Understanding the basics

The right life insurance policy lives alongside you, giving you options for protection and opportunities to grow as your life changes and priorities shift.

It can help you protect your loved ones, keep your hard-earned savings secure, provide supplemental income1 when you need it, and help reduce your taxes. Here’s how to start thinking about life insurance.

Identify your goals

Financial planning is an essential part of creating the life you want. Adding life insurance to your retirement portfolio can benefit the people and organizations you care about.

Questions to consider

  1. What do I need to protect? Everyday expenses, childcare, medical expenses, college tuition, or wedding plans?

  2. Am I worried about taxes for myself or my family?

  3. Is my retirement portfolio going to last? I’ve maxed out my traditional resources, and I don’t think it’s enough.

  4. What would happen to my business if something happened to me or my key employees?

Know your options

There are two main types of life insurance: “Term Life” and “Permanent Life.” Term Life provides coverage for a temporary period of time (e.g., 10, 15, 20 or 30 years). Permanent Life offers options for coverage up to your lifetime and allows you to grow and access the cash value of your policy. Determine which type is right for you.

Understand the process

When you apply for a life insurance policy, you’ll need to provide information about your health. We try to make it as easy as possible — you may not need a medical exam and may even be able to apply by phone. See how easy it can be to apply.

Benefit from experience

For over a century, more than 17 million Americans have relied on us for superior life insurance options and exceptional customer service. We design our products for life, meeting both your current needs and future goals.

See how people like you benefit from life insurance

Will your savings last a lifetime?

Find out with our life expectancy calculator

How much life insurance do you need?

Use our life insurance calculator

1Distributions are taken through loans and withdrawals which reduce a policy’s cash surrender value and death benefit and may cause the policy to lapse. Loans are not considered income and are tax free. Withdrawals and surrenders are tax-free up to the cost basis, provided the policy is not a modified endowment contract (MEC). A MEC policy is one in which the life insurance limits exceed certain high levels of premium, or the cumulative premium payments exceed certain amounts specified under the Internal Revenue Code. For policies that are MECs, distributions during the life of the insured, including loans, are first treated as taxable to the extent of income in the contract, and an additional 10% federal income tax may apply for withdrawals made prior to age 59½.

 In New York, Lincoln LifeElements® One-year Term and Lincoln LifeElements® Level Term (10-year) will only be available for contractual obligations. Lincoln Financial Group® affiliates, their distributors, and their respective employees, representatives, and/or insurance agents do not provide estate, tax, accounting, or legal advice. Please consult an independent professional as to any tax, accounting, or legal statements made herein.

It is possible coverage will expire when either no premiums are paid following the initial premium, or subsequent premiums are insufficient to continue coverage.