officially called the Lincoln National Life Insurance Company, Lincoln Life Insurance maintains its name as one of the oldest and most reputable life insurance companies in the country today. Since its founding in 18DD, Lincoln Life Insurance has grown to be the single largest provider of general liability coverage in the United States. In this respect, it is different from other life insurance companies in that Lincoln does not focus on any specific group or individual in need of coverage. Rather, Lincoln Life Insurance serves everyone with the same high quality coverage no matter what their profile may be.
At its core, Lincoln Life Insurance operates on the principles of asset management. This means that instead of focusing on policies that will pay out a specific sum of money upon the death of the insured individual, this company focuses on policies that will provide financial services to the beneficiaries of the insured’s life. An effective asset management system allows an insurer to take care of its clients while simultaneously allowing the insured to make use of his assets in order to supplement his Social Security or other financial services upon his death. A strong asset management system also ensures that the insured does not spend his last days in financial turmoil, as his estate would otherwise allow.
Unlike other insurance policies, the Lincoln National Life Insurance Company does not restrict the age or duration of a policy holder’s life. Policyholders are eligible for a maximum level term insurance benefit equal to their age in years multiplied by the average life expectancy of their state in years. Policyholders may also choose to accept a lower level term insurance benefit in exchange for a higher death benefit. Policyholders who purchase a term insurance policy with a fixed premium payment for thirty years and receive a fixed term life benefit remain financially protected throughout their life. Policyholders can extend the term benefit at any time up until the end of the insured’s current term.
Policyholders are encouraged to opt for an affordable life insurance plan that meets their individual needs and does not have restrictions placed on it by state law or federal regulations. Lincoln Financial Advisors provides the following financial products: Level Term Life, Guaranteed Term Life, Decreasing Term Life, Increasing Term Life, and Universal Life. Each of these products is offered in separate accounts in order to meet the diverse needs of consumers. Some of these separate accounts are also marketed under the names of Lincoln National, Lincoln Life, Lincoln Total, or Lincoln Income.
In general, the Level Term Life and Guaranteed Term Life products are considered medium-term financial products. The Guaranteed Term Life and Increasing Term Life products are considering long-term insurance products. The Universal Life and Level Term Insurance Companies manufacture a number of financial distributors that sell life insurance under various brand names. Most of these distributors sell their products exclusively through independent brokerages. Several financial distributors also sell their products through the state-funded Insurance Brokers’ Association of the United States (IBAU) and the National Association of Insurance Commissioners (NACA).
Level Term Life and Guaranteed Term Life both provide for the payment of a death benefit. A Lincoln Guaranteed Annuity is a fixed annuity program that pays a fixed rate of interest even after the death benefit has been paid out. It is considered a tax-qualified retirement plan and is offered by several insurance companies. Lincoln’s Level Term Insurance and the Lincoln National Insurance Company offer universal life policies, both variable and fixed annuities, and deferred annuities.
Level Term Life and Guaranteed Annuities are both front-end product lines of the Lincoln company. Their financial distributors promote and sell these products through various mediums. The Level Term Life line of insurance products is sold in the form of annuities, while the Guaranteed Annuity line of insurance products is sold as a product designed to replace a traditional life annuity. The Income Opportunity Line of insurance products is intending to appeal to more of the middle-aged and older consumers. In addition, the Lincoln National Insurance Company markets its own individual vision insurance policies and sells them under the names Premier, Silver, Platinum, and Gold.
The National Association of Insurance Commissioners (NACH) is responsible for regulating the insurance industry. Its mission is to protect the consumer from unethical or deceptive practices in the insurance industry. The group educates the public about life insurance and educates state insurance regulators about insurance scams and their negative consequences. The NACH also publishes a monthly magazine that includes a concise report on all state insurance regulatory affairs. Lincoln Life is one of many of the NACH’s member companies.