Lincoln Financial annuities

Overview

Lincoln Financial is the marketing name of Lincoln National Corporation, a Radnor, Pennsylvania, insurer listed on the New York Stock Exchange as LNC. Its annuities are issued by The Lincoln National Life Insurance Company of Fort Wayne, Indiana, and, for New York residents, by Lincoln Life & Annuity Company of New York. The Lincoln National group ranked #10 among U.S. groups by 2024 individual annuity direct premiums written, according to NAIC market share data, with about $14.58 billion in premiums and a 3.46% market share.

Annuities are one of Lincoln's four reporting businesses, alongside life insurance, group protection and workplace retirement plans. Lincoln does not sell through its own career agents. Its annuities are sold by independent financial professionals, broker-dealers, banks and registered investment advisors, supported by its wholesaling arm, Lincoln Financial Distributors. Lincoln says it has sold variable annuities since 1967, and it is best known for variable annuities with lifetime income benefits, especially its i4LIFE Advantage income feature, and more recently for its Level Advantage RILAs. Lincoln's life insurance, history and claims are covered in the Lincoln Financial life insurance profile.

Annuities it sells

• Variable annuities. American Legacy, Lincoln Investor Advantage and Lincoln ChoicePlus are Lincoln's current variable annuity families, and Lincoln InvestmentSolutions is a version for registered investment advisors. For an added cost you can attach Lincoln ProtectedPay, a suite of lifetime income benefits (Select Core and Select Plus options among them) whose protected income base grows by a guaranteed amount or with account performance, plus an Estate Lock death benefit option. i4LIFE Advantage is Lincoln's option for turning a variable annuity into a stream of income, and ProtectedPay owners can move their protected income base into it. Fund values in variable annuities can fall, and riders add yearly charges.
• Registered index-linked annuities. Lincoln Level Advantage 2 is a RILA offered in several share classes, including Access, Advisory, B-Share and Advisory Select versions. You choose index options with a level of downside protection, and Lincoln's Secure Lock+ feature lets you lock in gains and reset protection up to once a year. Lincoln Level Advantage 2 Income adds protected lifetime payments whose annual income rate increases each year you wait. Lincoln says these options carry no explicit charge, but your upside is limited by caps or similar terms, and losses beyond the protection level are yours.
• Fixed indexed annuities. For growth, Lincoln lists Lincoln FlexAdvantage, Lincoln OptiBlend, Lincoln Covered Choice 5 II and Lincoln Core Capital, an advisory fixed indexed annuity. For income and legacy, it offers Lincoln OptiBlend Income and Lincoln FlexAdvantage Income. Your principal is protected from market losses, but credited interest is limited and surrender charges apply.
• Fixed annuities. Lincoln MYGuarantee Plus is a single premium multi-year guaranteed annuity with a market value adjustment, so early withdrawals above the free amount can be adjusted up or down.
• Income annuities. Lincoln's service pages list support for single premium immediate and deferred income annuities and annuitized contracts.

Lincoln also lists several older variable annuities, such as Allegiance, that are no longer available for new sales.

Ownership and reinsurance

Lincoln is a publicly traded company with no controlling owner. In the second quarter of 2025 the private-equity firm Bain Capital bought a 9.9% stake for $825 million, a minority investment.

The reinsurance deal that matters for annuity owners took effect October 1, 2023, when Lincoln reinsured large blocks of business, including fixed annuities, along with universal life with secondary guarantees and MoneyGuard policies, to Fortitude Re, a Bermuda reinsurer, as part of an effort to rebuild capital, according to Lincoln's annual report. Lincoln remains the insurer on those contracts and continues to administer them, so owners keep dealing with Lincoln; reinsurance changes who backs the risk, not the contract.

Financial strength

As of February 12, 2026, Lincoln's 10-K listed these ratings for The Lincoln National Life Insurance Company and its New York company: A (Excellent) from AM Best, A+ (Strong) from S&P, A2 (Good) from Moody's and A+ (Strong) from Fitch. These are solid ratings, though below the AA-range ratings of the strongest insurers.

Annuity guarantees, including income riders and RILA protection, depend on Lincoln's claims-paying ability. If an insurer failed, your state's guaranty association would protect annuity values up to a limit; check yours with the state guaranty association coverage lookup.

Who it suits

Lincoln suits investors who work with a financial professional and want a variable annuity with a lifetime income benefit, a RILA with several protection and share-class choices, or a fixed indexed annuity built for income. It suits less well people who want a simple product they can buy on their own, or who want an insurer rated at the top of the scale. The broad choice of riders and share classes helps an advisor fit a contract to a goal, but it also makes contracts hard to compare; ask for the fee table and withdrawal-charge schedule, and see annuity fees, explained.

• Strengths: Long history with variable annuities and lifetime income features; RILAs in commission, B-share and advisory versions; fixed indexed annuities for growth or income; a MYGA option; A-range ratings from all four major agencies.
• Weaknesses: Many products are complex, with optional riders and surrender charges; ratings below the strongest insurers; fixed annuity and other blocks reinsured to Bermuda-based Fortitude Re in 2023; service is split across several phone lines by product.

How to contact Lincoln Financial