Founded in 1905 and currently headquartered in Radnor, Pennsylvania, Lincoln National Life Insurance Company is a Fortune 500 company which is publicly held and traded on the NYSE under the symbol LNC.
The company’s business operations are currently divided into four market segments which are life insurance, retirement plan services, annuities, and group insurance plans. Lincoln National is a subsidiary company of its parent Lincoln Financial Group and continually rates extremely high with all the national insurance company rating services.
Term Insurance provided by Lincoln National
Lincoln National’s Term Insurance product is similar to others offered by highly-rated carriers in that they include policy terms of five to twenty years with a fixed premium. Their policy also comes with several rider options that allow policyholders to broaden coverage and get living benefits:
- Waiver of Premium – This rider provides for the insurer to waive premiums that are due while the insured is disabled and cannot work.
- Children’s Term Rider – The CTR rider allows the insured to insure his or her children until they are adults or are married. The rider will also automatically cover any newborn or adopted children.
- Accelerated Benefit Rider – This rider provides living benefits because it provides for the insurer to pay a portion of the death benefit in advance if the insured is diagnosed with a terminal illness.
Universal Life Insurance
Lincoln National’s Universal Life product offers the policyholder permanent life insurance and the ability to accumulate substantial cash value over time. The cash value account can be accessed when needed by the policyholder through policy loans or partial surrender. Loan repayment is not required however the amount of the loan will be deducted from the death benefit in the event of an insured’s death.
Lincoln National provides several policy options that allow the applicant to customize their coverage to meet specific needs. Some of the policy options include accelerated benefits that include critical illness, accidental death benefit, guaranteed insurability rider, additional insured and child term rider, and waiver of premium.
Variable Universal Life
Variable Universal Life insurance is a life insurance policy that combines term life insurance with an account used for cash accumulation. The policy’s interest credits are based on market activity and are not fixed like a typical universal life policy. This policy provides the needed flexibility to be able to adjust premiums and the death benefit to accommodate life events for the insured. Currently, there are twelve or more variable insurance policies available from Lincoln National Life Insurance.
Currently, there are twelve or more variable insurance policies available from Lincoln National Life Insurance and the three most popular are:
Lincoln WealthPreserve Survivorship Indexed UL – The Lincoln WealthPreserve Survivorship Indexed UL is a very popular second to die insurance product for married couples. This policy is an essential survivorship plan that covers two lives on a single insurance policy. This indexed universal life policy will pay a tax-free death benefit at the end of the second insured’s life. Additionally, the interest crediting rate is fully guaranteed to never fall below one percent.
One of the most popular reasons to purchase a second to die policy is to be able to equalize an inheritance between children. For example, if one child inherits an illiquid family business or property the insurance proceeds can be distributed to the other children.
Lincoln LifeReserve Indexed UL Accumulator – With the LifeReserve Indexed UL, the interest crediting rate has an established floor of one percent – meaning that the policyholder will always have a positive interest credited to the account. Although there is a death benefit with this policy, it is frequently used as a method for maximizing future retirement income and various other financial goals.
Lincoln WealthAdvantage Indexed UL – The Lincoln WealthAdvantage UL features an option of three designs for wealth protection and legacy planning. The policy includes a low-cost death benefit, as well as tax-efficient policy cash value growth capabilities. The policy also contains a fixed loan privilege with a guaranteed loan charge rate for more predictability if your financial needs should change in the future.
Lincoln National’s Marijuana Underwriting Guidelines
All in all, Lincoln National remains one of the most competitive top-tier insurers for term insurance, universal life, and variable universal life.
Term Life Insurance Quotes from Lincoln National
As far as rates are concerned, Lincoln is one of the most competitive top-tier carriers out there when it comes to term insurance for marijuana users. The chart below is based on the following assumptions:
- $500,000 Death benefit
- Twice per week marijuana usage (standard rate class)
- 20 Year Term
- Five Age groups
|30 years old||$40||$33|
|35 years old||$44||$39|
|40 years old||$61||$53|
|45 years old||$97||$75|
|50 years old||$146||$111|
To get an accurate quote based on your actual age, feel free to use the quote engine on the left of this page. It’s important to note that using marijuana more than twice per week more than double your insurance premium.