Categories
Review 2026
BestGuide Score
4.2
out of 5
Lincoln Financial earns an Expert Score of 4.2/5.0 from BestGuide, reflecting its exceptional financial stability and broad range of annuity products. The company scores highest on Services (90%) and holds an A.M. Best rating of A (Excellent), indicating a strong ability to meet its ongoing insurance obligations. However, its score for Transparency (70%) highlights a need for more detailed product information on its public website.
This Lincoln Financial review provides a data-driven analysis of one of the nation’s oldest and largest annuity providers. With an Expert Score of 4.2 out of 5.0, BestGuide’s expert panel recognizes Lincoln Financial for its superior financial strength, diverse product offerings, and consistently high customer satisfaction scores. Founded in 1905, the company has established a significant market presence, exceeding $12 billion in direct annuity premiums in 2022 alone.
Our analysis of Lincoln Financial reviews and regulatory data reveals a company with a strong track record. It improved its ranking to 5th in the 2024 J.D. Power Overall Customer Satisfaction Index and maintains an NAIC Complaint Index Score of 0.50, indicating fewer complaints than expected for its size. While the company excels in stability and product variety, prospective buyers should be aware of a lack of detailed pricing and rate information on its website.
Compare Lincoln Financial with other top-rated annuities companies to see how it stacks up.
An annuity is a contract between you and an insurance company designed to meet retirement and other long-term goals. With Lincoln Financial, the process typically involves consultation with a financial professional to select a product that aligns with your financial objectives, risk tolerance, and time horizon.
A financial professional will guide you through Lincoln Financial’s portfolio, which includes fixed, variable, and fixed index annuity options. For example, the Lincoln OptiBlend 5 annuity requires a minimum investment of $10,000 and is available for individuals up to age 85. Once a product is chosen, you complete an application and fund the annuity with a lump sum or a series of payments.
During the accumulation phase, your money grows on a tax-deferred basis. The growth method depends on the annuity type; a fixed annuity earns a set interest rate, while a fixed index annuity is linked to a market index like the S&P 500. Upon retirement or a predetermined date, you can elect to receive payments, known as annuitization, providing a steady income stream.
Based on our analysis, a Lincoln Financial annuity is best for retirement savers seeking a financially strong and reputable provider with a wide selection of product types. The company’s A+ ratings from Fitch and S&P make it a suitable choice for conservative investors who prioritize carrier stability and long-term claim-paying ability. However, Lincoln Financial is not ideal for individuals who prefer to conduct independent online research, as detailed rate and fee schedules are generally not available without consulting an advisor.
Lincoln Financial offers several features that distinguish it within the competitive annuity market. Our expert panel identified its financial strength and customer satisfaction metrics as primary differentiators.
Exceptional Financial Stability: Lincoln Financial holds an A.M. Best rating of A (Excellent), a Fitch rating of A+, and an S&P rating of A+. These ratings, affirmed as recently as March 2026, are among the highest in the industry and signal a very strong capacity to meet policyholder obligations.
High Customer Satisfaction Ratings: The company demonstrates a commitment to service, ranking 5th in the J.D. Power 2024 Overall Customer Satisfaction Index. This places it well above the industry average.
Wide Range of Annuity Products: Lincoln Financial provides a comprehensive suite of annuity products. This includes immediate and deferred options, as well as fixed, variable, and fixed index annuity contracts, catering to diverse risk profiles and retirement income needs.
| Pros | Cons |
|---|---|
| Excellent Financial Strength: Holds an ‘A’ rating from A.M. Best and ‘A+’ ratings from both Fitch and S&P. | Limited Online Transparency: The public website lacks specific rate, fee, and in-depth product details, requiring advisor contact. |
| Strong Customer Satisfaction: Ranked 5th in the 2024 J.D. Power Overall Customer Satisfaction Index. | Right to Change Terms: For indexed annuities, the company can change participation rates, spreads, and caps at its discretion after the initial term. |
| Low Complaint Volume: The company has an NAIC Complaint Index of 0.50 for annuities, meaning it receives half as many complaints as expected for its size. | Early Withdrawal Penalties: Surrender charges and a Market Value Adjustment (MVA) can apply to withdrawals exceeding the penalty-free amount during the surrender period. |
Yes, Lincoln Financial is a legitimate and well-established insurance and financial services company. Founded in 1905 and headquartered in Radnor, Pennsylvania, it is one of the largest providers of annuities in the United States, with over $12 billion in direct annuity premiums written in 2022. The company’s longevity and market share underscore its legitimacy.
The company’s financial health is verified by top independent rating agencies. Lincoln Financial holds an A (Excellent) rating from A.M. Best, an A+ from Fitch, and an A+ from Standard & Poor’s. These ratings indicate a robust financial position and a strong ability to pay claims. While its subsidiary, Lincoln Financial Advisors Corporation, was sanctioned by FINRA for issues between 2008-2009, its current regulatory record for annuities is solid, reflected in its low NAIC complaint index of 0.50.
Lincoln Financial earns an Expert Score of 4.2 out of 5.0 in BestGuide’s comprehensive evaluation. This score is the result of a detailed analysis by our expert panel across five key criteria: Reputation, Services, Transparency, Customer Satisfaction, and Scalability. The score places Lincoln Financial among the higher-rated annuity providers we review.
The company’s strongest performance was in the Services category (90%), a nod to its extensive portfolio of annuity options. Its lowest score was in Transparency (70%), which reflects the difficulty in finding specific product data, such as fixed annuity rates or variable annuity fees, without engaging a financial professional. This composite score suggests that while Lincoln Financial is a top-tier provider in terms of offerings and stability, it could enhance the customer experience by making information more accessible online.
The cost of a Lincoln Financial annuity is not a single figure but varies significantly based on the product type, optional riders, and contract terms. For example, a basic fixed annuity may have no explicit fees, with the company’s profit built into the interest rate spread. In contrast, variable and fixed index annuity products often include several layers of fees.
Common costs can include mortality and expense (M&E) charges, administrative fees, fund management fees for underlying investments in variable annuities, and charges for optional riders that provide enhanced benefits. It is also critical to understand surrender charges, which are penalties for early withdrawals that can last for 10 years or more on some products. A Market Value Adjustment (MVA) may also apply, which can increase or decrease your withdrawal amount based on current interest rate environments.
Lincoln Financial earns an Expert Score of 4.2/5.0, solidifying its position as a strong contender in the annuity marketplace. Our analysis confirms its excellent financial stability, backed by an A rating from A.M. Best, and high levels of customer satisfaction, evidenced by its 5th-place ranking in the 2024 J.D. Power study. Its comprehensive product shelf, covering everything from simple fixed annuities to complex variable options, is a significant advantage for consumers working with a financial professional.
The primary limitation identified in our Lincoln Financial review is its lack of online transparency. The necessity of speaking with an advisor to get detailed information on annuity rates and fees is a drawback for self-directed investors. Overall, Lincoln Financial is an excellent choice for those who value carrier strength and product diversity and prefer a guided, advisor-led purchasing process. As our analysis of Lincoln Financial reviews shows, it is a reliable, if not always transparent, choice for long-term retirement planning.
See our full Buyers Guide for the best annuities companies before making your decision.
What do experts say about Lincoln Financial annuities?
Experts, including the BestGuide review panel, rate Lincoln Financial highly for its financial strength and product diversity. It earns an Expert Score of 4.2/5.0, with particularly high marks for its A.M. Best rating of A (Excellent) and its broad portfolio of annuity options.
Is a Lincoln Financial annuity worth it in 2026?
Yes, for many retirees, a Lincoln Financial annuity can be worth it. It is best for those prioritizing a company’s financial stability (S&P rating of A+) and customer service (J.D. Power 5th place in 2024). It is less suitable for those who need complete pricing transparency online before speaking with an agent.
How does Lincoln Financial compare to other annuities companies?
Lincoln Financial compares favorably on financial strength and customer satisfaction. Its A.M. Best ‘A’ rating is competitive with other top-tier insurers like New York Life and MassMutual. Its 5th place J.D. Power ranking in 2024 places it competitively among major insurers.
What are the surrender charges for a Lincoln Financial annuity?
Surrender charges vary by product but typically apply for a period of several years, often between 5 and 10. These fees are a percentage of the amount withdrawn and decline over the life of the surrender period. Most contracts allow for a penalty-free withdrawal of up to 10% of the account value annually.
What are the fees associated with Lincoln Financial annuities?
Fees depend on the annuity type. Variable annuities have mortality & expense fees, administrative charges, and investment subaccount fees, which can total over 2% annually. Fixed and fixed index annuities may have fewer direct fees but can include charges for optional income or death benefit riders.
What is a fixed index annuity?
A fixed index annuity is a type of annuity that earns interest based on the performance of a stock market index, such as the S&P 500, but with protection against market loss. Lincoln Financial offers these products with various crediting strategies, participation rates, and caps that determine the potential return.
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