Lincoln Financial Annuities
Lincoln Financial is one of the largest annuity carriers, representing billions in annual direct premiums sold and selling products across a wide range of categories. The company sells fixed, immediate, deferred, fixed index and variable annuities. It holds superb financial strength ratings and solid customer satisfaction scores.
- Written by Jennifer Schell, CAS®
- Edited By
Lamia Chowdhury
Lamia Chowdhury
Financial Editor
Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. She has written copy for both digital and print pieces ranging from blogs, radio scripts and search ads to billboards, brochures, mailers and more.
Read More- Published: June 19, 2024
- Updated: June 21, 2024
- 5 min read time
- This page features 5 Cited Research Articles
- Lincoln Financial sells a notable number of annuity products across various categories.
- Some of its most robust offerings can be found among its fixed index and variable annuities.
- Lincoln Financial scores well in customer satisfaction and has strong financial strength ratings.
Products Offered
Fixed, Immediate and Deferred Annuities
Lincoln Financial sells a simple fixed annuity along with a deferred and immediate income annuity.
Its fixed annuity, the Lincoln MYGuarantee Plus, is available in terms of five or seven years and functions as a straightforward fixed annuity.
The Lincoln Insured Income immediate annuity is the carrier’s SPIA option. It includes all of the industry-standard customization common to these products.
Customers can choose from several payment options, including both single life and joint-and-survivor life choices, as well as setting the frequency of payments and the timeframe they cover.
The company also offers the Lincoln Deferred Income Solutions annuity, which enables customers to create future income.
It includes similar levels of customization to the Lincoln Insured Income annuity, along with the flexibility to adjust your payout start date by five years in either direction from the originally agreed-upon date.
There is also the option to convert six months’ worth of payments into a lump sum. These features help protect customers from unforeseen circumstances, allowing them to adjust their product to match life changes.
Fixed Index Annuities
Lincoln Financial has a strong mix of fixed index annuities, with four different products currently available.
- Lincoln OptiBlend
- Lincoln Covered Choice 5 II
- Lincoln Covered Choice Advisory 5 II
- Lincoln FlexAdvantage
The Lincoln OptiBlend, available in terms of five, seven or 10 years, gives you the ability to benefit from market growth without having to risk losing your principal.
The company guarantees to never credit your account less than 0%. Customers have access to nine different indexed account options to choose from.
The Lincoln Coverer Choice 5 II and Lincoln Coverer Choice 5 Advisory II are available in five-year terms and offer access to three types of indexed accounts tied to the S&P 500.
If you opt for the LincolnFlex Advantage, six indexed accounts are available, including a BlackRock option and Fidelity AIM option. This product is available in five-year and seven-year terms.
Variable Annuities
For those interested in variable annuities, Lincoln Financial sells a wide array of options.
The American Legacy series, consisting of eight individual products, has been available since 1987 and currently has over 250,000 active contracts.
These annuities provide access to American Funds investing as well as the standard tax deferral features that make variable annuities attractive investment vehicles.
Lincoln Financial offers numerous riders to help you craft your product to your liking, including options to protect your beneficiaries and to create an income stream.
*Ad: Clicking will take you to our partner Annuity.org.
Lincoln Financial Overview
Lincoln Financial is a massive company that covers a broad range of insurance services. However, this diversity hasn’t stopped it from developing into a giant in the annuity industry.
The company exceeded $12 billion in annual direct annuity premiums in 2022, holding a significant market share compared to many key competitors.
This can be attributed in part to the number of annuity products available. Many carriers focus on one or two types of products, while Lincoln Financial strives to cover the whole board.
Lincoln Financial was originally founded in 1905 and is one of the legacy companies of the insurance space. It has been a massive force for a century, breaking $1 billion in policies as early as 1933.
Lincoln Financial’s Reputation and Financial Standing
AM Best | A |
Fitch | A+ |
S&P | A+ |
Lincoln Financial has a strong, solid reputation thanks to the company’s size and effectiveness.
Its financial strength and credit ratings far exceed much of its competition.
Customer Satisfaction
Lincoln Financial consistently scores well in customer satisfaction.
The company achieved an above-industry-average score in the 2022 J.D. Power Overall Customer Satisfaction Index for annuities and climbed several spots to secure the 7th highest ranking among annuity carriers in the 2023 edition.
Lincoln Financial also holds a favorable NAIC Complaint Index Score of 0.50, which means there are notably fewer customer complaints for annuities against the carrier than expected given its market presence.
Pros and Cons of Lincoln Financial
Lincoln Financial is a strong annuity provider, but there are both pros and cons to working with the company. Your exact needs will dictate whether a Lincoln Financial annuity makes sense for you.
- Wide number of annuity options offered
- High customer satisfaction scores
One big pro of Lincoln Financial is the sheer number of products offered through the carrier. With fixed, immediate, fixed index and variable options all available, there’s something for nearly every type of customer.
Lincoln Financial also doesn’t sacrifice quality for its large menu of offerings, selling many types of effective products.
Lincoln Financial stands out due to its exceptional customer satisfaction scores. Successfully navigating customer satisfaction across a diverse range of products and customer profiles is no small feat for a major company, yet Lincoln Financial excels in this regard.
- Lack of publicly available product information for research
The only noteworthy drawback for Lincoln Financial is the lack of publicly available information on its annuity products.
Some companies have in-depth brochures for clients doing their own research. Lincoln Financial’s website does not provide overly detailed information on its products, which may be a drawback for customers who want to gather information on their own before speaking with an agent or advisor.
Connect With a Financial Advisor Instantly
Our free tool can help you find an advisor who serves your needs. Get matched with a financial advisor who fits your unique criteria. Once you’ve been matched, consult for free with no obligation.
5 Cited Research Articles
- J.D. Power. (2023, October 12). Satisfaction With Life Insurance and Annuity Products Climbs as Customers Embrace Digital, J.D. Power Finds. Retrieved from https://www.jdpower.com/business/press-releases/2023-us-individual-life-insurance-annuity-studies
- J.D. Power. (2022, October 13). Both Life Insurance and Annuity Customer Satisfaction Decline as Pandemic Fears Wane, J.D. Power Finds. Retrieved from https://www.jdpower.com/business/press-releases/2022-us-individual-life-insurance-individual-annuity-studies
- Lincoln Financial. (n.d.). Family of Companies. Retrieved from https://www.lincolnfinancial.com/public/aboutus/companyoverview/whoweare/familyofcompanies
- Lincoln Financial. (n.d.). Fixed Annuities. Retrieved from https://www.lincolnfinancial.com/public/individuals/products/annuities/fixedannuities
- Lincoln Financial. (n.d.). Fixed Index Annuities. Retrieved from https://www.lincolnfinancial.com/public/individuals/products/annuities/fixedindexedannuities
Calling this number connects you to one of our trusted partners.
If you're interested in help navigating your options, a representative will provide you with a free, no-obligation consultation.
Our partners are committed to excellent customer service. They can match you with a qualified professional for your unique objectives.
We/Our Partners do not offer every plan available in your area. Any information provided is limited to those plans offered in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
844-359-1705