Lincoln Financial Annuity Review (2026)

Lincoln Financial's history and ownership

Lincoln National Life Insurance Company has operated since 1905, and yes, it really is named for Abraham Lincoln; the company got permission to use his name and image from his son, Robert Todd Lincoln, when it started. It trades publicly today as Lincoln National Corporation on the New York Stock Exchange under the ticker LNC, and its issuing entity is based in Fort Wayne, Indiana, with corporate offices in Radnor, Pennsylvania. Few carriers match Lincoln's reach: you can find its contracts on bank shelves, at wirehouses, on fee-based RIA platforms and through a large independent agent force, which explains why it turns up so often in broader market comparisons.

What changed with Lincoln's rating

Here is the detail a lot of older reviews miss. Lincoln carried an A+ (Superior) AM Best rating for years, until a large reserve charge triggered a downgrade to A (Excellent) in November 2022. Over the following two years the company set about shoring up capital, moving a block of about $28 billion in policies off its books through a reinsurance deal with Fortitude Re and selling Bain Capital a 9.9% ownership stake for $825 million. AM Best did not restore a stable outlook until February 2025. None of this means Lincoln is unsound. It does mean that A, not A+, is the accurate number to compare against other carriers today.

If you searched for Lincoln Financial a few years ago and bookmarked a page describing an A+ carrier, that page is out of date. Rating downgrades happen for reasons that range from routine to serious, and a large reserve charge tied to legacy business, followed by a multi-year capital rebuild, sits closer to the serious end without being a red flag on its own. What matters for a new buyer is where the rating stands today, and today that is A, a grade still firmly in investment-grade territory and still good enough to appear alongside most of the carriers people compare it to.

Lincoln Financial's financial strength ratings

S&P's A+ grade and Moody's A1 both sit slightly above AM Best's read on the company, which is common when agencies weigh a carrier's capital actions differently. With more than $350 billion in total assets, Lincoln has plenty of scale behind whichever number you choose to lean on.

None of the three agencies is automatically the "right" one to trust over the others; each builds its own model of a carrier's balance sheet, reserves and capital plan, and they do not always move in lockstep. What matters practically is that all three currently place Lincoln in investment-grade territory, with none flagging active concern about the company's ability to pay claims. Confirm the latest figures directly with each agency before you buy, since ratings do get revisited as new information comes in.

What annuities does Lincoln Financial sell?

• MYGuarantee Plus, a multi-year guaranteed annuity built for buyers who want a simple CD-like alternative: earnings grow tax-deferred, a modest annual withdrawal allowance is built in, and the rate stays locked for the full term you pick.
• OptiBlend, a fixed index annuity with several ways to credit growth, including an S&P 500 point-to-point strategy with a cap, plus a rider you can add for guaranteed income you cannot outlive.
• Level Advantage, Lincoln's flagship registered index-linked annuity, giving buyers a defined buffer against market losses in exchange for capped upside, aimed at people comfortable with some risk for higher growth potential. A typical buffer might absorb the first 10% or 20% of a market decline before your account starts losing value, which is real protection but not the zero-floor guarantee a fixed index annuity provides; a severe enough downturn can still cost you money.
• Variable annuities, which add optional living benefit riders on top of full market exposure for buyers who want income protection alongside growth potential.

Between these four categories, Lincoln covers almost every risk appetite a retirement saver might have, from someone who wants zero market exposure at all with MYGuarantee Plus, to someone comfortable with a capped downside in Level Advantage, to someone who wants full market participation with a rider as a safety net in its variable annuity lineup. That range is a big part of why financial professionals across so many different distribution channels keep Lincoln on their shelf.

Who is Lincoln Financial best for?

• MYGA buyers who want a rated, well-distributed carrier and are comfortable choosing from a shorter list of terms.
• RILA buyers, given how broadly Level Advantage has sold, a good fit for anyone who wants market upside cushioned by a defined floor.
• FIA buyers focused on income planning, given the OptiBlend income rider and Lincoln's broad advisor network.
• Clients who already work with a fee-based advisor, since Lincoln's products are available on RIA platforms as well as through traditional agents.

Lincoln is a weaker match for anyone whose only criterion is the single highest possible AM Best grade, since carriers like MassMutual and New York Life currently sit above it. It is also not the simplest starting point for a first-time annuity buyer who wants one product explained clearly, given how many different contract types sit under the Lincoln name; a licensed strategist walking through which category fits your goal is worth more here than with a single-product carrier.

How to reach Lincoln Financial

Other annuity companies to consider

• Athene: a higher-rated, Apollo-backed carrier with a broad MYGA and FIA lineup
• MassMutual: a mutual insurer with a top-tier rating and full product suite
• Nationwide: another broadly distributed carrier strong in fixed index and variable annuities