In a Lincoln National vs. Protective Life comparison, you’re looking at two carriers that approach the term life market from different angles. Protective Life competes aggressively on price — consistently among the most cost-competitive carriers in the country. Lincoln National prices notably higher but compensates with a $1.5 million ADB lifetime maximum and the broadest permanent product conversion shelf of any carrier we regularly work with.
In This Article
Live Rate Comparison: Lincoln National vs. Protective 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 | Protective Life | Difference |
|---|---|---|---|
| Male, 35, Preferred Plus, $500K 20-yr | $23.61/mo | $19.94/mo | Protective +$3.67 cheaper |
| Male, 45, Preferred Plus, $500K 20-yr | $51.48/mo | $45.02/mo | Protective +$6.46 cheaper |
| Male, 55, Preferred Plus, $500K 20-yr | $117.05/mo | $112.17/mo | Protective +$4.88 cheaper |
| Female, 40, Preferred Plus, $500K 20-yr | $27.07/mo | $23.77/mo | Protective +$3.30 cheaper |
| Male, 45, Standard (Regular), $500K 20-yr | $93.46/mo | $85.81/mo | Protective +$7.65 cheaper |
| Male, 45, Preferred Plus, $1M 20-yr | $95.80/mo | $84.11/mo | Protective +$11.69 cheaper |
Rates sourced Compulife® June 2025, NV. Protective Life prices 13–15% more competitively than Lincoln across most profiles. Lincoln’s premium reflects its superior ADB maximum, broadest permanent conversion shelf, and A+/A+ dual financial strength ratings. 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 and LifeElements Level Term in 10-, 15-, 20-, and 30-year terms. Its competitive position is built on product depth rather than price: the broadest permanent conversion shelf available and the highest ADB maximum in this comparison.
Lincoln’s Two Key Advantages
- “Any currently available Lincoln permanent product” at conversion: IUL, VUL, UL, MoneyGuard — whatever Lincoln’s best products are at conversion time, not just what existed when you bought the term.
- $1.5M ADB lifetime maximum: On a $2M policy, Lincoln provides up to $1.5M in terminal illness benefit access. Protective caps at $1M.
Protective Life Insurance: Overview
Protective Life (A+ A.M. Best, A+ S&P) holds an identical financial strength profile to Lincoln. Classic Choice term is available in 10–40 year terms and consistently prices 13–15% below Lincoln. The CCRE rider — launched July 2024 — gives Protective a chronic illness planning advantage Lincoln cannot match on term.
Protective’s Two Key Advantages
- Price: Protective saves buyers $3.30–$11.69/month across the profiles above. Over 20 years that adds up to $792–$2,805 in total premium savings.
- CCRE rider: Locks in chronic illness access upon conversion without re-underwriting. Lincoln cannot guarantee this without new medical underwriting at conversion.
Conversion Options Compared
ADB Cap Comparison — Why It Matters at Large Face Amounts
| Face Amount | Lincoln ADB Max | Protective ADB Max |
|---|---|---|
| $500,000 | Up to $500,000 | Up to $300,000 (60%) |
| $1,000,000 | Up to $1,000,000 | Up to $600,000 (60%) |
| $1,500,000 | Up to $1,500,000 (lifetime max) | Up to $900,000 (60%, capped at $1M) |
| $2,000,000 | Up to $1,500,000 (lifetime max applies) | Up to $1,000,000 (dollar cap reached) |
| Conversion Feature | Lincoln National | Protective Life |
|---|---|---|
| Base conversion window | To age 70 or end of initial term | 5 years standard / Up to 18 years with CCRE |
| Permanent product options | ⭐ Any currently available Lincoln product — IUL, VUL, UL | Range of Protective permanent products (expanded with CCRE) |
| Chronic illness at conversion | ⚠️ Possible on some perm products; re-underwriting typically required | ✅ With CCRE rider — no new underwriting |
| 35/40-year term available | ❌ No (30-year max) | ✅ Yes |
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
Protective Life — Classic Choice Term
✅ Included: ADB terminal illness (60% / $1M max)
➕ Additional cost: CCRE rider (18-yr conversion + chronic illness at conversion without re-underwriting); WOP; Children’s Term Rider
❌ Not available: Critical illness rider on term; ROP (discontinued)
⚠️ CCRE must be elected at application
What We’ve Seen in Our Placements
- A 46-year-old male, Preferred Plus, purchasing $2,000,000 of 20-year term for key-person business coverage: Lincoln won. The $1.5M ADB maximum provides far more terminal illness benefit access than Protective’s $1M cap on a $2M policy. At this face amount Lincoln’s A+/A+ ratings also mattered.
- A 44-year-old female, Preferred Plus, $500,000 of 20-year term with elevated neurological risk in family history: Protective with the CCRE rider. At $500K face, Lincoln’s ADB advantage ($500K) matches Protective’s cap at $300K — but the guaranteed chronic illness access at conversion was the deciding factor. Lincoln couldn’t match that guarantee without re-underwriting.
- A 38-year-old male, Preferred Plus, $500,000 of 30-year term — financial advisor had Lincoln IUL specifically in mind for conversion: Lincoln TermAccel. The conversion to any available Lincoln permanent product was essential to the advisor’s strategy.
- A 50-year-old male, Preferred Plus, $750,000 of 20-year term — no conversion preference, price-focused: Protective. Saving $6.46–$11.69/month over 20 years is $1,550–$2,805 in cumulative premium savings.
Individual outcomes vary. Anonymized placement examples, not guarantees of outcome.
The Verdict
Choose Lincoln National if:
- You’re purchasing $1M+ — Lincoln’s $1.5M ADB maximum provides substantially more terminal illness benefit access
- You or your financial advisor have specific Lincoln permanent products (IUL, VUL) in mind for conversion
- The broadest permanent product shelf at conversion is the priority
- Financial strength ratings at the highest dual-agency level matter for a large commitment
Choose Protective Life if:
- Lowest possible base premium is the priority — Protective saves 13–15% vs. Lincoln across all profiles
- Chronic illness protection guaranteed at conversion (without re-underwriting) is important — the CCRE rider is the only way to lock this in
- You want a 35- or 40-year term — Lincoln caps at 30
- Your face amount is $500K or under, where the ADB cap difference is less impactful
We place clients with both Lincoln National and Protective Life regularly. Call 888-972-0024 or get a free quote online.
Frequently Asked Questions
Is Lincoln National or Protective Life cheaper for term insurance?
Protective Life is meaningfully more competitive — 13–15% cheaper across most profiles per June 2025 Compulife data. Male, 45, Preferred Plus, $500K 20-year: Lincoln $51.48/mo vs. Protective $45.02/mo — a $6.46/month difference that adds up to $1,550 over 20 years.
What permanent products can I convert to with Lincoln National?
Any currently available Lincoln permanent product at the time of conversion — IUL, VUL, UL, MoneyGuard, and others — without new medical underwriting. This open-shelf policy is Lincoln’s most distinctive strength. Protective’s conversion products are also solid but don’t include VUL as an option.
Does Protective Life’s CCRE rider cost extra?
Yes. The CCRE rider is optional, must be elected at application, and carries an additional monthly premium (~$24–$25/mo for a 50-year-old male at $500K based on published examples). It extends the conversion window to 18 years and locks in chronic illness access at conversion without re-underwriting.
Which carrier is better for large face amount term life insurance?
For $1M and above, Lincoln National is generally the stronger choice — its $1.5M ADB lifetime maximum provides significantly more terminal illness benefit access than Protective’s $1M cap. At $2M face, Lincoln provides access to $1.5M in terminal illness benefits vs. Protective’s $1M maximum.