Partnership between Northwestern Mutual Capital and DWS Group achieves investor fundraising goal NMC and DWS secure $500 million for the Four Columns Junior Capital Fund VI MILWAUKEE, July 25, 2023 /PRNewswire/ — Northwestern Mutual Capital and DWS Group have secured $500 million in commitments from investors, successfully accomplishing the goal of the partnership between the … [Read more…]
Northwestern Mutual kicks off #LemonTopChallenge in honor of childhood cancer patients and survivors The company has donated more than $30 million to Alex’s Lemonade Stand Foundation to accelerate the search for better treatments and cures MILWAUKEE, July 24, 2023 /PRNewswire/ — Northwestern Mutual is kicking off a unique social media challenge today to generate awareness … [Read more…]
Northwestern Mutual’s Planning & Progress Study reveals Americans with an advisor are much more confident about their financial future, yet only 37% work with one Advisors are Americans’ most trusted source for financial advice – more than loved ones, friends, news, FinTok and Reddit While older Americans want an advisor with sophisticated expertise, younger generations … [Read more…]
Voya Financial, Inc. is a combination of insurance, retirement, and investment product and services conglomerate. The company serves the financial needs of approximately 13 million customers – both business and consumer – throughout the U.S.
The vision of Voya is to become America’s Retirement Company – and it is well on its way, as the firm helps its customers to meet the challenges of saving for retirement through its more than 7,000 dedicated employees.
Need help finding a different form of insurance coverage, such as burial insurance plans, auto insurance coverage or health insurance, we can help find the best company to work with according to your needs!
The principal businesses of Voya include Insurance Solutions, Investment Management, and Retirement Solutions. Each component has a very specific focus. These are broken out as follows:
Insurance Solutions: The Insurance Solutions component of Voya is considered to be a top-tier provider of term policies, as well as a top-ten provider of medical stop-loss insurance coverage in the United States. On the individual life insurance side, Voya currently has more than $2 billion in gross premium via its term, universal, and variable life insurance products. This component of the business also consists of Employee Benefits whereby Voya currently serves nearly 4.5 million individuals.
Investment Management: On the investment management side, Voya holds in excess of $207 billion in assets under management for both external and affiliated institutions and for individual investors. The company has a focus on investment solutions, with a clear emphasis on fixed income, equities, and multi-asset income strategies.
Retirement Solutions: Retirement Solutions is a leading provider of retirement products and services in the United States. This section of Voya’s business has roughly $375 billion in assets under management and administration and it serves approximately 47,000 institutional clients, and more than 5 million individual retirement plan investors. In addition, more than 2,300 financial advisors are also served in this area, as well as more than 417,000 retail fixed annuity product customers.
History of Voya Life Insurance Company
In the scope of financial services companies, Voya is quite new. It actually made its debut in April 2014 – and completed its overall re-branding in September. The company’s name originated as an abstract name that was coined from the word “voyage,” and it reflects both momentum and optimism.
The company actually came from the former ING US – and after two years of transforming the strategy, the financial profile, and the culture of the company, ING began to trade as a public company on the New York Stock Exchange under the ticker symbol VOYA in 2014.
While it has only a short history, Voya has strived to impress. In 2014, the company was named one of the World’s Most Ethical Companies by Ethisphere Institute, as well as a top-five retirement plan provider based on number of plans, participants, and assets. In addition, the company is also a top-tier independent broker dealer network in the U.S. a top-tier provider of life insurance, and a top-10 medical stop-loss coverage provider in the United States.
Products Offered By Voya
Voya offers a wide range of insurance and financial products. For individuals, the choices include life insurance, annuities, IRAs, workplace retirement plans, employee benefits, and college savings options.
On the life insurance side, options include the following:
Term Life – Term life is the most basic of all coverage options. This is because term provides just pure death benefit protection only, with no cash value or investment build up. Term life is also typically the most economical form of life insurance protection, especially for those that are needing a larger death benefit amount such as a 1 million dollar life insurance policy. This can especially be the case when the applicant for coverage is young and in good health at the time of application. If you are not in the best of health and feel a no exam life insurance policy would be best for you, we can help find the carrier to best suit your needs. Term coverage is sold for a set period of time – typically a certain number of years. Voya offers several term life options, including the Voya TermSmart, and the Voya ROP (Return of Premium) Endowment Term.
Universal Life – Universal policies are a type of permanent life insurance protection. This means that the policy is not sold for a set period of time but rather, it will last for the entirety of the insured’s life – provided that the premium is paid. Universal coverage offers both a death benefit and a cash value. Cash value growth is tax deferred, meaning that the policy holder does not have to pay any income tax on the cash while it accumulates inside of the policy. Universal policies are also quite flexible in that the policy holder is allowed to adjust the frequency of premium payments in order to meet his or her changing needs. The death benefit of the policy can also be adjusted up or down, within certain guidelines, as well.
Indexed Universal Life – Indexed universal policies provide death benefit protection, as well as the ability to build funds inside of the policy based upon increases in underlying market indexes. Even if the indexes perform poorly, however, the policy holder is safe based on the policy’s guaranteed minimum interest rate. Like other types of permanent coverage, the funds that are inside of the policy are allowed to grow tax deferred. For indexed universal life insurance, Voya offers the Voya Indexed Universal Life – Global Choice, and the Voya Indexed Universal Life – Guaranteed Death Benefit products.
Variable Universal Life – Variable universal coverage provides death benefit protection and the flexibility of universal life insurance plans. Policy holders also have the ability to build funds in their policy using variable investment options from the market. Funds in these policies can also grow on a tax deferred basis. Voya offers the Voya Variable Universal Life – CV, and the Voya Variable Universal Life – DB plans in the area of variable universal life insurance.
Survivorship Life – A survivorship policy insures the lives of two people – and the death benefit is paid out when the second person passes away. These policies are oftentimes used for estate planning strategies. They can be especially beneficial as the premium on a survivorship policy is generally less costly than that of two separate policies. Voya offers the Strategic Accumulator Survivorship Universal Life policy, as well as the Voya Survivorship Variable Universal Life-CV plan.
Financial Strength Ratings
Voya is a strong company, and it has been provided with very good ratings from the ratings agencies. These marks are as follows:
A.M. Best
Fitch Ratings
Moody’s Investor Services
Standard & Poor’s
A
A-
A3
A-
Advantages and Disadvantages
Although not at the very top of the list, Voya is considered to be an extremely strong contender in the life insurance arena. The company has very strong ratings in terms of financial ability for paying out claims, and it offers a nice array of different products for meeting a diverse mix of client needs.
As with some of the other life insurers, however, if an applicant has any type of adverse health condition, he or she may be at an impasse in terms of how to proceed through the “traditional” application channels – especially if applying directly through the company. In this regard, it is best to instead work with an agency or company that specializes in higher risk insurance cases.
Obtaining Life Insurance Quotes
Any time you are seeking coverage, it is always best to obtain quotes from several different insurance carriers. This will allow you to review various policies, as well as premium prices, and to truly see what types of plans are available to you.
Just as with other types of important purchases, you wouldn’t typically opt for the first and only item that you see. So, with life insurance, it is important to keep in mind that this is in most cases going to be the financial security that your loved ones will be counting on to pay their living expenses, erase large debts, or eliminate substantial tax obligations. With that in mind, you will want to ensure that you are obtaining the very best coverage that you can.
When you’re ready to begin shopping for policies, our recommended partner, Root Financial, can help. They work with the top life insurance carriers in the nation today, and can get you all of the information that you need in order to make a well informed decision. They can also assist you with decisions such as:
What type of coverage to purchase – term, whole life, or universal
Determining how much benefit will be enough
Finding the best carrier that will meet your protection needs, as well as your premium budget
In addition, should you have any type of adverse health condition, Root financial specializes in helping people find the carriers that are more apt to cover various applicants. So whether you are a smoker, a diabetic or just in good health, this can save you countless hours of time and frustration throughout the application process. Use the form on this page to get started with your own set of quotes.
Transamerica is considered to be one of the world’s leading insurance and financial services companies. The firm offers insurance and investments to more than 19 million customers worldwide.
As Transamerica’s slogan suggests, the company – and its customers – are “Tomorrow Makers.” This is because the company strives to make its customers’ tomorrows everything that they plan for.
Who is Transamerica?
Table of Contents
Transamerica is a financial services company that provides insurance, investment, and retirement products and services.
It was founded in 1904 and is headquartered in Baltimore, Maryland. Transamerica is a subsidiary of Aegon, a multinational life insurance, pensions, and asset management company based in The Hague, Netherlands.
The History of Transamerica
The company has been in the business of providing insurance and financial advice for more than 100 years and it began its operation in 1904 when Amadeo Giannini started the Bank of Italy in a converted saloon in San Francisco, California.
He strived to make financial services available to everyone of all financial classes, not just the wealthy. His business really ramped up following the 1906 San Francisco earthquake when he was able to provide loans to residents for rebuilding their properties.
Several years later, in 1928, the company merged with Bank of America, and two years after that, it acquired Occidental Life Insurance via Transamerica Corporation. In 1956, the banking and life insurance companies were separated, with the insurance component maintaining the Transamerica name. Today, customers of Transamerica have access to a wide variety of insurance and financial products and services.
The firm is licensed to provide insurance in all U.S. states, and the District of Columbia, and it has approximately $223 billion of premiums in force. Transamerica has a roughly $29.5 billion in assets under management.
Products Offered By Transamerica
Transamerica offers a variety of products to both consumers and businesses.
On the insurance side, the company provides numerous options, including the following types of coverage:
Term Life
Term life insurance offers pure death benefit protection for a specific period of time.
This is typically 10 years, 15 years, 20 years, or 30 years. Should the insured pass away during the time that a term life policy is in force, the named beneficiary will receive the stated amount of death benefit.
Because term policies do not offer any type of cash value or savings component, the premiums for this type of coverage are typically more affordable than other, “permanent,” forms of coverage.
For example, you can get a $1 million term policy for less than 20% of a permanent policy with the same face value. Term life is sometimes referred to as “temporary” life insurance coverage as it is often used for covering temporary needs such as the balance of a mortgage.
Whole Life
Whole life insurance offers death benefit protection as well as cash value build up.
The funds that are inside of the cash value grow on a tax-deferred basis, meaning that no tax is due until the time of withdrawal. The cash grows at a guaranteed rate over time.
Whole life is considered permanent coverage because as long as the premium is paid, coverage remains in force – oftentimes for the “whole” of a person’s life.
Universal Life
Universal offers a death benefit protection as well as a cash value build up. However, it provides more flexibility than whole life in that the policyholder can choose to pay higher or lower premium amounts as their financial needs change over time.
The policy value may simply increase or decrease accordingly. Like with whole policies, the cash value is allowed to grow on a tax-deferred basis.
Variable Universal Life
Variable life, provides death benefit protection and cash value.
With variable universal life, however, the cash value’s return is based on underlying investments in market-related “subaccounts.” These can allow the funds in the account to grow a great deal – provided that the market moves upward. These accounts can also be riskier in a downward moving market.
Accidental Death
This can help to ensure that their loved ones will be taken care of should the unthinkable occur. (It is important to note that this benefit will not typically pay out in the event of death that is caused by sickness or other natural causes).
Final Expense
Final expense coverage focuses on paying for a person’s funeral and related expenses.
Today, the cost of a funeral – including the burial plot, headstone, and other related expenses – can exceed $10,000. Unfortunately, many families are not able to pay these costs immediately upon the death of a loved one.
Having final expense insurance allows for a way to do that – eliminating stress on loved ones, in an already stressful and emotional time.
Key Man Life
What is key man life insurance you ask?
Key person insurance is a form of business insurance that people can overlook, but one that can make all the difference in keeping a business or firm successful in the face of losing an owner, or important team member.
In addition to life insurance, Transamerica also offers a number of other financial products, including long-term care insurance, annuities, and retirement/investment savings options for those who are planning for retirement, as well as those who are already there.
Financial Strength Ratings of Transamerica
Transamerica has been given very good ratings by the insurer rating agencies.
These ratings include the following:
A.M. Best
Moody’s Investor Services
Fitch
Standard & Poor’s
A+
A1
AA-
AA-
Is Transamerica a Legit Company?
Yes, Transamerica is a legitimate company. It is a subsidiary of Aegon, a multinational life insurance, pensions, and asset management company. Aegon is rated highly by financial rating agencies such as Standard & Poor’s, Moody’s, and Fitch Ratings.
Transamerica has been providing insurance, investment, and retirement products and services since 1904 and is regulated by state and federal government agencies.
Biggest Risks Choosing Transamerica for a Life Insurance Policy?
Choosing a life insurance policy, including one from Transamerica, comes with certain risks. Some of the biggest risks to consider include policy lapse, which occurs when you fail to pay the premium on time and could result in losing coverage.
Another risk is market risk, which refers to the performance of any investments within the policy, such as a cash value component, that can be subject to market fluctuations and result in losses.
Misrepresentation is another risk to consider, as providing incorrect information on your life insurance application could result in your policy being denied or not paying out as expected in the event of a claim.
Lastly, it’s important to make sure the life insurance policy you choose is appropriate for your needs and financial situation, as Transamerica offers a range of policies.
Advantages and Considerations
When seeking life insurance, it is important that the insurer is able to offer choice and flexibility – especially such that it meets with your specific needs. Many have the misconception that they cannot find a policy for them because of their lifestyle choices, such as one looking for life insurance for a smoker, there are options out there for you and I can help with finding the best for your needs.
Transamerica provides an extremely flexible and diverse product line up, including:
Term
Whole
Universal
Variable
Final Expense
Accidental Death
This, coupled with the company’s excellent customer support team can make for a nice mix – especially for customers who may need assistance in figuring out the details in terms of how much to purchase and what type of coverage may be best for their specific needs.
In addition, Transamerica’s policies also come with a nice assortment of riders – which can make their plans even more customizable. For example, the firm offers an estate protection rider that can help in protecting loved ones from estate tax obligations that may arise from the payment of the policy’s own death benefit.
The company’s website provides additional information on both policies and policy riders so that interested potential applicants can obtain more information on how these may work in their specific scenario.
Yet, even with all of the good, there are some considerations that should be taken into account when searching for coverage – especially when doing so through just one single insurer. This is especially the case if you have certain health issues, such as searching for best life insurance rates for smokers and/or you possess other factors that may deem you as being a higher risk applicant. This may lead you to need to look into a company that offers no medical exam life insurance policies.
In these cases – or in any case – it is always good to do some comparison shopping. Otherwise, you are essentially “locked in” to whatever price the insurer presents you with. This can be somewhat similar to only going to one car dealer or one computer dealer when shopping for these items, and never even checking prices elsewhere before moving forward with your ultimate purchase. With this in mind, regardless of how good the product, it always makes good sense to shop around first.
How and Where to Get the Best Life Insurance Coverage for Your Needs
When you’re in the process of searching for the best life insurance coverage – regardless of your current health condition or status – it is important that you compare the type of policies that are available to you, as well as the premium cost from different carriers.
This is because there could be a significant variation between one insurer and another – even for the very same type and amount of coverage.
Transamerica is a financial services company that provides insurance, investment, and retirement products and services. It has a long history, having been established in 1904, and is a subsidiary of Aegon, a multinational life insurance, pensions, and asset management company.
One of the strengths of Transamerica is its broad range of products and services, which includes life insurance, annuities, mutual funds, and retirement plans. This allows customers to choose from a variety of options to meet their financial goals and needs. The company has a strong online presence, offering convenient access to account information and resources, as well as easy policy management and premium payment options.
Cost and Fees
Customer Service
User Experience
Overall
3.8
Pros
Wide range of life insurance products: Transamerica offers a variety of life insurance products, including term life, whole life, and universal life insurance, which allows customers to choose the policy that best suits their financial goals and needs.
Strong financial stability: Transamerica is a subsidiary of Aegon, a multinational life insurance, pensions, and asset management company, which has a strong financial position as indicated by its highly rated financial standing from credit rating agencies.
Convenient online services: Transamerica provides a convenient online platform for policy management, which includes access to account information, policy details, and premium payment options.
Professional support: Transamerica has a team of trained professionals who can help you understand the policy options and select the one that best suits your needs.
Cons
Potential policy lapse risk: If you fail to pay the premium on time, your life insurance policy may lapse, which can result in the loss of coverage and any accumulated cash value.
Market risk: Depending on the type of policy, there may be investment components within the policy that are subject to market risk, meaning that the policy’s value can decrease in value.
Complexity: Some of Transamerica’s life insurance products, such as universal life, can be complex and may require a higher level of understanding and management to ensure that you are making the most of your coverage.
Premium costs: The premium costs of Transamerica’s life insurance policies may be higher compared to other insurance companies, and it’s important to consider your budget when choosing a policy.
Prudential Financial, Inc, or Pru, has been in the financial services and insurance business for almost 140 years. The company has been helping both individual and business clients to both grow and protect their wealth throughout that time. Pru is considered to be one of the largest financial services institutions in the world, with operations in the U.S., as well as in Europe, Asia, and Latin America.
The company has for many years had one of the most recognized brand symbols across the globe, as “The Rock” – its icon of strength, stability, expertise, and innovation – is known by both investors and non-investors worldwide, as is the company’s long-running corporate slogan, “Get a piece of the rock.”
Ads by Money. We may be compensated if you click this ad.Ad
The Company and Its History
Prudential was founded in 1875 in Newark, New Jersey, by insurance agent John Fairfield Dryden. The company began in a basement office as “The Prudential Friendly Society.” The goal of Dryden was to make insurance coverage available to the working-class people, and it sold primarily industrial insurance – a type of coverage that provides burial and funeral coverage for low-income families. At that time, some of the policy premiums were as low as three cents per week.
Within just a few years, The Prudential Friendly Society expanded into Philadelphia and New York City, and its assets had reached $1 million. By 1885, the company had even sold its one-millionth policy. That year, the company’s name was also officially changed to The Prudential Insurance Company of America. It also adopted The Rock of Gibraltar as its company symbol.
Today, Prudential serves customers in 41 countries and territories, and it has roughly 47,000 employees around the world. The company holds approximately $1.176 trillion in assets under management.
Products Offered By Prudential
Prudential offers a variety of insurance and annuity products to both consumers and the business market. For consumers, the following insurance products can be found:
Term Life Insurance – Term policies provide “temporary” protection for a set period of time, such as for 10 years, 15 years, 20 years, or 30 years. This type of coverage can be quite affordable – especially if the applicant is young and in good health at the time that he or she is applying for coverage. If you are not in the best health and you feel a policy for life insurance with no exam is the best way to go for you, we can help find the best carrier for your needs. This is because term life provides only pure death benefit protection, without any type of cash value or investment build-up. Term life can be a good choice for those who are seeking to pay off the balance of a mortgage or other temporary needs, as well as for those who are looking for a large amount of death benefit protection but who do not have a large premium budget.
Universal Life Insurance – Universal coverage provides both death benefit protection, as well as a cash value component. The cash value is allowed to grow on a tax-deferred basis, meaning that no tax is due on the gain of the cash value until the time it is withdrawn. This means that the cash can essentially grow and compound exponentially over time. Universal life insurance offers policyholders a great deal of flexibility in that they can choose – within certain parameters – when they make their premium payment, as well as how much of that payment is allocated to the death benefit and how much of it is allocated to the cash value component.
Variable Universal Life Insurance – Similar to regular universal life, variable universal policies provide a death benefit and a cash value component, along with tax-deferred growth. However, the cash value component is tied to underlying market performance. This provides the policyholder with the ability to grow their cash even more – provided that the market performs favorably. Conversely, these policies can also be riskier if the market has poor performance.
In addition to life insurance, Prudential provides fixed and variable annuities. These products can help those who are either already retired, or those who are approaching retirement, to meet various goals. For example, those who are saving for retirement can participate in tax-deferred savings. Those who are seeking income can choose from a variety of different income options – including a lifetime option where they may receive income for the remainder of their life, regardless of how long that may be.
Prudential also offers additional types of insurance coverage products such as auto, home, RV, watercraft, and personal liability insurance, as well as retirement planning products and investment services to its customers in order to help them meet both their short- and long-term financial needs and goals.
Additional services that are offered by the company include the firm’s “Special Needs Solutions,” which address the unique concerns of parents who have children with special needs, as these families may require specialized life insurance and financial planning advice.
Financial Strength Ratings
Prudential holds strong ratings from the ratings agencies. These include the following:
A.M. Best
Standard & Poor’s
Moody’s Investor Services
Fitch Ratings
A+
AA-
A1
A+
Advantages and Drawbacks
While Prudential is a strong contender in the insurance and financial services industry, the company has both advantages and drawbacks. With that in mind, it is important to consider all of these prior to moving forward with the purchase of a policy with the company in order to ensure that the policy that you choose meets all of your particular coverage needs and goals.
On the plus side, Prudential provides a nice selection of term and universal life insurance products. These particular plans all have strong features – and because they are backed by Prudential, policyholders can be assured that they have coverage that is backed by an extremely strong life insurer.
In addition to providing very good policy rates to those who are in good health, Prudential may also offer favorable rates to those who are tobacco chewers, as well as to those who are cigar users.
In addition to the product positives, Prudential also has high rankings for its customer service. Representatives can be reached in several ways, including via phone or through live website chat. Reps can also be reached through Twitter, Facebook, and Google+. This makes it extremely easy for policyholders who need answers to their questions, or even for those who are researching whether or not to purchase new or additional coverage. Additional information can be found on Prudential’s customer service FAQ page on the company’s main website.
Unfortunately, even with all of the good, there are a few drawbacks to Prudential. First, those who are seeking whole life coverage are out of luck, as the company does not offer this type of policy. So, while universal life policies provide individuals with flexibility, not offering whole life to those seeking guarantees leaves out a potentially huge area of the marketplace.
In addition, those who may have adverse health conditions could have a difficult time finding coverage directly from Prudential’s online quote page. Therefore, in these instances, it is likely best to work with an agency or company that specializes more in higher-risk cases and who can provide more of a comparison shopping experience.
Annuities Offered by Prudential
Another product that is offered by Prudential is its retirement investments. One way that they do that is through annuities. Annuities are contracts that you hold with an insurance company (in this case, Prudential), and it’s a safe way to invest your money. Annuities are one of the most popular investments for people as they start planning for their retirement. The money is invested in a professionally managed portfolio, where it grows money tax-deferred. Once you retire, you can start receiving a paycheck to fund your retirement dreams.
If you’re going to purchase an annuity from Prudential, then you’ll be buying a variable annuity. Unlike a fixed annuity, the variable annuity could fluctuate depending on the investments inside of the annuity.
When you want to access your money, there are some restrictions on getting your hands on your investment money. If you want to start making withdrawals before you are 59 and ½, then you’re going to be subject to an additional 10% federal income penalty on top of the income taxes that you’ll already be paying.
How and Where to Buy the Best Life Insurance Coverage
To get the very best life insurance for your specific needs and goals – regardless of your particular health condition at the time of application – it is always a good idea to first make comparisons.
Just like the purchase of any other key product or service, you will want to make sure that you are obtaining the very best deal possible. This is a product that you are purchasing to protect the people who are most important in your life. With that in mind, you should expect it to be the very best – and that it be there for the long haul.
If you are ready to begin making life insurance policy and premium quote comparisons, my preferred partner is here to help. They work with many of the best life insurance companies in the industry today – and can help to provide you with all of the information that you need. They are also available to answer any of the additional questions or concerns that you may have.
When you’re ready to begin the process of locating the life insurance policy and premium that is best for you and those you love, use the form on the side of this page to run your own quotes and work with our preferred life insurance partner.
I understand that purchasing any type of insurance, such as life or health insurance, is a big decision, and we want to ensure that you have all of the information that you need before moving forward. So, feel free to contact us now – we are here to help.
Lincoln Financial Group is a large insurance and financial corporation. It is a Fortune 500 company that provides a very diverse array of financial services and solutions to its business and consumer clients. The company has in excess of 9,000 employees and it is headquartered in Philadelphia, PA.
The name Lincoln Financial Group is actually the marketing name for Lincoln National Corporation, as well as its affiliates. The company’s shares actively trade on the New York Stock Exchange under the symbol LNC.
History
Lincoln Financial was founded back in 1905 – and it has thrived and grown throughout the past century. Today, the company holds very strong positions in the financial services industry, being #232 on the 2014 Fortune 500 list in terms of company revenue, and #26 in terms of assets. Lincoln is also listed as #218 on the Barron’s 500 2014 list for the most growth in revenue, as well as for the most cash returns.
As of the third quarter 2014, Lincoln Financial reported to have $215 billion in assets under management, with total adjusted statutory capital of roughly $8.3 billion. This places the company in a solid fourth place for all life and health insurance companies by revenue. However, Lincoln is ranked #1 for both total life insurance sales, as well as for variable universal life sales, according to LIMRA’s YTD rankings as of June 30, 2014.
Products Offered By Lincoln Financial
Lincoln Financial Group offers a wide variety of financial and insurance products for both businesses and consumers. These include life insurance, annuities, long-term care solutions, employee benefits, workplace retirement plans, group insurance, and executive benefit plans.
On the individual life insurance side, Lincoln provides the following options:
Term Life – Term life is typically purchased to provide “temporary” coverage. This type of policy can be obtained for one year, five years, ten years, or longer. It is considered to be the most economical form of coverage. This is because term life provides only death benefit protection, with no cash value build up or investment component. Lincoln Financial offers three different level term options to choose from.
Universal Life – Universal life insurance provides insureds with the benefits of traditional coverage. This means that they have death benefit protection, along with cash value. This cash grows on a tax deferred basis, meaning that there are no taxes due on the growth until the time of withdrawal. With universal life, policy holders have the opportunity to grow cash over time at a set rate, yet the flexibility to set the amount and the timing of their premium. Policy holders can also set the amount of their death benefit – within certain guidelines – when the policy is in force. Lincoln has several different Universal Life products to choose from, including the Lincoln LifeGuarantee UL, the Lincoln LifeCurrent, and the Lincoln LifeReserve.
Index Universal Life Insurance – Similar to regular universal life, index universal life also allows funds to grow tax deferred. However, growth is tracked by the performance of an underlying index such as the S&P 500 or the Dow Jones Industrial Average (DJIA). Lincoln offer several index universal plans, including the Lincoln Treasury Indexed UL, the Lincoln LifeReserve Indexed UL Accumulator, the Lincoln LifeReserve UL Protector, and the Lincoln WealthPreserve Survivorship Indexed UL.
Variable Universal Life Insurance – Variable universal life insurance offers flexible death benefit coverage, along with growth potential in the cash value component of the policy. The potential to grow the cash over time is based upon market performance of an underlying portfolio of “subaccounts.” The funds, however, are not invested directly in the market. It is important to note, however, that while variable life can offer the opportunity to grow funds due to market performance, the potential for poor market performance can also make this type of policy more risky. Lincoln Financial offers several options for variable universal life insurance. For single life plans, it offers the Lincoln AssetEdge VUL, the Lincoln AssetEdge Exec VUL, and the Lincoln VUL ONE. There is also a Survivorship Life option. These plans include the Lincoln PreservationEdge SVUL and the Lincoln SVULONE.
Lincoln Financial also provides a life insurance option as an alternative funding mechanism for long-term care expenses. This can allow an individual or a couple to forgo the expense of having to purchase a stand-alone long-term care insurance policy and instead just use the funds that are inside of a universal plan. This can essentially provide the policy holder (or policy holders) with the benefits of universal life and long-term care insurance combined.
It also helps to eliminate the worry of “not using” long-term care insurance policy benefits that are paid for over many years, but never utilized. Instead, this option provides coverage for long-term care expenses if the person needs it – but if they don’t, it offers either a death benefit or a return of their initial premium if they don’t.
Company Ratings
Lincoln Financial is a solid performer in terms of financial strength – and it has the ratings to show it. The company has received very strong marks from the ratings agencies:
The Lincoln National Life Insurance Company
Lincoln Life & Annuity Company of New York
A.M. Best
A+ (2nd highest of 16)
A+ (2nd highest of 16)
Standard & Poor’s
AA- (4th highest of 22)
AA- (4th highest of 22)
Moody’s Investor Services
A1 (5th highest of 21)
A1 (5th highest of 21)
Fitch Ratings
A+ (5th highest of 19)
A+ (5th highest of 19)
Advantages and Concerns
There are a number of advantages to going with Lincoln Financial as your company of choice. First, this financial services giant offers a nice variety of both term and universal policies, along with a very wide selection of optional policy riders to choose from. So, even though the company does not provide a whole life insurance option, there are a lot of other choices that can meet most other needs.
Lincoln also offers other popular policy features such as a no-exam term conversion (for those who qualify), as well as a level premium guarantee on its term life insurance plans, and access to the cash value on its universal life policies. It does not, however, offer a dividend option with paid-up additions.
The company is also very solid in terms of its financial backing and strength. Across the board, the financial rating agencies have provided Lincoln with strong marks. That, coupled with the company’s century old history, should give policy holders confidence that Lincoln will likely be there when they need them.
Unfortunately, no matter how nice the variety is in a company’s product selection is, it is always a wise plan to get more than just one policy quote before making your final purchase choice. Just like choosing a car or a computer, you wouldn’t just look at one and agree to the sticker price without first doing some comparison shopping.
When searching for life insurance, it is likely that the proceeds will be used for paying off large debt, replacing income, or some other important purpose in which survivors will rely. With that in mind, you will want to ensure that the amount of proceeds is correct, the premium is within budget, and the company is secure. To help protect your family further, looking into Burial Insurance is also a good choice.
Finding the Life Insurance Coverage That Meets Your Needs
If you are ready to begin searching for the right policy for your specific needs, we can help. We can assist you in several different ways. First, we can help you in determining the right type of coverage. In other words, is term, whole life, or universal life the proper coverage type for you? Next, we will also walk you through determining the proper amount of coverage for your needs.
Coming up with the right dollar figure can be daunting at times – especially if projecting out into the future. My preferred provider can help you in coming up with the coverage that can help get your loved ones through the tough times. Get started with your own set of quotes by filling out the form on the side of this page.
They will also help you in reviewing the many different life insurers in the market place in order to find the one that is best for you. Root Financial works with the best life insurance carriers in the industry today, and can get you all of the important information that you need in order to make the right decision. Complete a major part of your personal finance plan today by getting quotes and coverage. We also have great tips for other insurance covers out there too, check out our post on the Best Auto Insurance Companies!
Northwestern Mutual Earns Fifth Consecutive Perfect Score on National Disability Equality Index MILWAUKEE, July 13, 2023 /PRNewswire/ — Northwestern Mutual announced today that the company earned its fifth consecutive perfect score on the Disability Equality Index (DEI), a comprehensive benchmarking tool that helps companies build a roadmap of measurable, tangible actions that they can take … [Read more…]
NORTHWESTERN MUTUAL ANNOUNCES PROJECT TEAM FOR NORTH OFFICE BUILDING MODERNIZATION IN DOWNTOWN MILWAUKEE Company committed to providing employment, growth opportunities to residents and small businesses as the company invests over $500M in a new office tower MILWAUKEE, July 11, 2023 /PRNewswire/ — Northwestern Mutual today announced the project team for its $500M investment in the modernization … [Read more…]
Northwestern Mutual Study Finds Americans Who Carry Personal Debt Owe an Average of $21,800 Exclusive of Mortgages Overall average is $8,000 lower than it was in 2019, but 35% of Americans say they’re carrying close to or at their highest level of debt ever while 43% say their debt is close to or at a … [Read more…]