Lincoln National vs. Pacific Life: Term Life Insurance Compared

A Lincoln National vs. Pacific Life comparison puts two carriers with deep permanent product lineups side by side, and both term products can serve as a path into those lineups. In our October 2026 Compulife check, Pacific Life was cheaper than Lincoln National in all five profiles we ran, by roughly 3% to 12% ($1.53 to $6.60 a month). Pacific Life’s case is price, an age-70 conversion window with partial conversion on PL Promise, a 12-month terminal illness trigger, and a separate Elite Term product with optional chronic and critical illness riders. Lincoln’s case is its TermAccel electronic lab-free process for qualifying applicants up to age 60 and a guaranteed full Lincoln permanent product shelf for conversion in the first seven policy years.

Live Rate Comparison: Lincoln National vs. Pacific Life

Rates below come from Compulife® as of October 2026 for a $500,000 20-year term policy, non-tobacco, Nevada. Lincoln is shown as Lincoln National Life. Rates are subject to change and depend on full underwriting. Individual outcomes vary.

Profile	Lincoln National	Pacific Life	Difference
Male, 30, Preferred Plus, $500K 20-yr	$19.74/mo	$18.21/mo	$1.53 (Pacific cheaper)
Female, 40, Preferred Plus, $500K 20-yr	$26.76/mo	$23.74/mo	$3.02 (Pacific cheaper)
Male, 45, Preferred Plus, $500K 20-yr	$50.88/mo	$44.99/mo	$5.89 (Pacific cheaper)
Male, 45, Standard (Regular), $500K 20-yr	$92.38/mo	$85.78/mo	$6.60 (Pacific cheaper)
Male, 55, Preferred Plus, $500K 20-yr	$115.69/mo	$112.14/mo	$3.55 (Pacific cheaper)

Rates sourced from Compulife® October 2026, NV, non-tobacco. A.M. Best ratings shown by Compulife: Lincoln National Life A, Pacific Life A+. Rates subject to change. Not an offer of insurance.

Key takeaway: Pacific Life was cheaper in every profile we checked. The gap ranged from $1.53 a month at age 30 (about 8%) to $6.60 a month for the 45-year-old man in the Standard class (about 7%, or roughly $1,584 over 20 years). The biggest percentage gap was the 45-year-old man in Preferred Plus (about 12%, or $5.89 a month, roughly $1,414 over 20 years), and the smallest was age 55 (about 3%, or $3.55 a month, roughly $852 over 20 years). Totals are the monthly difference times 240 months and assume rates do not change.

Which products are these quotes for? Compulife returns one price per carrier and does not name the product. For Pacific Life, we cannot tell whether a quote is PL Promise Term or Pacific Elite Term, because Pacific’s own documents have listed different minimum face amounts for Elite Term over time, including $750,000 in an older brochure and $250,000 in more recent materials. Lincoln sells both TermAccel Level Term and LifeElements Level Term, and either could apply at $500,000, so we cannot tell which one the Lincoln figure reflects. Confirm the product when you request a quote.

Lincoln National Life Insurance: Overview

The Lincoln National Life Insurance Company was founded in 1905 in Fort Wayne, Indiana, and is rated A by A.M. Best per Compulife. Lincoln’s term materials describe two level term products, both in 10-, 15-, 20-, and 30-year terms and both marked as not available in New York:

• TermAccel Level Term is Lincoln’s electronic, accelerated-underwriting product. Lincoln’s current product page lists face amounts of $100,000 to $2,500,000 (older reference guides listed a $1,000,000 maximum) and issue ages of 18 to 60, with 18 to 55 non-tobacco (18 to 50 tobacco) on the 30-year term. The application is online or by phone interview, and a rules engine waives lab work for qualifying applicants. A 2022 pre-qualification sheet describes lab-free consideration for ages 18 to 60 in most rate classes, with a list of medical exclusions.
• LifeElements Level Term is marketed toward higher-income buyers and business owners. A November 2022 product sheet lists a $250,000 minimum and non-tobacco issue ages up to 80 on the 10-year term, 75 on 15-year, 70 on 20-year, and 55 on 30-year. Lincoln’s materials describe it inconsistently in places, so confirm current availability and limits.

Lincoln’s Key Differentiators

• Conversion to a Lincoln permanent policy before the end of the level period or attained age 70, whichever comes first. Lincoln’s 2018 reference guide and February 2019 agent FAQ describe the full permanent portfolio as guaranteed for policy years 1 through 7 (policies issued on or after September 12, 2016), with a restricted portfolio from year 8. Confirm the current rules, because these documents are several years old.
• A fast electronic process for qualifying applicants up to age 60.
• Higher face amounts on TermAccel, up to $2.5 million per its current page.

Lincoln’s documents also describe a one-time decrease in face amount at the end of the level period if you keep the policy, so ask what that decrease is before you buy.

Pacific Life Insurance: Overview

Pacific Life (A+ A.M. Best per Compulife) has operated since 1868 and sells two term products:

• PL Promise Term offers 10-, 15-, 20-, 25-, and 30-year level premiums with a $50,000 minimum. You can convert all or part of the death benefit to PL Promise Conversion UL, a universal life policy with a no-lapse guarantee, with no additional underwriting, until the end of the level premium period or attained age 70, whichever comes first. An Accelerated Death Benefit Rider for terminal illness is included at no additional cost, with a life expectancy of 12 months or fewer (state variations may apply).
• Pacific Elite Term is offered in 10-, 20-, and 30-year terms and is aimed at larger policies. Pacific’s materials we reviewed disagree on the minimum face amount: an older brochure lists $750,000, while Pacific’s current product page and November 2025 client guide list $250,000. Per Pacific’s rider summary, the terminal illness rider is standard, and chronic and critical illness riders are optional, subject to underwriting and state availability, with no upfront or monthly charge but costs when used (a fee to exercise applies to the critical illness rider). Conversion is available to an eligible Pacific Life cash value policy for the earlier of the first 10 policy years or attained age 70, but not less than two years, and Pacific may add a conversion credit starting in policy year two. Confirm current Elite Term details with Pacific Life before relying on them.

Conversion Options Compared

Feature	Lincoln National	Pacific Life PL Promise	Pacific Life Elite Term
Conversion window	Before end of level period or attained age 70, whichever comes first	Level premium period or age 70, whichever comes first	Earlier of first 10 policy years or age 70, not less than 2 years; optional extension rider
Conversion products	Lincoln permanent products: full portfolio guaranteed years 1 to 7, restricted after (per 2018 to 2019 documents)	PL Promise Conversion UL	An eligible Pacific Life cash value policy
Conversion credit	None listed in documents we reviewed	None listed in what we reviewed	May be added starting in policy year two
Partial conversion	Not stated in documents we reviewed; confirm	✅ Yes (all or part)	⚠️ Confirm
Terminal illness trigger	Not stated in current materials (a 2018 guide said under six months)	12 months or fewer	Standard rider; confirm with Pacific Life
Chronic and critical illness benefits on the term policy	Could not be confirmed from Lincoln’s documents	Terminal illness only	Optional riders, subject to underwriting and availability

Riders: What’s Included vs. What Costs Extra

Using an accelerated benefit reduces the death benefit by more than the amount paid, so the cost shows up when you use it rather than in the premium.

Placement Patterns We See

• A buyer in their 40s focused on price with no conversion plan. Pacific Life tends to win. In our October 2026 check it was $5.89 a month lower for a 45-year-old man in Preferred Plus ($44.99 vs. $50.88).
• A buyer with a larger need who wants the option of chronic or critical illness riders on the term policy itself. Pacific Elite Term is the product to price, after confirming its minimum face amount, rider availability, and fees. Lincoln’s term documents did not let us confirm such benefits.
• A buyer who may want to convert only part of the policy to permanent coverage later. PL Promise documents partial conversion, while Lincoln’s materials we reviewed do not address it, so confirm before relying on it.
• A buyer working with an advisor who has a specific Lincoln permanent product in mind and expects to convert in the first seven years. Lincoln can be worth the higher premium here, provided the product is on the eligible list when the time comes.

These are illustrative, anonymized patterns, not descriptions of specific clients or guarantees of outcome. Individual outcomes vary.

The Verdict

Choose Lincoln National if:

• You or your advisor plan to convert to a Lincoln permanent product within the first seven policy years
• You want TermAccel’s electronic, lab-free path and may qualify (ages 18 to 60)
• You need a face amount above $1 million and Lincoln’s current limits fit your case

Choose Pacific Life PL Promise if:

• Price is a priority, since Pacific Life was cheaper in every profile we checked
• You want partial conversion and an age-70 window, with universal life as your permanent target
• The 12-month terminal illness trigger matters to you

Choose Pacific Life Elite Term if:

• You are buying a larger policy and want the option of chronic or critical illness riders on the term policy (subject to underwriting; confirm the minimum face amount first)
• A conversion credit appeals to you and you expect to convert within 10 years

Because the right answer depends on your age, health class, coverage amount, and conversion plans, see our guide on why an independent broker beats going direct, and use our life insurance needs calculator if you are not sure how much coverage to buy.

Frequently Asked Questions

Is Lincoln National or Pacific Life cheaper for term insurance?

Pacific Life was cheaper in all five profiles in our October 2026 Compulife check for $500,000 of 20-year term. For a 45-year-old male in Preferred Plus, Lincoln was $50.88 a month versus $44.99 for Pacific Life ($5.89 a month, about $1,414 over 20 years). The gap was $6.60 a month at Standard class and $3.55 a month at age 55. Compare both at your own age and health class.

What can I convert to with Lincoln vs. Pacific Life?

Lincoln allows conversion to a Lincoln permanent policy before the end of the level period or attained age 70. Its 2018 and 2019 documents describe the full permanent portfolio as guaranteed in policy years 1 through 7 and a restricted portfolio after that, so confirm current rules. Pacific Life says PL Promise Term can be converted in whole or in part to PL Promise Conversion UL until the end of the level premium period or attained age 70, with no additional underwriting.

Does Pacific Life Elite Term include chronic illness living benefits?

Per Pacific’s rider summary, chronic and critical illness riders are optional on Elite Term, subject to underwriting and state availability, with no upfront or monthly charge but costs when used. Do not assume they are automatic, and confirm the minimum face amount and current terms with Pacific Life. PL Promise Term includes a terminal illness rider only. We could not confirm a chronic illness benefit on Lincoln’s term policies from its documents.

Can I partially convert a Pacific Life term policy?

Yes. Pacific Life says PL Promise Term can be converted in whole or in part to PL Promise Conversion UL until the end of the level premium period or attained age 70, whichever comes first, with no additional underwriting. The Lincoln materials we reviewed do not address partial conversion, so confirm with Lincoln if that matters to you.

Authoritative Resources

• NAIC — Life Insurance Consumer Information
• A.M. Best — Insurer Financial Strength Ratings