Lincoln Life & Annuity Company of New York(New York); Overview, Contacts, Claims, Ratings and Benefits

Lincoln Life & Annuity Company of New York is a life insurance and annuity company. They offer a range of financial products and services to individuals and businesses.

Lincoln Life & Annuity Company of New York

A Brief Overview of Lincoln Life & Annuity Company of New York

Lincoln Life & Annuity Company of New York is a top provider of insurance and retirement planning for individuals and businesses. It was established in 1897 in Syracuse, New York, and is now part of the Lincoln Financial Group, a major U.S. life insurance company. The company, committed to helping customers meet their financial goals, offers a diverse range of insurance and retirement planning products.

Contact Details of Lincoln Life & Annuity Company of New York

Contact Details Phone
Customer Service 1-800-487-1485
Annuity Service Center 1-877-ASK-LINC (1-877-275-5462)
Life Insurance Service Center 1-800-487-1485
Group Benefits Service Center 1-800-227-5275

Services and Products Offered by Lincoln Life & Annuity Company of New York

Outline the types of services and products offered by Lincoln Life & Annuity Company of New York, including life insurance and annuities.

Lincoln Life & Annuity Company of New York.

Premium Costs

The cost of premiums for Lincoln Life & Annuity Company of New York products varies based on factors like the type of product, the insured person’s age, and the coverage amount. For instance, a 30-year-old man buying a $100,000 term life insurance policy pays a lower premium than a 60-year-old buying the same policy.

Payment Options

Lincoln Life & Annuity provides various payment options, including monthly, quarterly, semi-annual, and annual payments. You can pay premiums through online methods, by phone, or by mail.

Discounts and Promotions

The company occasionally offers discounts and promotions. Customers may get discounts for purchasing multiple policies or opting for annual premium payments. Additionally, businesses and organizations can benefit from group discounts.

Getting a Quote

To obtain a quote, contact a Lincoln Life & Annuity agent, visit their website, or call their customer service at 1-800-446-7042.

Sample Rates

  • Term Life Insurance: A 30-year-old male purchasing a $100,000 policy might pay around $15 per month.
  • Whole Life Insurance: For the same individual, a $100,000 whole life policy could cost around $30 per month.
  • Universal Life Insurance: Expect a premium of around $20 per month for a 30-year-old male with a $100,000 universal life policy.
  • Fixed Annuity: A 60-year-old male purchasing a $100,000 fixed annuity might earn an interest rate of around 3%.
  • Variable Annuity: For a 60-year-old male with a $100,000 variable annuity, the expected interest rate is around 6%.

Note: These rates are samples; actual rates may vary. For accurate quotes, contact a Lincoln Life & Annuity agent.

Process of Filing Claims with Lincoln Life & Annuity Company of New York

1. Report the Claim:

  • Life Insurance: To report a death claim, inform Lincoln Life & Annuity online, by phone, or by mail. Provide the deceased’s name, date of birth, and policy number.
  • Annuities: For withdrawal or surrender claims report online, by phone, or by mail. Share your name, date of birth and policy number.
  • Long-Term Care Insurance: Report long-term care benefit claims online, by phone, or by mail. Share your name, date of birth, policy number, and a description of your claim.

2. Submit Claim Documents:

After reporting, Lincoln Life & Annuity Company of New York will send a claim kit with instructions. Document requirements vary but commonly include:

3. Review and Processing:

Upon receiving your claim documents, Lincoln Life & Annuity will review and assess eligibility. Processing time varies, but most claims are resolved within 30 to 60 days.

4. Payment:

If your claim is approved, you’ll receive a check from Lincoln Life & Annuity for the approved amount. You may also opt for direct deposit to your bank account.

Lincoln Life & Annuity Company of New York.

Ratings

  • A.M. Best: Rates as Excellent (A+)
  • Fitch Ratings: Deems as Strong (A+)
  • Moody’s: Considers Superior (A2)
  • S&P Global Ratings: Defines as Strong (A+)
  • NerdWallet: Awards 4.5 out of 5 stars
  • Investopedia: Rates 4.2 out of 5 stars
  • WalletHub: Rates 4.7 out of 5 stars

Positive Reviews

  • A.M. Best highlights Lincoln Life & Annuity Company of New York’s history of excellent customer service and financial products.
  • Fitch Ratings recognizes the company as financially strong with a diverse product range.
  • Moody’s suggests it as a good option for achieving financial goals, emphasizing reliability and financial strength.
  • S&P Global Ratings commends the company’s strong track record, competitive rates, and excellent service.
  • NerdWallet sees Lincoln Life & Annuity as a great company with substantial offerings.
  • Investopedia acknowledges it as a solid company with a good reputation.
  • WalletHub ranks it among the best insurance companies in the business.

Negative Reviews

Overall Assessment

Lincoln Life & Annuity is highly rated and well-regarded. With a history of excellent customer service and financial products, it stands out as a reliable option for individuals and businesses striving to achieve their financial goals.

Benefits of Joining Lincoln Life & Annuity Company of New York

Comprehensive Product Portfolio:

Lincoln Life & Annuity provides a broad array of insurance and retirement planning products to meet the needs of both individuals and businesses. This includes life insurance, annuities, long-term care insurance, as well as employee benefits, and small business solutions.

Financial Strength:

With a longstanding history of stability, Lincoln Life & Annuity is a financially robust company. It has received an A+ (Excellent) rating from A.M. Best, AA+ (Very Strong) from Standard & Poor’s, and Aa3 (Very Strong) from Moody’s.

Customer Service:

Dedicated to high-quality customer service, Lincoln Life & Annuity offers various contact options, including phone, email, and chat. Their comprehensive website provides a wealth of information and resources for customers.

Competitive Rates:

Lincoln Life & Annuity ensures competitive rates for its products, often surpassing those of its competitors.

Awards and Recognition:

The company’s commitment to customer service and financial strength has earned it recognition. Fortune magazine has named it one of the “World’s Most Admired Companies” and one of the “100 Best Companies to Work For.

FAQs:

Q: What types of insurance and retirement planning products does Lincoln Life & Annuity Company of New York provide?

A: Lincoln Life & Annuity offers a variety of products, including life insurance, annuities, long-term care insurance, employee benefits, and small business solutions.

Getting a Quote

Q: How can I obtain a quote for a Lincoln Life & Annuity Company of New York product?

A: You can reach out to a company agent, visit their website, or call their customer service at 1-800-446-7042 to get a quote.

Filing a Claim

Q: What is the process for filing a claim with Lincoln Life & Annuity Company of New York?

A: To file a claim, notify the company online, by phone, or by mail, providing the necessary documentation to support your claim.

Financial Strength Rating

Q: What is the financial strength rating of Lincoln Life & Annuity Company of New York?

A: Lincoln Life & Annuity has received an A+ (Excellent) rating from A.M. Best, AA+ (Very Strong) from Standard & Poor’s, and Aa3 (Very Strong) from Moody’s.

Product-Specific Questions

Q: What is the difference between a fixed annuity and a variable annuity?

A: A fixed annuity guarantees income payments, while a variable annuity offers potentially higher returns with associated risks.

Q: What does long-term care insurance cover?

A: Long-term care insurance assists in covering costs like nursing home or home health care.

Q: How does term life insurance differ from whole life insurance?

A: Term life covers a set period, while whole life provides coverage for your entire life.

Q: What is a group life insurance plan?

A: It is offered by employers or organizations to provide life insurance for their employees or members.

Customer Service Questions

Q: How can I contact Lincoln Life & Annuity Company of New York’s customer service?

A: You can reach customer service through phone, email, or chat, and find additional information on their website.

Q: What are the customer service hours for Lincoln Life & Annuity Company of New York?

A: Customer service is available Monday through Friday, 8:00 AM to 8:00 PM ET.

Q: How can I file a complaint about products or services with Lincoln Life & Annuity Company of New York?

A: Lodge a complaint with the company’s customer service or through the New York State Department of Financial Services.

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