Lincoln Financial life insurance

Overview

Lincoln Financial is the marketing name for Lincoln National Corporation, a publicly traded insurer listed on the New York Stock Exchange as LNC and headquartered in Radnor, Pennsylvania. Its main life insurer is The Lincoln National Life Insurance Company (LNL), based in Fort Wayne, Indiana; New York residents buy from Lincoln Life & Annuity Company of New York, and some older policies were issued by First Penn-Pacific Life Insurance Company. The group ranked #5 among U.S. life insurance groups by 2024 individual life direct premiums written, according to NAIC market share data, with $6.37 billion, a 4.07% share.

Lincoln reports four businesses: annuities, life insurance, group protection (employer life, disability and supplemental coverage) and retirement plan services. Its individual life business, run largely from Greensboro, North Carolina, concentrates on universal-life-type policies for affluent buyers and businesses, plus term coverage. It does not sell through its own career agents; policies are sold by independent financial professionals, broker-dealers and banks, supported by about 450 wholesalers at Lincoln Financial Distributors, according to its 2025 Form 10-K. Ellen G. Cooper has been CEO since May 2022.

History

Lincoln Financial has operated since 1905 and describes itself as rooted in the legacy of Abraham Lincoln; the holding company, Lincoln National Corporation, was organized in Indiana in 1968. It grew through acquisitions, most notably Jefferson-Pilot, whose universal life policies are now issued under LNL. In 2018 it acquired Liberty Life Assurance Company of Boston and passed that company's individual life and annuity business to Protective Life, so many former Liberty Life individual policyholders are now serviced by Protective Life.

The years since 2023 have been about rebuilding capital. Effective October 1, 2023, Lincoln reinsured large blocks of universal life with secondary guarantees, MoneyGuard and fixed annuities with Fortitude Re, a Bermuda reinsurer. In May 2024 it sold its wealth management business, Lincoln Financial Network, to Osaic for $723 million. In the second quarter of 2025 Bain Capital bought a 9.9% stake in the company for $825 million. Lincoln still administers policies it has reinsured, so policyholders generally keep dealing with Lincoln (see when your life insurance policy is sold to another company).

Life insurance products

Lincoln's consumer site says it does not offer whole life or traditional universal life. What it sells:

• Term life (Lincoln LifeElements Level Term), with level premiums for 10, 15, 20 or 30 years. It can be converted to a qualifying Lincoln permanent policy before the level period ends or before age 70, whichever comes first.
• Indexed universal life, including Lincoln WealthBuilder IUL and WealthBuilder ECV IUL (launched in 2025) and Lincoln WealthProtector IUL (launched February 2026), plus a survivorship version, Lincoln WealthPreserve SIUL, that pays at the second death.
• Variable universal life, with cash value in market subaccounts.
• MoneyGuard, universal or variable universal life combined with long-term care riders that let the insured draw down the death benefit for qualified care costs and then tap an additional pool of benefits (see hybrid life and long-term care policies).

Critical illness and long-term care riders can be attached to its IUL and VUL policies. Lincoln stopped new sales of universal and variable universal life with lifetime no-lapse guarantees, though it still services those policies.

Other products

Lincoln is a major seller of fixed, fixed indexed, registered index-linked and variable annuities. Its group protection business sells employer disability, term life, accident, critical illness, hospital indemnity, dental and vision coverage, and it provides workplace retirement plans.

Buying and service

Lincoln does not sell individual life insurance online; its site steers buyers to a financial professional. Policy owners can register for online account access to see policy details, billing and forms. The Customer Care Center for most individual life products, including First Penn-Pacific policies, is 800-487-1485, Monday to Friday, 8 a.m. to 6 p.m., or [email protected]. Some older blocks have their own teams: certain policy number formats are served at 866-835-3223 (Lincoln, Nebraska), and policies originally issued by Sovereign at 800-662-6142 (Winston-Salem, North Carolina). Coverage through an employer is handled by the group benefits team.

Claims

Beneficiaries start a death claim through Lincoln's online claims portal or by calling 800-487-1485 and choosing option 4; the portal also lets claimants check the status of an existing claim. For claims of $500,000 or less, copies of the death certificate and other documents are generally accepted; claims over $500,000 require a certified copy of the death certificate. If the insured died abroad, Lincoln asks for a Report of Death of an American Citizen Abroad from the U.S. embassy plus a certified death certificate, translated into English if needed. Mail goes to Lincoln Financial Group, P.O. Box 21008, Greensboro, NC 27420-1008. The general process is in how to file a life insurance claim.

Ratings and reputation

As of February 12, 2026, Lincoln's 10-K listed these financial strength ratings for LNL and its New York company: AM Best A (Excellent), Fitch A+, Moody's A2 and S&P A+. First Penn-Pacific carries the same ratings except A- from S&P. These are solid but noticeably lower than the AA-range ratings of the largest mutuals and of Prudential.

In the J.D. Power 2026 U.S. Individual Life Insurance Study, released in October 2026, Lincoln Financial Group ranked 9th of 23 brands with 661 points, above the 649 study average and up from 14th (below average) in 2025.

Lincoln has faced long-running cost-of-insurance lawsuits from universal life owners. In the lead case, Glover v. Connecticut General and Lincoln National Life, a federal court in Connecticut gave final approval to a class settlement in June 2025; some plaintiffs in related cases appealed. Separate suits over cost-of-insurance increases on universal life policies originally issued by Jefferson-Pilot were still pending in Pennsylvania, according to the 10-K.

Who it suits

Lincoln suits buyers who work with an independent advisor and want indexed or variable universal life, or a MoneyGuard policy that combines life insurance with long-term care benefits. Buyers who want whole life, dividends, the highest financial strength ratings or a policy bought directly online will find a better fit elsewhere. Its J.D. Power satisfaction score moved above the study average in 2026 after a below-average 2025 result.

• Strengths: Established MoneyGuard hybrid long-term care line; above-average J.D. Power satisfaction score in 2026; broad IUL and VUL lineup with recent product launches; 30-year term convertible until age 70; a single main service line with published claim document rules.
• Weaknesses: Ratings in the A range (A from AM Best, A2 from Moody's as of February 2026); no whole life or traditional universal life; cost-of-insurance litigation on older universal life policies.

How to contact Lincoln Financial