility particularly attractive. If you want whole life with dividends, look at MassMutual or Guardian instead.
Verdict
Lincoln Financial is a powerhouse for term and IUL buyers. Its A+ financial rating, competitive pricing, and innovative underwriting (TermAccel) make it a first-call carrier for most independent brokers when working with healthy applicants under 60. The IUL platform is among the most respected in the industry for high earners building tax-free retirement income. Minor drawbacks in customer service and NY availability are real but don't diminish Lincoln's overall strength. Overall rating: 4.6/5.