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. We quote only the first one, the single premium immediate annuity (SPIA); the rest are listed so you know what a Lincoln Financial Group agent may also pitch. See our types of annuities guide for the differences.
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 men's figures against the other carriers we publish. Monthly income per $100,000 SPIA, single life with a 5-year period certain, from our rate tables as of October 1, 2026.
Male Monthly Income Rates
Updated| Carrier | Rating | Age 55 | Age 60 | Age 65 | Age 70 | Age 75 | Age 80 |
|---|---|---|---|---|---|---|---|
| New York Life | A++ | $616/mo | $649/mo | $693/mo | $767/mo | $893/mo | $1,046/mo |
| Nationwide | A+ | $577/mo | $609/mo | $669/mo | $751/mo | $873/mo | $1,041/mo |
| Western & Southern | A+ | $587/mo | $625/mo | $676/mo | $737/mo | $852/mo | $1,013/mo |
| Athene | A+ | $590/mo | $634/mo | $688/mo | $763/mo | $872/mo | $1,037/mo |
| Penn Mutual | A+ | $571/mo | $604/mo | $664/mo | $732/mo | $836/mo | $960/mo |
| Pacific Life | A+ | $539/mo | $578/mo | $629/mo | $706/mo | $830/mo | $998/mo |
| Mutual of Omaha | A+ | $530/mo | $545/mo | $601/mo | $677/mo | $795/mo | $942/mo |
| Lincoln Financial | A | $492/mo | $515/mo | $573/mo | $654/mo | $769/mo | $926/mo |
Source: LifeAnnuities.us quote surveys run for real clients. 54 base survey runs received and 52 used for pricing (July 14 to September 14, 2026), checked against 7 new survey runs (September 18 to 29, 2026): 1 of 8 published carriers repriced, 7 held. Joint figures at ages 65 and 70 are calibrated to a direct same-age joint quote. Single life or joint (100% to survivor), 5-year period certain, per $100,000. How we build these figures.
How this table was built. Ages 60, 65 and 80: read at a surveyed age in an earlier round, then repriced. Ages 55, 70 and 75: interpolated between surveyed ages in an earlier round, then repriced. Your exact figure depends on your age, state, premium and payout option: request a personalized quote.
Lincoln Financial Group vs. All Carriers — Female Rates
Compare Lincoln Financial Group's women's figures against the other carriers we publish. All women's figures are derived from each carrier's own ratio to its men's quote at surveyed ages, then repriced. They are not quoted directly.
Female Monthly Income Rates
Updated| Carrier | Rating | Age 55 | Age 60 | Age 65 | Age 70 | Age 75 | Age 80 |
|---|---|---|---|---|---|---|---|
| New York Life | A++ | $602/mo | $634/mo | $658/mo | $724/mo | $839/mo | $986/mo |
| Nationwide | A+ | $553/mo | $584/mo | $632/mo | $697/mo | $804/mo | $962/mo |
| Western & Southern | A+ | $581/mo | $618/mo | $644/mo | $706/mo | $810/mo | $966/mo |
| Athene | A+ | $564/mo | $605/mo | $648/mo | $705/mo | $800/mo | $956/mo |
| Penn Mutual | A+ | $563/mo | $595/mo | $631/mo | $698/mo | $794/mo | $914/mo |
| Pacific Life | A+ | $529/mo | $568/mo | $600/mo | $671/mo | $784/mo | $946/mo |
| Mutual of Omaha | A+ | $515/mo | $530/mo | $570/mo | $636/mo | $743/mo | $883/mo |
| Lincoln Financial | A | $472/mo | $493/mo | $541/mo | $607/mo | $709/mo | $856/mo |
Source: LifeAnnuities.us quote surveys run for real clients. 54 base survey runs received and 52 used for pricing (July 14 to September 14, 2026), checked against 7 new survey runs (September 18 to 29, 2026): 1 of 8 published carriers repriced, 7 held. Joint figures at ages 65 and 70 are calibrated to a direct same-age joint quote. Single life or joint (100% to survivor), 5-year period certain, per $100,000. How we build these figures.
How this table was built. All women's figures: derived from each carrier's own ratio to its men's quote at surveyed ages, then repriced. Your exact figure depends on your age, state, premium and payout option: request a personalized quote.
What a $100,000 Immediate Annuity Pays: Lincoln Financial Group vs. the Best in Our Tables
If you are weighing a Lincoln Financial Group income annuity, the number that matters is the monthly check. In our rate tables as of October 1, 2026, across the 8 A-rated carriers we publish, $100,000 buys a 65-year-old:
| Age 65, per $100,000 | Lincoln Financial Group | Best of the 8 carriers we publish |
|---|---|---|
| Man, single life | $573/mo | $693/mo |
| Woman, single life | $541/mo | $658/mo |
| Couple, 100% to survivor | $492/mo | $608/mo |
Single life (or joint, 100% survivor) with a 5-year period certain, income starting next month. The man's figure is read at a surveyed age in an earlier round, then repriced. The woman's figure is derived from each carrier's own ratio to its men's quote at surveyed ages, then repriced. The couple's figure is derived by ratio, then calibrated to a direct same-age joint quote (both spouses 66) from the latest round. Guarantees rest on the issuing insurer's claims-paying ability.
Source: LifeAnnuities.us quote surveys run for real clients. 54 base survey runs received and 52 used for pricing (July 14 to September 14, 2026), checked against 7 new survey runs (September 18 to 29, 2026): 1 of 8 published carriers repriced, 7 held. Joint figures at ages 65 and 70 are calibrated to a direct same-age joint quote. Single life or joint (100% to survivor), 5-year period certain, per $100,000. How we build these figures.
- 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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