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Fixed Indexed Annuity

Lincoln Covered Choice 5 II

Lincoln Financial

8.75%

Best Cap

10%

Free W/D

51

Jurisdictions

Product data status: May 29, 2026

Rates, state availability, rider terms, and contract language must be confirmed with a licensed financial advisor or insurance professional before purchase. Guarantees are backed by the issuing insurer.

Live product data

Rates as of May 29, 2026, based on the latest AdvisorWorld scan of CANNEX data.

S&P 500 annual cap rate

8.75% cap on S&P 500

A five-year-surrender fixed indexed annuity from an A-rated Lincoln Financial carrier, built for index-linked accumulation across S&P 500 cap, participation, and trigger strategies plus a Capital Group Dividend Value ETF participation strategy, with no income rider and no premium bonus.

1-year termAdvisorWorld + CANNEX data

Best fit

Buyers who want a shorter (five-year) FIA commitment for index-linked accumulation on the S&P 500 with a higher-participation ETF alternative, and do not need a guaranteed lifetime-income rider built into the contract.

AM Best

A Excellent

Surrender period

5 years

Free withdrawal

10%/yr

Availability

51 jurisdictions (excl. California, New York)

Featured crediting strategies

Index / strategyRate mechanics

S&P 500

S&P 500 Index

8.75% cap rate

Rate varies by premium band.

S&P 500

S&P 500 Index

100% participation rate + 7.35% declared rate

Rate varies by premium band.

S&P 500

S&P 500 Index

100% participation rate + 6.5% declared rate

Rate varies by premium band.

S&P 500

S&P 500 Index

52% participation rate

Rate varies by premium band.

S&P 500

S&P 500 Index

7.65% cap rate

Rate varies by premium band.

S&P 500

S&P 500 Index

75% participation rate

Rate varies by premium band.

Fixed Account

Fixed Account

4.2% declared rate

Rate varies by premium band.

+ 1 volatility-controlled index option (Capital Group)

Product analyst notes

How to think about this contract

Why it can stand out

  • Five-year surrender ladder with a declining schedule, so the surrender penalty drops off steadily across the term rather than staying flat.
  • Carrier financial strength carries three independent ratings (A.M. Best, S&P, and Moody's), so the strength view does not come from a single agency.
  • Index menu pairs the recognizable S&P 500 with the Capital Group Dividend Value ETF, giving a buyer one familiar comparable and one higher-participation alternative on the same contract.
  • Free-withdrawal allowance and the full five-year surrender ladder are visible on this page, so the penalty-free liquidity schedule is not gated behind a sales brochure.

What to confirm

  • Lincoln Covered Choice 5 II is not a guaranteed-lifetime-income product. There is no GLWB rider attached, and there is no Protected Income Value chassis — the live feed shows an empty income-rider list. Do not compare its payout side-by-side with a rider-led income FIA.
  • There is no premium bonus on this contract — every dollar of upside has to come from the index strategies themselves.
  • The Capital Group Dividend Value ETF strategy uses a proprietary ETF, not the spot S&P 500. Participation rates on it can look high in absolute terms but are not directly comparable to an uncontrolled S&P 500 cap.
  • The guaranteed-minimum cap floor on this filing is very low, so caps and participation rates can reset down toward that floor across the surrender term. This filing is not available in California or New York.

Not ideal for

Buyers who need a contractually guaranteed GLWB withdrawal rate, expect a premium bonus, or want a death-benefit roll-up beyond the standard contract value — none of those are built into this contract. Also not available to California or New York residents.

All crediting strategies

View rate listings (16 rows)

These are the current crediting strategy listings returned for this product. Use the filters to narrow by index, term, premium band, or rate type.

Par: 100% + Fixed: 7.35% · 1-yr

S&P 500 Index

trigger

5-yr surrender$100,000+

Par: 100% + Fixed: 6.5% · 1-yr

S&P 500 Index

Dual Trigger · trigger

5-yr surrender$100,000+

Par: 52% · 1-yr

S&P 500 Index

participation

5-yr surrender$100,000+

Par: 52% · 1-yr

Capital Group Dividend Value ETF

participation

5-yr surrender$100,000+

Cap: 8.75% · 1-yr

S&P 500 Index

cap

5-yr surrender$100,000+

Fixed: 4.2% · 1-yr

Fixed Account

fixed

5-yr surrender$100,000+

Par: 75% · 5-yr

S&P 500 Index

participation

5-yr surrender$100,000+

Cap: 7.65% · 5-yr

S&P 500 Index

5 Year Lock · cap

5-yr surrender$100,000+

Par: 100% + Fixed: 7.35% · 1-yr

S&P 500 Index

$100,000+

Par: 100% + Fixed: 6.5% · 1-yr

S&P 500 Index

Dual Trigger

$100,000+

Par: 52% · 1-yr

S&P 500 Index

$100,000+

Par: 52% · 1-yr

Capital Group Dividend Value ETF

$100,000+

Cap: 8.75% · 1-yr

S&P 500 Index

$100,000+

Fixed: 4.2% · 1-yr

Fixed Account

$100,000+

Par: 75% · 5-yr

S&P 500 Index

$100,000+

Cap: 7.65% · 5-yr

S&P 500 Index

5 Year Lock

$100,000+

Income riders

Accumulation-focused — no income rider

This contract is designed for tax-deferred accumulation, not guaranteed lifetime income. No GLWB rider was returned because none is part of the contract design — compare against other accumulation FIAs on cap, participation rate, and surrender terms rather than lifetime income.

Linked review

Lincoln Covered Choice 5 II review notes

Explore our detailed review of Lincoln Covered Choice 5 II Fixed Indexed Annuity, covering features, rates, pros, cons, and financial strength.

3/5Read review
Nikhil Bhauwala

Key Features

Free withdrawal

10%/yr

Annual amount that may be available without surrender charges, subject to contract terms.

Surrender waivers

2

Nursing home waiver, Terminal illness waiver

Death benefit

Standard Death Benefit

Beneficiary value depends on contract terms, withdrawals, and rider elections.

Strategy guarantee

Minimum guaranteed cap: 1.00%

Strategy guarantee

Minimum guaranteed declared rate: 1.00%

Strategy guarantee

Guaranteed minimum interest rate (fixed): 0.10%

Annuitization options

Single life

Contract conversion options should be confirmed before purchase.

Fund types

Non-qualified, Qualified

Availability can vary by state and product terms.

Surrender schedule

Yr 1

8%

Yr 2

8%

Yr 3

7%

Yr 4

6%

Yr 5

5%

After

0%

Nursing home waiver, Terminal illness waiver, Surrender waivers

Documents

brochure

Lincoln Financial Lincoln Set 5 II brochure.pdf

Confidence: highReviewed Apr 9, 2026

Direct link not published — request the document from the carrier.

brochure

Lincoln Financial Lincoln Covered Choice 5 II brochure pdf.pdf

Confidence: highReviewed Apr 9, 2026

Direct link not published — request the document from the carrier.

Carrier Ratings

AM BestA
S&PA+
Moody'sA2
S&PA+

Contract notes from product data

Crediting design

How the interest-crediting choices are framed

Lincoln Covered Choice 5 II currently shows 7 distinct indexed or fixed crediting choices across 16 current rate listings, including S&P 500 Index, with 1 volatility-controlled index option grouped separately. These choices matter because caps, participation rates, fixed accounts, spreads, and renewal terms are different mechanics and should not be ranked as one simple rate list.

  • S&P 500 Index: 8.75% cap
  • S&P 500 Index: 100% participation
  • S&P 500 Index: 52% participation

Liquidity terms

Why access rules deserve as much attention as rates

A fixed indexed annuity can preserve more control than an income-only contract, but access is still governed by the surrender schedule, free-withdrawal terms, and waiver language. Those details are where many product comparisons become more meaningful than a simple rate list.

  • 10%/yr free withdrawal
  • 5 surrender years
  • Nursing home waiver
  • Terminal illness waiver

Verification note

Use carrier materials as term evidence, then confirm the current version

Carrier materials such as Lincoln Financial Lincoln Set 5 II brochure.pdf and Lincoln Financial Lincoln Covered Choice 5 II brochure pdf.pdf help explain the contract language behind the data on this page; the latest document activity we see is Apr 24, 2026. For the current brochure, rate sheet, or specimen contract, confirm the state-specific version with the carrier or a licensed financial professional.

  • Rates and rider terms can vary by state and issue age
  • Carrier guarantees depend on claims-paying ability
  • Current contract forms should be confirmed before purchase

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