Lincoln Financial Group
Lincoln Financial is a top-10 US annuity seller with 120 years of history. Its Lincoln Insured Income SPIA offers one of the broadest payout menus available. AM Best rates Lincoln A (Excellent) following a 2022 downgrade — ratings have since stabilized.
Products Offered
Lincoln Financial Group offers 5 annuity product types. For help understanding the differences, see our types of annuities guide.
About Lincoln Financial Group
Lincoln National Corporation was founded in Fort Wayne, Indiana in 1905 — with Abraham Lincoln's name licensed from his son Robert Todd Lincoln — and is now headquartered in Radnor, Pennsylvania. A public company (NYSE: LNC) with $417 billion in total assets, Lincoln ranked #9 in LIMRA's 2025 annuity sales at $17.2 billion and #3 in variable annuities, with record annuity account balances of $175 billion.
Lincoln's recent story is one of stress and recovery: a large 2022 charge on its life insurance block led AM Best to downgrade it from A+ to A (Excellent) in November 2022. Since then the trajectory has reversed — outlooks returned to stable in early 2025, Bain Capital made an equity investment that year, Q4 2025 annuity sales jumped 33%, and AM Best re-affirmed the A rating with stable outlook in March 2026.
Financial Strength Ratings
| Rating Agency | Rating | What It Means |
|---|---|---|
| AM Best | A (Excellent) | Third-highest of AM Best's 16 ratings — affirmed March 2026, stable outlook |
| S&P Global | A+ (Strong) | Fifth-highest of S&P's ratings |
| Fitch | A+ (Strong) | Fifth-highest Fitch rating |
| Moody's | A2 | Sixth-highest of Moody's 21 ratings |
Lincoln Financial Group Immediate Annuities (SPIA)
The Lincoln Insured Income Immediate Annuity is a current, actively marketed retail SPIA with a $25,000 minimum premium ($10,000 for period-certain-only contracts) and a $2 million maximum without home-office approval. First payment can be scheduled any time up to the first contract anniversary.
Its payout menu is one of the broadest available: single life, life with period certain, life with cash refund, life with installment refund, joint and survivor, and period-certain-only — plus an optional 1%, 2%, or 3% annual compounded payment increase for inflation protection.
Key Strengths
- One of the broadest SPIA payout menus available (six structures)
- #3 US variable annuity seller; top-10 overall at $17.2B in 2025
- 120 years in business; record $175B annuity account balances
- Ratings stabilized and re-affirmed in 2025–2026 after the 2022 reset
Honest Considerations
Lincoln's A (Excellent) from AM Best is the agency's third-highest grade — two notches below the A++ of New York Life and MassMutual — the legacy of a difficult 2022 that included a major charge on its universal life block and a Moody's downgrade in 2023. The recovery is real (stable outlooks, Bain investment, re-affirmed ratings), but buyers paying for maximum claims-paying certainty should weigh the ratings gap against Lincoln's often-competitive payout rates. That trade-off — slightly more rate for slightly less rating — is a legitimate choice; it just should be made knowingly.
Best For
Buyers who want maximum payout-structure flexibility and competitive rates, and who are comfortable with an A-rated (rather than A++) carrier.
Frequently Asked Questions
Is Lincoln Financial a safe annuity company?
Lincoln carries an A (Excellent) rating from AM Best — the agency's third-highest grade — along with A+ from S&P and Fitch. It was downgraded from A+ in November 2022 after charges on its life insurance block, but outlooks returned to stable in 2025 and ratings were re-affirmed in March 2026. It remains a top-10 US annuity seller with $417 billion in assets.
What is the minimum for a Lincoln immediate annuity?
The Lincoln Insured Income Immediate Annuity requires $25,000 minimum ($10,000 for period-certain-only contracts), with a $2 million maximum without home-office approval.
What payout options does Lincoln's SPIA offer?
One of the broadest menus available: single life, life with period certain, life with cash refund, life with installment refund, joint and survivor, and period-certain-only — plus an optional 1%–3% annual payment increase for inflation protection.
Lincoln Financial Group vs. All Carriers — Male Rates
Compare Lincoln Financial Group's male annuity rates against all carriers we track. Monthly income per $100,000 SPIA, single life with a 5-year period certain, from actual quote surveys.
Male Monthly Income Rates
Updated August 2026| Carrier | Rating | Age 55 | Age 60 | Age 65 | Age 70 | Age 75 | Age 80 |
|---|---|---|---|---|---|---|---|
| New York Life | A++ | $595/mo | $627/mo | $660/mo | $740/mo | $862/mo | $1,010/mo |
| Nationwide | A+ | $577/mo | $609/mo | $669/mo | $751/mo | $873/mo | $1,041/mo |
| Western & Southern | A+ | $580/mo | $618/mo | $654/mo | $729/mo | $842/mo | $1,001/mo |
| Athene | A+ | $578/mo | $621/mo | $675/mo | $748/mo | $854/mo | $1,016/mo |
| Penn Mutual | A+ | $567/mo | $600/mo | $646/mo | $727/mo | $831/mo | $954/mo |
| Pacific Life | A+ | $518/mo | $556/mo | $597/mo | $679/mo | $798/mo | $959/mo |
| Mutual of Omaha | A+ | $518/mo | $533/mo | $583/mo | $662/mo | $777/mo | $921/mo |
| Lincoln Financial | A | $492/mo | $515/mo | $573/mo | $654/mo | $769/mo | $926/mo |
Rates updated August 2026. Based on $100,000 premium. Your exact rate may differ — request a personalized quote.
Lincoln Financial Group vs. All Carriers — Female Rates
Compare Lincoln Financial Group's female annuity rates against all carriers.
Female Monthly Income Rates
Updated August 2026| Carrier | Rating | Age 55 | Age 60 | Age 65 | Age 70 | Age 75 | Age 80 |
|---|---|---|---|---|---|---|---|
| New York Life | A++ | $581/mo | $612/mo | $635/mo | $699/mo | $810/mo | $952/mo |
| Nationwide | A+ | $553/mo | $584/mo | $632/mo | $697/mo | $804/mo | $962/mo |
| Western & Southern | A+ | $574/mo | $611/mo | $637/mo | $698/mo | $801/mo | $955/mo |
| Athene | A+ | $552/mo | $593/mo | $635/mo | $691/mo | $784/mo | $937/mo |
| Penn Mutual | A+ | $559/mo | $591/mo | $627/mo | $694/mo | $789/mo | $908/mo |
| Pacific Life | A+ | $509/mo | $546/mo | $577/mo | $645/mo | $754/mo | $909/mo |
| Mutual of Omaha | A+ | $503/mo | $518/mo | $557/mo | $622/mo | $726/mo | $863/mo |
| Lincoln Financial | A | $472/mo | $493/mo | $541/mo | $607/mo | $709/mo | $856/mo |
Rates updated August 2026. Based on $100,000 premium. Your exact rate may differ — request a personalized quote.
What a $100,000 Immediate Annuity Pays Right Now — Lincoln Financial Group vs. the Best Quote
If you are weighing a Lincoln Financial Group income annuity, the number that matters is the monthly check. In August 2026, across the A-rated carriers we survey, $100,000 buys a 65-year-old:
| Age 65, per $100,000 | Lincoln Financial Group | Best quote we track |
|---|---|---|
| Man, single life | $573/mo | $675/mo |
| Woman, single life | $541/mo | $637/mo |
| Couple, 100% to survivor | $492/mo | $587/mo |
Single life (or joint, 100% survivor) with a 5-year period certain, income starting next month, from August 2026 carrier quote surveys. Guarantees rest on the issuing insurer's claims-paying ability.
- See the payout for your premium: $100,000 · $250,000 · $500,000 · $1,000,000
- Rates at your age: 60 · 65 · 70 · 75 — and the month-over-month SPIA Payout Index
- Life only vs. cash refund vs. period certain: how each payout option changes the check
- Buying with IRA or 401(k) money? What changes (and what doesn't)
Should You Choose Lincoln Financial Group?
Lincoln Financial Group is a strong choice if you value long-term stability — their A (Excellent) rating reflects a strong ability to meet obligations. With 121 years in business, they have a proven track record of meeting their obligations to policyholders.
However, we always recommend comparing rates from multiple carriers. A carrier with a slightly lower brand profile may offer a meaningfully better rate for your specific age and situation. The rate tables above make it easy to compare Lincoln Financial Group against 7 other A-rated carriers.
View all 8 carriers we track, or compare current rates side by side.
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