🎯 Bottom Line Up Front
This comprehensive comparison examines AIG/Corebridge Financial and Lincoln Financial side-by-side across key factors: company structure and ownership, financial strength, product philosophy, underwriting strategy, pricing model, distribution approach, and ideal customer profiles. We’ll explore each company’s distinct strengths and help you determine which insurer aligns better with your specific life insurance needs and protection goals.
Understanding AIG and Lincoln Financial: Company Overview
Key insight: AIG is a legacy insurer recently restructured; Lincoln Financial is a focused life insurance specialist. AIG emphasizes flexibility; Lincoln emphasizes speed and specialization.
AIG/Corebridge Financial
AIG (American International Group) was founded in 1919 and historically operated as a diversified financial services conglomerate. In September 2022, AIG completed a significant restructuring, spinning off its life insurance and retirement business into a separate entity called Corebridge Financial, which is now independently publicly traded. The life insurance operations, previously under the American General brand, now operate under the Corebridge banner while maintaining policy continuity. AIG’s life insurance division serves millions of customers across term life, universal life, guaranteed issue whole life, and variable universal life products. The company operates with approximately 4.2 million active policies and manages over $400 billion in assets. AIG is known for its flexible underwriting approach, particularly strength in serving applicants with pre-existing medical conditions and high-risk profiles. The company utilizes innovative lab scoring and proprietary health assessment systems that can override traditional underwriting decisions.
AIG/Corebridge
- Founded in 1919 (106 years)
- Spun off as Corebridge 2022
- Publicly traded (NYSE: CRBG)
- Licensed in all 50 states + D.C.
- A (Excellent) from A.M. Best
- 4.2 million active policies
- Multi-channel distribution
Lincoln Financial
- Founded in 1905 (120 years)
- Headquartered in Radnor, PA
- Part of Lincoln Financial Group
- Licensed in all 50 states + D.C.
- A (Excellent) from A.M. Best
- 16 million customers
- Financial advisor distribution
The Lincoln National Life Insurance Company
Lincoln Financial, operating as The Lincoln National Life Insurance Company, was founded in 1905 and is headquartered in Radnor, Pennsylvania. The company represents the fifth-largest life insurer in the United States and is a Fortune 500 member company (rank 222). Lincoln Financial Group manages over $300 billion in total assets and serves 16 million customers through its insurance, annuities, retirement, and investment divisions. Lincoln National has earned significant recognition for its stability through over 120 years of continuous operation, including survival of the Great Depression, during which it accumulated more in-force policies than all other surviving companies combined. The company emphasizes streamlined, technology-driven underwriting with accelerated approval processes. Lincoln is particularly known for its innovative TermAccel product offering no-medical-exam approval in many cases anda decision turnaround of 10 business days or less. Lincoln focuses on serving individuals and high-net-worth markets through its financial advisor distribution network.
Corporate Structure Comparison
AIG/Corebridge: Recently restructured as a standalone life insurance and retirement company. Previously part of diversified AIG. Now, it is independently publicly traded and focused entirely on life insurance, annuities, and retirement products.
Lincoln Financial: Part of Lincoln Financial Group, a diversified financial services company. Lincoln National represents the life insurance subsidiary, but remains integrated within the broader financial services organization, including annuities, retirement, investments, and employee benefits.
Financial Strength and Stability Comparison
Key insight: Both companies maintain strong financial ratings. Both hold A (Excellent) from A.M. Best with stable outlooks, indicating reliable ability to honor claims for decades.
| Metric | AIG/Corebridge | Lincoln Financial | What It Means |
|---|---|---|---|
| A.M. Best Rating | A (Excellent) | A (Excellent) | Both strong ratings with stable outlooks |
| Years in Business | 106 years (founded 1919) | 120 years (founded 1905) | Both are long-established; Lincoln is slightly older |
| Total Assets | $400+ billion AUM | $300+ billion AUM | Both substantial; AIG slightly larger |
| Active Policies | 4.2 million policies | 16 million customers | Lincoln’s larger customer base (includes non-life products) |
| Additional Ratings | A+ from S&P; stable outlook | A+ from S&P; A1 from Moody’s | Both are excellent across rating agencies |
| Market Position | Top quartile for financial strength (Comdex 82) | 5th largest US life insurer; Fortune 500 | Lincoln holds a larger market position |
| Complaint Index (NAIC) | Higher than expected for size | 0.31 (30% fewer complaints than expected) | Lincoln has a better relative complaint history |
Financial Stability Verdict
Both companies are financially strong. AIG/Corebridge and Lincoln Financial both hold A (Excellent) ratings from A.M. Best with stable outlooks. Lincoln holds a larger market position as the 5th-largest US life insurer, while AIG operates as a focused life insurance and retirement specialist. Both have demonstrated the ability to survive major economic disruptions—AIG recovered from the 2008 crisis restructuring; Lincoln survived the Great Depression and emerged stronger. Either company reliably honors policy obligations across decades.
Company Structure and Ownership Models
Key insight: AIG is a standalone publicly traded life insurance company. Lincoln is part of a larger diversified financial services group. Different structures, similar regulatory oversight.
| Factor | AIG/Corebridge | Lincoln Financial |
|---|---|---|
| Ownership Structure | Publicly traded corporation | Publicly traded corporation |
| Parent Company | Corebridge Financial (standalone) | Lincoln Financial Group |
| Business Focus | Life insurance & retirement only | Life insurance, annuities, retirement, and employee benefits |
| Strategic Direction | Specialized in life insurance after the 2022 spinoff | Integrated financial services conglomerate |
| Profit Distribution | To shareholders, reinvestment in life insurance | To shareholders, reinvestment across business lines |
What This Means for Policyholders
AIG/Corebridge operates as a focused life insurance specialist after separating from AIG’s broader conglomerate. This focused approach allows the company to concentrate resources entirely on life insurance innovation and service. Policyholders benefit from specialized expertise in life insurance products without competing business line demands.
Lincoln Financial operates within a diversified financial services company. This integration allows Lincoln to leverage broader financial resources, investment expertise, and cross-selling opportunities. Policyholders benefit from comprehensive financial services integration and the resources of a larger organization.
Product Offerings: What Each Company Provides
Key insight: AIG offers a broader permanent product range, including whole life. Lincoln emphasizes term and universal life with no whole life option.
AIG/Corebridge Products
| Product | Type | Key Features |
|---|---|---|
| Select-A-Term | Term life insurance | 10-30 year terms, flexible underwriting, competitive pricing |
| Guaranteed Issue Whole Life | Permanent coverage | Ages 50-80, no medical exam, final expense coverage |
| Universal Life (GUL) | Flexible permanent | Guaranteed premiums, adjustable benefits, cash value |
| Value+ Protector (UL) | Indexed universal life | Market-indexed growth, downside protection |
| Variable Universal Life | Market-linked permanent | Direct market investment options |
| Living Benefits | Accelerated benefit riders | Chronic illness, terminal illness, QoL® riders |
Lincoln Financial Products
| Product | Type | Key Features |
|---|---|---|
| TermAccel | No-exam term life | Up to $1M (under 50), 10-30 years, fast approval (10 days) |
| LifeElements | Traditional term life | 10, 15, 20, 30-year terms, higher coverage amounts |
| Lincoln WealthAccumulate IUL | Indexed universal life | Market index-linked growth, cash value accumulation |
| Lincoln WealthPreserve IUL | Indexed universal life | Capital preservation focus with growth potential |
| Variable Universal Life | Market-linked permanent | Multiple investment portfolios, overloan protection |
| MoneyGuard (Hybrid) | Life + Long-term care | Combined life insurance and LTC benefits |
AIG’s Strength: Product Variety & Flexibility
- Guaranteed issue whole life available
- Graded death benefit options
- Strong living benefits/riders
- Lenient underwriting
- Lab scoring for health assessment
- Pre-existing condition flexibility
Lincoln’s Strength: Speed & Simplification
- No-exam approval (TermAccel)
- 10-day approval average
- Fully digital applications
- Hybrid life/LTC solutions
- Enhanced VUL options
- High-net-worth focus
Underwriting Approach and Application Process
Key insight: AIG emphasizes flexible, personalized underwriting. Lincoln emphasizes streamlined, accelerated, technology-driven processes.
| Factor | AIG/Corebridge | Lincoln Financial |
|---|---|---|
| Philosophy | Flexible & individualized | Streamlined & accelerated |
| Medical Exam | Often required; thorough review | Often waived (TermAccel); streamlined labs if needed |
| Underwriting Speed | Days to weeks; individualized review | 10 business days average (often 48 hours) |
| Health Assessment | Lab scoring + traditional underwriting | Simplified issue; minimal requirements |
| Application Process | Agent-guided, detailed review | Digital-first, electronic, minimal documentation |
| Best For | Pre-existing conditions, detailed underwriting | Healthy applicants seeking fast approval |
Understanding AIG’s Approach
AIG employs sophisticated lab scoring and proprietary health assessment systems that evaluate biomarkers beyond standard medical history. This approach can override traditional underwriting decisions, potentially improving rate classifications for those with managed health conditions or identifying health factors others miss. The company is known for lenient underwriting guidelines and strong approval odds for applicants with pre-existing conditions like diabetes, treated cholesterol, and cardiovascular concerns.
Understanding Lincoln’s Approach
Lincoln emphasizes modern underwriting technology and streamlined processes to deliver fast decisions. The TermAccel product offers no-medical-exam approval for qualifying applicants, with many decisions arriving within 48 hours to 10 business days. Lincoln’s fully digital application process requires minimal documentation and doesn’t require the retrieval of medical records, accelerating the approval timeline while maintaining appropriate underwriting standards.
Distribution Model and Access
Key insight: AIG uses multi-channel distribution. Lincoln uses financial advisor-only distribution. Different access models for different needs.
| Factor | AIG/Corebridge | Lincoln Financial |
|---|---|---|
| Distribution Channels | Multi-channel (agents, brokers, institutions) | Financial advisors only |
| Online Access | Available through agents; limited direct online | No direct online; advisor referral required |
| Quote Process | Agent-based; some online options | Advisor-only; phone consultation required |
| Agent Expertise | Varies; agents handle multiple companies | Specialized advisors focus on comprehensive planning |
| Application Support | Agent-assisted; flexible approach | Advisor-guided; comprehensive planning included |
What This Means for You
AIG’s multi-channel approach: You can purchase through local agents, independent brokers, or financial institutions. This broader access means you have multiple entry points and potentially more competitive shopping options.
Lincoln’s advisor model: You work with financial advisors who provide comprehensive financial planning guidance alongside insurance solutions. This ensures personalized guidance but requires working through an advisor rather than a direct online purchase.
Target Markets: Which Company Serves Each Best
Key insight: AIG serves flexibility-focused and high-risk markets. Lincoln serves healthy applicants seeking speed and high-net-worth individuals.
AIG’s Ideal Customers
- Have pre-existing medical conditions
- Seeking final expense coverage
- Need flexible underwriting
- Want guaranteed issue options
- Require high-risk specialty coverage
- Value product customization
Lincoln’s Ideal Customers
- Healthy applicants seeking quick approval
- High-net-worth individuals
- Want a digital/streamlined experience
- Seeking investment-linked options
- Need comprehensive financial planning
- Prefer advisor relationships
Scenario Analysis
Scenario 1: 35-Year-Old Healthy Professional, $500K Coverage
Better with Lincoln — Lincoln’s TermAccel offers fast approval (10 days), no-exam option, and a streamlined digital experience perfect for healthy applicants.
Scenario 2: 55-Year-Old, Type 2 Diabetes, $250K Coverage
Better with AIG — AIG specializes in diabetes applicants with flexible underwriting and lab scoring that may improve rate classification.
Scenario 3: 72-Year-Old Seeking $50K Final Expense Coverage
Better with AIG — AIG’s guaranteed issue whole life (ages 50-80) offers final expense coverage without a medical exam.
Scenario 4: 50-Year-Old High-Net-Worth, Seeking Hybrid Life/LTC
Better with Lincoln — Lincoln’s MoneyGuard hybrid products and comprehensive advisor services align with high-net-worth planning.
Advantages of Choosing AIG
Key insight: AIG’s strengths center on underwriting flexibility, high-risk accommodation, and product breadth.
AIG’s Core Advantages
- Flexible Underwriting: Lenient guidelines for pre-existing conditions and high-risk applicants
- Lab Scoring Technology: A Proprietary health assessment that can improve rate classifications
- Guaranteed Issue Whole Life: Ages 50-80 with no medical exam for final expense coverage
- Graded Death Benefit Options: Flexible approaches for those with significant health concerns
- Living Benefits: Strong accelerated benefit riders, including chronic illness protection
- Multi-Channel Access: Broader distribution through agents, brokers, and financial institutions
- Product Variety: Full range from term to whole life to variable universal life
When AIG is the Smart Choice
You Have Pre-Existing Health Conditions
Unique Advantage: AIG specializes in applicants with diabetes, high cholesterol, heart conditions, and other managed health concerns. Lab scoring can improve rate classification.
You Seek Final Expense or Guaranteed Issue Coverage
Core Strength: Guaranteed issue whole life ages 50-80 without medical exam—ideal for senior final expense planning.
You Want Multiple Distribution Options
Unique Advantage: Multi-channel distribution means you can access AIG through local agents, independent brokers, or financial institutions—more shopping flexibility.
Advantages of Choosing Lincoln Financial
Key insight: Lincoln’s strengths center on speed, innovation, and high-net-worth markets.
Lincoln Financial’s Core Advantages
- Accelerated Approval: 10-day average (often 48 hours) with TermAccel product
- No-Medical-Exam Options: Up to $1M coverage for qualifying applicants under 50
- Digital-First Process: Fully electronic applications with minimal documentation
- Strong Financial Position: 5th-largest US life insurer with 120-year stability
- Hybrid Solutions: Industry-leading MoneyGuard combining life insurance and long-term care
- Investment Flexibility: Comprehensive IUL and VUL options with enhanced features
- Excellent Customer Service: 0.31 NAIC complaint index (70% fewer complaints than expected)
When Lincoln Financial is the Smart Choice
You’re Healthy and Want Fast Approval
Key Strength: TermAccel delivers no-medical-exam approval with decisions in days, not weeks.
You Prefer Digital, Streamlined Experience
Service Advantage: Fully digital application process with electronic signing and minimal paperwork requirements.
You Seek Investment-Linked Permanent Coverage
Expertise Advantage: Comprehensive indexed and variable universal life options with 2025 enhancements like overloan protection.
You Want Comprehensive Financial Planning
Planning Advantage: Advisor-based model provides integrated financial planning with life insurance, retirement, and wealth management.
Making Your Decision: Which Company is Right for You?
Key insight: Both are solid carriers with strong ratings. Your choice depends on matching company strengths to your specific situation and priorities.
Decision Framework
Choose AIG If:
- You have pre-existing conditions
- You want guaranteed issue options
- You value underwriting flexibility
- You seek final expense coverage
- You prefer multiple access channels
- You want a broader product variety
Choose Lincoln If:
- You’re healthy and want speed
- You value digital convenience
- You seek fast approval (10 days)
- You want investment-linked options
- You prefer advisor guidance
- You’re a high-net-worth individual
Common Decision Scenarios
| Your Situation | Better First Choice | Why |
|---|---|---|
| 30-year-old, excellent health, $500K term | Lincoln Financial | Fast approval, no-exam option, streamlined process |
| 58-year-old with cardiac history, $300K coverage | AIG | Specializes in cardiac cases, flexible underwriting |
| 68-year-old seeking $50K final expense | AIG | Guaranteed issue whole life ages 50-80, no exam |
| 45-year-old, well-controlled diabetes, $750K coverage | AIG | Top choice for diabetes, lab scoring advantage |
| 42-year-old professional wants a digital process | Lincoln Financial | Fully digital application, 10-day approval average |
The Smart Approach: Compare Both
Why get quotes from both? What matters most is which company offers better rates, approval odds, and products for YOUR specific situation. Comparing AIG and Lincoln Financial directly ensures you:
- See actual rates for your age, health, and coverage needs
- Understand which company’s underwriting is more favorable for you
- Evaluate which product best fits your financial goals
- Choose based on real data, not assumptions
Working with independent agents who represent multiple carriers—including both AIG and Lincoln Financial—ensures you get the best outcome for your specific situation.
Frequently Asked Questions
Which company has better financial ratings?
Both hold A (Excellent) ratings from A.M. Best with stable outlooks. Lincoln holds a larger market position (5th-largest US life insurer), while AIG operates as a focused life insurance specialist. Both are financially strong enough to honor claims for decades.
Which company approves faster?
Lincoln Financial is significantly faster—a 10-day average with many decisions in 48 hours via TermAccel. AIG typically takes days to weeks as it conducts more individualized underwriting review, which benefits applicants with complex health histories.
Which is better for pre-existing conditions?
AIG specializes in pre-existing conditions with flexible underwriting, lab scoring, and lenient guidelines. Lincoln is geared toward healthy applicants seeking fast approval. If you have health concerns, AIG is likely the better choice.
Does AIG offer whole life insurance?
AIG offers guaranteed issue whole life (ages 50-80) designed for final expense coverage without medical exam. Lincoln does not offer traditional whole life; they focus on term, universal life, and indexed/variable universal life products.
Can I buy directly online from either company?
Neither offers pure direct-to-consumer online purchasing. AIG uses multi-channel distribution through agents and brokers. Lincoln requires working with financial advisors. You cannot complete the full process directly online with either company.
Which company has fewer complaints?
Lincoln Financial has an excellent complaint record—0.31 NAIC complaint index (70% fewer complaints than expected for its size). AIG has higher complaint ratios relative to size. Lincoln’s customer service scores are stronger.
Which company is better overall?
Neither is universally “better.” AIG excels in flexibility and high-risk accommodation. Lincoln excels in speed and streamlined service. Your best choice depends on matching company strengths to YOUR specific health status, timeline, and coverage needs.
Ready to Compare AIG and Lincoln Financial for Your Situation?
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About InsuranceBrokers USA
As independent insurance brokers, we represent both AIG/Corebridge and Lincoln Financial, allowing us to provide objective comparisons and help you choose the company that best fits your specific situation. We have extensive experience placing policies with both carriers and understand their respective strengths and specialties.
Our Comprehensive Services Include:
- Side-by-side comparison of AIG and Lincoln Financial quotes
- An objective analysis of which company’s underwriting favors your health profile
- Application assistance and advocacy with either company
- Access to 50+ carriers beyond AIG and Lincoln Financial
- Ongoing service, policy reviews, and renewal management
- No-cost consultation and multi-carrier comparison
Disclaimer: This comparison provides educational information about AIG/Corebridge and Lincoln Financial for informational purposes only and does not constitute insurance, financial, or legal advice. Information is current as of 2025, but insurance products, pricing, ratings, and company details are subject to change. Actual rates, approval times, product availability, and coverage options vary significantly based on individual circumstances, including age, health, state of residence, coverage amount, and other factors. The rates and comparisons provided are approximate and for illustrative purposes—your actual quotes may differ substantially. Neither company is universally “better”—the right choice depends on your specific needs, situation, and preferences. We encourage working with independent insurance professionals who can provide personalized quotes from multiple carriers. This content should not be your sole basis for choosing life insurance—consult with licensed professionals for guidance specific to your situation.
