FlexAdvantage Income 10 review

Yes, for the right buyer. This is a good annuity for someone whose main goal is protected lifetime income, who has long-term money to commit, and who plans to defer withdrawals for several years before turning income on. It is less appealing for someone who wants accumulation, needs frequent access to principal, or cannot meet the $75,000 minimum without overcommitting.

The main reason to buy FlexAdvantage Income 10 is to build a future protected lifetime income stream while keeping principal protection along the way. The built-in rider means you do not have to elect or shop for a separate income feature, and the 9% simple roll-up gives the benefit base a clear, predictable growth path during the deferral years. For someone who knows they want guaranteed income later and wants to know roughly what that income base will look like, the structure is easy to understand.

I think this annuity is best for someone in the pre-retirement or early-retirement window, roughly ages 55 to 75, who is using long-term money to solve a future income problem and expects to defer withdrawals for several years. It fits a buyer who values a built-in rider over relying on annuitization later, and who can comfortably set aside $75,000 or more. It is less attractive for someone who mainly wants growth, expects to need principal above the free-withdrawal amount, or wants the simplest, smallest-minimum annuity possible.

You are not really buying stock market upside. You are buying a lifetime income framework wrapped around a principal-protected annuity. The heart of the contract is the Lincoln ProtectedPay Select rider. Your premium establishes a benefit base, that base grows by a 9% simple annual credit for up to 10 years or through age 85 during the deferral period, and your age when you activate income helps determine the lifetime withdrawal percentage you can take. The indexed crediting on the account value matters too, but it is the supporting actor, not the lead.

Lincoln ProtectedPay Select is built into FlexAdvantage Income 10. Before you activate income, the rider applies a 9% simple annual income credit to the benefit base for up to 10 years or until you reach age 85, whichever comes first. Simple means the 9% is calculated on the original benefit base rather than compounding on a growing balance, so the credits add up in a straight line rather than accelerating. When you turn income on, the lifetime withdrawal amount is calculated as a percentage of that grown benefit base, with the percentage tied to your age at activation. The benefit base is a calculation figure used to determine income; it is not a cash value you can walk away with.

The rider fee starts at 1.10% and is disclosed with a maximum of 2.25%, which means Lincoln can raise it over the life of the contract up to that ceiling. That is worth understanding before you buy, because the fee is deducted from the account value while the income guarantee rests on the benefit base.

The most meaningful secondary feature is the breadth of the crediting menu. The contract offers a fixed account plus a wide set of indexed strategies tied to the S&P 500, an S&P 500 10% Daily Risk Control Index, the Capital Group Dividend Value ETF, and the Nasdaq Priva Index, using performance-triggered, cap, and participation-rate methods, including some five-year lock options. That gives the owner more ways to shape how interest is credited than many income-first FIAs offer.

There is a tradeoff. As of the March 16, 2026 materials in the spec, the current declared fixed account rate is 3.15%, indexed caps run roughly 4.40% to 5.15%, and participation rates range from about 35% to 100%. Those are not exciting accumulation terms, and that is by design. The contract is built to fund an income guarantee first, so the growth side is intentionally conservative.

This annuity is built for long-term retirement dollars, not short-term cash needs. After the early contract years, you can take up to 10% of the current account value each year without a surrender charge. Amounts above that during the first 10 years are subject to the surrender schedule below, and a market value adjustment may also apply. An MVA, or Market Value Adjustment, means your surrender penalty can move up or down with interest rates at the time you withdraw.

There is some relief built in. Protected Annual Income withdrawals under the rider and required minimum distributions are not subject to surrender charges, although they count toward the 10% annual free-withdrawal limit. A nursing home and terminal illness waiver is also available, which can free up access under qualifying circumstances. Even with those provisions, a 10-year schedule that starts at 9% is a real commitment, and this is not a contract to treat like emergency cash.

The headline fee is the income rider. Lincoln ProtectedPay Select costs 1.10% currently, deducted from the account value, with a disclosed maximum of 2.25%. That fee buys you the 9% simple roll-up and the lifetime income guarantee, so whether it is worth it depends almost entirely on whether you actually activate income. If you change your mind and never turn income on, you are paying for a guarantee you never use.

There is no base mortality and expense charge and no separate administration charge on this contract, which is a point in its favor. An optional Estate Lock enhanced death benefit is available for an additional 0.45%, rising to a maximum of 1.60%, for buyers who want to strengthen the legacy side. Beyond explicit fees, the structural tradeoff is the same as with most income FIAs: the indexed crediting terms are modest because the contract is built to support income, not to maximize growth.

Legal Entity: The Lincoln National Life Insurance Company

Parent: Lincoln Financial Group

S&P Rating: A+

The A+ S&P rating shown here was a low-confidence field in the source materials, so confirm Lincoln's current financial strength ratings directly before relying on them. Lincoln is a large, established annuity carrier with broad national distribution, and this product reflects a mainstream long-duration income-focused FIA design.