Company Snapshot: A Century-Old, Recently Re-Rated Carrier
Lincoln Financial Group — formally Lincoln National Corporation, and named after President Abraham Lincoln with the Lincoln family’s permission — was founded in 1905 and is headquartered in Radnor, Pennsylvania. It is a Fortune 500 company and trades on the NYSE under the ticker LNC. Its annuities are primarily issued by The Lincoln National Life Insurance Company, based in Fort Wayne, Indiana; that entity does not solicit business in New York, where Lincoln Life & Annuity Company of New York issues contracts instead.
A detail worth addressing directly, rather than glossing over, is Lincoln’s financial strength rating history. Publicly available 2026 third-party sources describe the following sequence, which should be verified and dated at time of publication:
- 2022: AM Best downgraded Lincoln National Life Insurance Company from A+ (Superior) to A (Excellent), citing balance-sheet pressure tied to its variable annuity block.
- 2022–2025: Lincoln undertook corrective actions, including reinsuring a large block of in-force fixed annuity, hybrid long-term care, and universal life reserves to a third-party reinsurer, selling its wealth management business, and shifting its product mix toward spread-based products such as fixed indexed and registered index-linked annuities.
- February 2025: AM Best revised Lincoln’s outlook from negative to stable, reflecting its assessment that the corrective actions had addressed the earlier concerns.
- March 2026: AM Best reaffirmed the A (Excellent) rating with a stable outlook.
The Lincoln Financial Product Family
| Product | Category | Key Structure | What It’s Designed For |
|---|---|---|---|
| OptiBlend / OptiBlend Income | Fixed indexed annuity | 5-, 7-, or 10-year surrender terms; multiple index strategies including S&P 500 and a proprietary Nasdaq-linked index; the Income version adds a built-in ProtectedPay Select income benefit and optional Estate Lock death benefit. | Accumulation-focused buyers (base OptiBlend) or income-focused buyers wanting guaranteed lifetime withdrawals built into the contract (OptiBlend Income). |
| FlexAdvantage / FlexAdvantage Income | Fixed indexed annuity | Flexible-premium structure allowing ongoing contributions; multiple indexed account options including BlackRock- and Fidelity-linked strategies; the Income version adds ProtectedPay Select and optional Estate Lock. | Buyers who want to continue contributing to the same contract over time rather than a single-premium structure. |
| MYGuarantee Plus | Multi-year guaranteed annuity (MYGA) | Available in 5-, 7-, and 10-year terms with a fixed rate locked for the full term and a free withdrawal provision. | Conservative savers who want simple, guaranteed-rate accumulation comparable to a CD. |
Two Features Worth Understanding: Dual Trigger & Estate Lock
Two named features set Lincoln’s current fixed indexed annuity lineup apart and are worth explaining rather than lumping into a generic “riders” list:
- Dual Trigger is an indexed crediting account option available across Lincoln’s fixed indexed annuities. It is designed to offer upside growth potential in up, flat, or down markets while still providing 100% downside protection from index declines — a different mechanism than a standard cap-rate or participation-rate strategy, since it can credit interest even in some flat or negative index periods depending on how the trigger condition is met.
- Estate Lock is an optional death benefit available on OptiBlend Income and FlexAdvantage Income. It protects the contract’s original purchase amount for beneficiaries with no reduction due to lifetime income withdrawals already taken — addressing a common objection to income riders, where beneficiaries can otherwise see a reduced death benefit after income payments have started.
Which Product Fits Your Goal?
| If the Goal Is … | Consider Comparing … | Because |
|---|---|---|
| Guaranteed lifetime income built into the contract | OptiBlend Income or FlexAdvantage Income | Both include the ProtectedPay Select income benefit and the optional Estate Lock death benefit. |
| Pure accumulation with index-linked growth, single premium | OptiBlend | Offers multiple index strategies and a firm floor against loss without the cost of a built-in income rider. |
| Ongoing contributions over time | FlexAdvantage | Flexible-premium structure designed for continued deposits rather than a single lump sum. |
| Simple guaranteed-rate growth, no market exposure | MYGuarantee Plus (MYGA) | Fixed rate locked for a set term, comparable to a CD. |
Benefits to Consider
- A full spectrum of product types under one carrier — MYGA, fixed indexed, RILA, and one of the industry’s largest variable annuity lineups.
- The Dual Trigger crediting option, which is designed to offer growth potential in a wider range of market conditions than a standard cap-rate strategy, with 100% downside protection on the indexed accounts.
- The Estate Lock death benefit, which directly addresses a common concern with income riders — that starting lifetime income reduces what a beneficiary ultimately receives.
- A long operating history dating to 1905 and broad independent-advisor distribution.
- Documented, verifiable corrective action following the 2022 rating downgrade, culminating in a stable-outlook reaffirmation in 2026 — a transparency point some competitors’ pages do not have to address.
As with any carrier, a feature is only a benefit if it matches the consumer’s actual goal. Estate Lock is only valuable to someone planning to activate lifetime income and also prioritizing a beneficiary outcome; a pure accumulation buyer with no income or legacy concerns may not need it.
Risks and Limitations
- Lincoln’s AM Best rating was downgraded from A+ to A in 2022; while the outlook has since stabilized and the rating was reaffirmed in 2026, consumers who prioritize the highest possible rating tier should compare Lincoln against A+ or higher-rated carriers directly.
- Variable annuities, including the American Legacy and ChoicePlus series, carry market risk and typically higher fees than fixed products; riders and subaccount expenses can add meaningfully to the annual cost.
- Level Advantage and other RILA products can lose value beyond the selected buffer or protection level, unlike a fixed indexed annuity.
- Surrender-charge schedules on fixed indexed products commonly run 5 to 10 years, with early withdrawals beyond any free-withdrawal allowance subject to a surrender charge.
- Index strategies, caps, participation rates, and Dual Trigger parameters can change at renewal, affecting future crediting potential even on an existing contract.
- Annuity guarantees are backed by the claims-paying ability of the issuing company — The Lincoln National Life Insurance Company or, in New York, Lincoln Life & Annuity Company of New York — not by FDIC insurance.
Consumers should request a current product brochure, illustration, and state-specific disclosure directly tied to the exact product being considered, since terms vary by state and change over time.
Who Might Consider This Carrier?
A Lincoln Financial annuity may be worth reviewing for retirees and pre-retirees who want a broad range of product types under one well-established carrier: income-focused buyers comparing OptiBlend Income or FlexAdvantage Income, RILA buyers comparing Level Advantage against similar buffered products, conservative savers comparing MYGuarantee Plus, and investors already comfortable with variable annuities who want access to one of the industry’s largest living-benefit rider lineups.
Who May Not Be a Fit
This carrier’s products may not be a fit for consumers who require the absolute highest financial strength rating tier without exception, buyers who are not comfortable evaluating a carrier’s rating history and corrective actions as part of their decision, or those seeking a simple single-product lineup rather than choosing among MYGA, FIA, RILA, and variable options.
FAQs: Your Questions Answered
Annuity contracts are generally governed by the state where the contract was issued, but availability of new products and riders can vary by state, and New York has a separate issuing entity. Consumers who relocate should review their contract with an advisor.
Independent agencies such as AM Best, S&P, Moody’s, and Fitch assign financial strength ratings based on an insurer’s ability to meet its claims obligations. Given Lincoln’s 2022 downgrade and subsequent stabilization, confirm the current rating and outlook directly with the rating agency before making a decision.
An independent comparison can help you evaluate Lincoln’s MYGA, FIA, RILA, and variable products against other carriers, rather than focusing on a single illustration or brand name.
Review surrender charges, rider fees for income or death benefit features such as ProtectedPay Select and Estate Lock, and — for variable annuities — mortality and expense charges and underlying fund fees, which typically run higher than fixed products.
The Lincoln National Life Insurance Company does not solicit business in New York. New York residents are served through a separate entity, Lincoln Life & Annuity Company of New York, which may offer a different product lineup.
Yes. OptiBlend Income and FlexAdvantage Income include the built-in ProtectedPay Select income benefit, and Lincoln’s variable annuities offer optional guaranteed lifetime withdrawal benefit riders.
Money in a fixed indexed annuity is not directly invested in the market and is not reduced by index declines.
Safety depends on the product type and the issuing entity. Fixed indexed and MYGA guarantees are backed by the issuing insurer’s claims-paying ability and are not the same as FDIC insurance.
Dual Trigger is an indexed crediting account option available across Lincoln’s fixed indexed annuities, designed to offer upside growth potential in up, flat, or down markets while maintaining 100% downside protection from index declines.
Estate Lock is an optional death benefit available on OptiBlend Income and FlexAdvantage Income. It protects the contract’s original purchase amount for beneficiaries, without reduction due to lifetime income withdrawals already taken.
Yes. AM Best downgraded The Lincoln National Life Insurance Company from A+ (Superior) to A (Excellent) in 2022, citing pressure related to its variable annuity block. Following corrective actions, AM Best revised the outlook to stable in February 2025 and reaffirmed the A (Excellent) rating in March 2026.
Lincoln Financial is a century-old, Fortune 500 carrier with a broad annuity product lineup and a current A (Excellent) AM Best rating with a stable outlook. Whether a specific Lincoln product is a good fit depends on the product type, current terms, and your retirement goals — not the carrier name alone.