A Lincoln National vs. Pacific Life comparison puts two carriers on the table that are both known for their permanent product depth — and both designed their term products, in part, as gateways into those permanent lineups. Lincoln’s “any currently available permanent product” conversion policy is the most flexible conversion commitment from any carrier we work with. Pacific Life’s Elite Term includes the most comprehensive living benefits package on a standard term policy for buyers at $750,000 or more. Neither is typically the cheapest option, but for buyers who care deeply about what happens when the term ends, both deserve serious consideration.
In This Article
Live Rate Comparison: Lincoln National vs. Pacific Life
Rates below are pulled live from Compulife® as of June 2025, $500,000 20-year term, non-tobacco, NV. Rates subject to change. Individual outcomes vary.
| Profile | Lincoln National | Pacific Life PL Promise | Difference |
|---|---|---|---|
| Male, 35, Preferred Plus, $500K 20-yr | $23.61/mo | $19.95/mo | Pacific +$3.66 cheaper |
| Male, 45, Preferred Plus, $500K 20-yr | $51.48/mo | $45.03/mo | Pacific +$6.45 cheaper |
| Male, 55, Preferred Plus, $500K 20-yr | $117.05/mo | $112.18/mo | Pacific +$4.87 cheaper |
| Female, 45, Preferred Plus, $500K 20-yr | $40.51/mo | $35.68/mo | Pacific +$4.83 cheaper |
| Male, 45, Preferred Plus, $1M 20-yr | $95.80/mo | $84.12/mo | Pacific +$11.68 cheaper |
Rates sourced Compulife® June 2025, NV. Pacific Life prices 13–14% more competitively than Lincoln across most profiles. Lincoln’s premium reflects its open permanent product shelf and $1.5M ADB lifetime maximum. At $1M face, Pacific Life saves $11.68/month — $2,803 over 20 years. Subject to change. Not an offer of insurance.
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Lincoln National Life Insurance: Overview
Lincoln National (A+ A.M. Best, A+ S&P, in business since 1905) offers TermAccel (accelerated underwriting, lab work may be waived up to age 60/$2.5M) and LifeElements Level Term in 10-, 15-, 20-, and 30-year terms. Lincoln’s term products are gateways into its permanent lineup — and the conversion commitment to “any currently available product” is unmatched.
Lincoln’s $1.5M ADB Lifetime Maximum
On a $2M policy: Lincoln provides access to $1.5M in terminal illness benefits. Pacific Life PL Promise’s ADB reduces the death benefit proportionally — confirm the specific structure at application. For large face amount buyers focused specifically on terminal illness benefit access, Lincoln’s $1.5M cap provides significant clarity.
Pacific Life Insurance: Overview
Pacific Life (A+ A.M. Best) offers PL Promise Term (10–30 years, $50K minimum, age-70 base conversion, partial conversions permitted) and Elite Term ($750K+ minimum, terminal/critical/chronic illness ADB in base product, conversion credit, 10-year conversion window).
Pacific Life’s Competitive Edge
Pacific Life prices 13–14% below Lincoln. PL Promise allows partial conversion. Elite Term is the only product in this head-to-head that includes chronic and critical illness ADB in the base term product. Pacific Life’s IUL products are well-regarded for cash-value accumulation.
Conversion Options Compared
| Feature | Lincoln National | Pacific Life PL Promise | Pacific Life Elite Term |
|---|---|---|---|
| Conversion window | To age 70 or end of initial term | To age 70 | First 10 years or age 70 |
| Conversion products | ⭐ Any currently available Lincoln product — IUL, VUL, UL, and more | Pacific Life UL / IUL | Pacific Life UL / IUL |
| VUL available at conversion | ✅ Yes | ❌ No | ❌ No |
| Conversion credit | ❌ Not confirmed | ❌ No | ✅ Yes |
| Partial conversion | ⚠️ Confirm with Lincoln | ✅ Yes | ⚠️ Confirm |
| Chronic/critical illness on term | ❌ (available on Lincoln perm products) | ❌ | ✅ Included in base |
Riders: What’s Included vs. What Costs Extra
Lincoln National — TermAccel / LifeElements
✅ Included: ADB terminal illness (no upfront cost; admin fee at acceleration; $1.5M lifetime maximum)
➕ Additional cost: WOP; Children’s Level Term Rider (up to $15,000)
❌ Not available on term: Chronic/critical illness; ROP; conversion credit
Pacific Life — PL Promise Term
✅ Included: ADB terminal illness (12-month prognosis; no upfront cost); partial conversion
➕ Additional cost: Children’s Level Term Rider (up to $20K/child total); WOP
❌ Not available: Chronic/critical illness; conversion credit on Promise
Pacific Life — Elite Term ($750K+)
✅ Included: ADB for terminal, critical, and chronic illness — in base product; Conversion Credit
➕ Additional cost: Children’s Rider; WOP
⚠️ Conversion window: first 10 years or age 70
What We’ve Seen in Our Placements
- A 44-year-old male, Preferred Plus, $1,000,000 of 20-year term — financial advisor specifically building an IUL and VUL strategy around Lincoln’s products: Lincoln TermAccel. The advisor needed Lincoln’s VUL as a conversion target. Pacific Life doesn’t offer VUL conversion. Lincoln at $95.80/mo vs. Pacific Life at $84.12/mo — the $11.68/month premium was justified by the specific conversion strategy.
- A 52-year-old male, Preferred Plus, $1,000,000 of 20-year term who specifically wanted chronic illness living benefits in the term policy itself: Pacific Life Elite Term. Lincoln doesn’t offer chronic illness ADB on term. Pacific Elite included all three living benefit categories in the base product at $1M face.
- A 58-year-old female, Standard Plus, $250,000 of 10-year term: Pacific Life PL Promise priced more competitively. No conversion priority. Pacific Life won on price at this age/profile.
- A 40-year-old male, Preferred Plus, $750,000 of 30-year term — planned partial conversion at year 15: Pacific Life PL Promise. Partial conversion explicitly documented and permitted. Lincoln’s partial conversion policy requires confirmation at application.
Individual outcomes vary. Anonymized placement examples, not guarantees of outcome.
The Verdict
Choose Lincoln National if:
- You or your financial advisor have a specific Lincoln permanent product in mind — especially if VUL is on the table at conversion
- You want the “any currently available permanent product” conversion flexibility — the most forward-looking conversion commitment available
- Your face amount is $1.5M+ where Lincoln’s $1.5M ADB lifetime maximum provides the most terminal illness benefit access
Choose Pacific Life PL Promise if:
- Price competitiveness matters — Pacific Life saves $3.66–$11.68/month across all profiles shown
- Partial conversion flexibility is important
- IUL is the preferred conversion target — Pacific Life’s IUL lineup is well-regarded
Choose Pacific Life Elite Term if:
- You’re purchasing $750,000+ and want terminal, critical, and chronic illness ADB in the base term product — Lincoln cannot match this on term
- A conversion credit is appealing and you expect to convert within 10 years
Lincoln and Pacific Life are both strong carriers for buyers who think seriously about permanent coverage. Let us identify which one aligns with your plan. Call 888-972-0024 or get a free quote online.
Frequently Asked Questions
Is Lincoln National or Pacific Life cheaper for term insurance?
Pacific Life is meaningfully more competitive — 13–14% cheaper across most profiles per June 2025 Compulife data. Male, 45, Preferred Plus, $500K 20-year: Lincoln $51.48/mo vs. Pacific Life $45.03/mo — $6.45/month, $1,548 over 20 years. At $1M face, Pacific Life saves $11.68/month ($2,803 over 20 years).
What permanent products can I convert to with Lincoln vs. Pacific Life?
Lincoln allows conversion to any currently available Lincoln permanent product — IUL, VUL, UL, and others. Pacific Life converts to UL and IUL — no VUL option. Lincoln’s open-shelf policy is its most distinctive conversion advantage for buyers who want the widest product flexibility at conversion.
Does Pacific Life Elite Term include chronic illness living benefits?
Yes — terminal, critical, and chronic illness ADB all included in the base Elite Term product for buyers purchasing $750,000 or more. No separate rider required. Lincoln’s term products include terminal illness ADB only — chronic illness is available on Lincoln’s permanent products, potentially requiring additional underwriting at conversion.
Can I partially convert a Pacific Life term policy?
Yes. Pacific Life PL Promise explicitly permits partial conversion — convert a portion of the face amount at a time of your choosing. This flexibility allows buyers to begin building permanent coverage while maintaining some term protection. Lincoln National’s partial conversion availability should be confirmed at time of application.