Life

CONS

• • Primarily distributed through Equitable Advisors and independent agents rather than direct-to-consumer, so online quoting and instant-issue options are limited compared to digital-first carriers
• • Term life lineup is narrower and less price-competitive than carriers that specialize in term (e.g., Banner, Protective, Pacific Life)

CONS

• • No direct-to-consumer online application path for most products — coverage typically requires going through an independent agent or broker
• • Term life pricing is generally not the lowest for healthy applicants compared to term-focused carriers like Banner, Protective, or Haven Life

CONS

• • Not licensed in New York — New York residents must use sister company William Penn Life Insurance Company of New York instead
• • Does not sell whole life insurance; product line is limited to term and universal life only

CONS

• • Underwriting decisions and policy issuance have historically been slower than fully accelerated/instant-decision competitors like Haven Life or Ethos, often requiring a traditional paramedical exam
• • Limited no-exam options compared to carriers that have built out fully digital underwriting platforms

CONS

• • No direct online quote-and-buy path — applicants must work through a Northwestern Mutual financial advisor, which lengthens the purchase process
• • Term life premiums are typically not the cheapest on the market; the company's value proposition skews toward whole/permanent policies rather than low-cost term

CONS

• • AM Best downgraded Lincoln Life & Annuity Company from 'A+' to 'A' in 2023 following large GAAP losses tied to universal life reserve assumption updates
• • Has implemented cost-of-insurance (COI) rate increases on certain in-force universal life blocks, which has drawn policyholder lawsuits in recent years

CONS

• • Principal exited the U.S. retail fixed annuity and individual life markets to consumers without an advisor relationship in recent years — direct-to-consumer online quoting is limited compared to carriers like Haven Life or Ethos
• • Distribution is primarily through independent agents and benefits brokers, so shoppers without an existing advisor may find it harder to get a quote than with carriers that publish online rates

CONS

• • Term life only — does not offer whole life, universal life, or other permanent coverage products
• • Haven Life Plus rider is not available in Florida, North Dakota, South Dakota, or Washington

CONS

• • Vitality program requires ongoing engagement (logging activity via app/wearable) to maximize discounts — policyholders who don't participate consistently miss the headline savings
• • Exited the long-term care insurance market in 2016 and discontinued sales of new individual LTC policies, limiting product breadth versus competitors that still offer hybrid LTC/life

CONS

• • Ethos is a brokerage/MGA, not the actual insurer — claims, policy servicing, and long-term reliability depend on the underlying carrier (Legal & General America, Ameritas, etc.), which can confuse buyers expecting a direct relationship
• • No permanent cash-value products beyond limited whole life — buyers wanting universal life, indexed UL, or variable life must go elsewhere

CONS

• • Eligibility is restricted — only USAA members (military service members, veterans with honorable discharge, and their eligible family) can purchase policies
• • Limited product lineup compared with full-service insurers — fewer riders and indexed/variable universal life options than carriers like Prudential, Lincoln, or Pacific Life

CONS

• • Sells only term life — no whole life, universal life, or permanent cash-value options for buyers who want lifelong coverage or a cash-value component
• • Premiums are frequently reported by independent comparison sites as higher than competing term-life carriers like Banner, Protective, or Haven Life for equivalent coverage, partly because the MLM distribution model embeds agent compensation into pricing

CONS

• • Limited coverage amounts
• • Longer approval

CONS

• • Limited coverage amounts
• • Longer approval

CONS

• • Limited coverage amounts
• • Longer approval

CONS

• • Limited coverage amounts
• • Longer approval

CONS

• • Limited coverage amounts
• • Longer approval

CONS

• • Limited coverage amounts
• • Longer approval