Lincoln Financial (The Lincoln National Life Insurance Company) vs Voya Financial
Comprehensive side-by-side comparison of indexed universal life insurance companies
Lincoln Financial (The Lincoln National Life Insurance Company)
Founded: 1905
Radnor, Pennsylvania
Assets
$321 billion in end-of-period account balances
IUL Experience
20+ years
Products
6
Avg Cap Rate
10.00%
Key Strengths
NEW Elite Indexed Universal Life Portfolio (2025)
New Multiplier Riders for enhanced performance
Dual IUL designs for different optimization approaches
120-year-old company
Serves 17 million customers
Voya Financial
Founded: 1991
New York, NY
Assets
$458 billion+ AUM
IUL Experience
5+ years
Products
5
Avg Cap Rate
9%
Key Strengths
Offers 5 IUL products
NOTE: Individual sales discontinued 2019-2020; primarily group/workplace only
Orange Pass accelerated underwriting
Detailed Feature Comparison
| Feature | Lincoln Financial (The Lincoln National Life Insurance Company) | Voya Financial |
|---|---|---|
| Founded | 1905 | 1991 |
| Headquarters | Radnor, Pennsylvania | New York, NY |
| Assets Under Management | $321 billion in end-of-period account balances | $458 billion+ AUM |
| Years in IUL Business | 20+ years | 5+ years |
| Number of IUL Products | 6 | 5 |
| Typical Cap Rate Range | 9.50% - 10.50% | 8% - 10% |
| Participation Rates | 105% | 110% |
| Minimum Premium | $5,000 annual | $5,000 annual |
| Issue Ages | 0-85 years | 0-85 years |
| Underwriting Speed | 2-4 weeks standard | Orange Pass: 5 business days |