As a millennial, life insurance may not be the first thing that comes to mind when thinking about insurance. While life insurance may not have as immediate an impact as other types of insurance, such as health insurance or auto insurance, it is still an option worth considering, especially if you have loved ones who depend on you financially.
Good life insurance can help keep your family well looked after and protect your hard-earned savings in the future.
Today I’m going to take a look at Lincoln – a life insurance company that has been around since the early 20th century and has a proven record of providing excellent and reliable service.
What is Lincoln Life Insurance?
Lincoln Financial Group offers several Life insurance products. These include term life insurance, universal life insurance and variable universal life insurance. Which insurance policy is right for you depends on your budget, your investment strategy and your personal circumstances.
Lincoln was founded in 1905 and has been providing financial products for over a century. In addition to life insurance, the company also offers a range of other services, including retirement and retirement accounts.
How does Lincoln life insurance work?
Lincoln offers several types of life insurance products. Each of these options have different advantages when it comes to term, tax implications, and investment opportunities (among others).
To apply for life insurance with Lincoln Financial Group, you must first meet with a financial advisor who can guide you through your options. Lincoln offers a list of qualified third party financial advisors for you to get in touch.
You will then take part in an online or telephone interview. Your application then goes through the subscription process. In some cases, you may need to do some lab work. However, if you are healthy, under 60 and interested in coverage for less than $ 1 million, this may not be required.
Finally, you can sign up for eDelivery to get your policy faster.
What does Lincoln life insurance cost?
Lincoln life insurance premiums vary widely depending on a variety of factors. This includes your age, gender, how many children you have, marital status, income, health problems, and whether or not you are a smoker. Lincoln offers a practical Life insurance calculator to find out how much coverage you need based on your situation.
Lincoln prides itself on providing affordable, accessible policies for younger people. While the exact cost of your life insurance policy will vary, Lincoln claims that some policies cost less than a monthly electric bill.
Lincoln life insurance features
A Lincoln policy can help protect your wealth and provide for your family in the event of your death. Here are some of the characteristics that set Lincoln apart.
Term life insurance
As the name suggests, term life insurance has a fixed term. The term can be between 10 and 30 years. In this way, you can adapt your policy to your age and your personal situation. The premium is fixed and the policy can help ensure that your family is protected in the event of death.
Universal life insurance
In contrast to term life insurance, there is no term limit for universal life insurance. It comes with a flexible premium, a fixed interest rate and offers tax-deferred growth potential. You can take out loans or withdrawals from the policy.
Variable universal life insurance
The variable universal life insurance is similar to the universal life insurance, but it has some major differences. The value of your policy is not based on a fixed interest rate, but fluctuates depending on the market. There are also ways to take out loans or withdrawals from a variable universal life insurance policy.
Cost of living
Lincoln life insurance can help your family cover the cost of living after your death. During a difficult time, the last thing you want your family to worry about is making ends meet, and a Lincoln policy can help keep them looked after.
Medical and long-term care costs
Lincoln offers you the opportunity to recover expensive medical and long-term care costs. End of life care can be very expensive, and these guidelines can help you manage the costs.
Additional retirement income
With permanent life insurance, you can make tax-free contributions to your policy that you can access when you retire. If you have already exhausted your pension contributions to the maximum in other areas, permanent life insurance can be a useful addition to your retirement provision portfolio.
Life insurance offers various tax advantages. On the one hand, the beneficiaries of your life insurance do not have to pay any income tax on the payout from the policy in the event of death. You can also add deferred tax contributions to your policy to maximize your tax benefits.
Loans and Withdrawals
Lincoln life insurance policies also contain “life insurance benefits” that you can obtain. You can use your plan to take out loans or withdrawals to help cover expenses such as tuition, travel, mortgages, renovations, additional retirement income, and long-term care expenses.
Protect your legacy
Lincoln life insurance policies allow you to create a foundation or designate a charitable beneficiary to get the most out of your legacy and financial impact after your death.
My experience researching Lincoln life insurance
Lincoln Life Insurance has a lot going for it when it comes to flexible, comprehensive life insurance. In addition to protecting your loved ones in the event of your death, these guidelines provide numerous benefits and financial benefits while you are still alive.
When I examined life insurance in Lincoln, I was impressed by the thoroughness of their description of the many benefits of the policies. In the industry, I was confident for over a century that Lincoln life insurance would continue to be good, even though I am young and healthy now.
One notable downside to Lincoln life insurance is that, unlike many financial products these days, there is no way to fill out your application online or get a free quote. Instead, you’ll need to contact a third-party financial advisor to apply. While this may not be a disadvantage for older people interested in life insurance, I found the lack of an online application and the need to meet with third parties to be a little frustrating.
Who Is Lincoln Life Insurance Best For?
Life insurance is not just for the elderly or those with significant assets. If you are interested in protecting your family and loved ones, maximizing your tax benefits, or investing in the future, Lincoln life insurance might be for you.
Those who want to take care of their families
If you make a significant contribution to your family’s income, life insurance can help ensure your family has enough to make ends meet when you die. This means that life insurance can actually be especially important for families in lower income brackets who may have difficulty living on an income alone.
Those who want to diversify their age portfolio
If you’ve already used up your 401 (k), IRA, and other retirement accounts, consider investing in life insurance for additional retirement savings. Since the policy gives you the option to take out loans or withdrawals when you retire, it can be a great way to top up your retirement income and take advantage of deferred tax savings.
Who wants to plan for the future
Lincoln life insurance offers you many options to plan for the future. Life insurance protects your family and assets in the event you die unexpectedly, but it also offers options even if you live comfortably into old age. These include saving for care bills, building a source of additional retirement income, and starting a trust or planning donations to charity.
Who Shouldn’t Use Lincoln Life Insurance?
Life insurance is usually not a bad idea, but it may not make sense depending on your specific situation.
Dependents or those who have no significant income
One of the primary purposes of life insurance is to protect your assets and replace your income when you die. If you don’t have significant assets or income, it may not make sense to get life insurance.
Those who struggle to make ends meet will make ends meet
If money is tight, life insurance probably isn’t high on your priority list. Other expenses like rent, bills, and health insurance should take precedence over life insurance.
Anyone looking for a simple online application process
Unfortunately, Lincoln does not offer you the option of applying for life insurance online. Instead, you need to contact an outside consultant for a guideline. If you’d rather work with an insurer directly rather than a third party for the application process, Lincoln may not be your best option.