Level Advantage 2 B-Share (Primerica) review

Yes, for the right buyer. This is a well-constructed RILA from a strong carrier, with a broad index menu and a meaningful range of protection choices. It is less appealing for someone who wants a guaranteed income stream, wants full principal protection, or is not working with a Primerica advisor. For a buyer who understands the RILA structure, wants partial downside protection, and is comfortable with a 6-year commitment, this is a solid choice.

The main reason to buy this annuity is to participate in upside index performance while limiting — but not eliminating — downside risk. A traditional fixed annuity protects the full principal but caps returns heavily. A variable annuity offers full market participation with full market risk. A RILA like this one sits in between: you absorb losses up to the buffer level, the contract absorbs losses beyond it, and your upside potential is shaped by caps and participation rates. That structured tradeoff is what someone is paying for here.

I think this annuity is best for someone in their 40s through early 60s who has money they can commit for 6 years, wants more growth potential than a traditional fixed annuity, and is comfortable accepting partial downside risk in exchange for better upside potential. It is also a reasonable fit for someone working with a Primerica advisor who wants a structured product without paying for income features they do not need. It is less suitable for someone who needs liquidity above 10% annually, wants guaranteed lifetime income, or wants full principal protection at all times.

You are not buying direct stock market participation. You are buying a structured contract where your index-linked returns are shaped by protection levels, caps, and crediting methods. The key concept to understand is the difference between a buffer and a floor.

A **buffer** means the contract absorbs the first X% of index losses each term. If you are in a 10% buffer strategy and the index falls 8%, you lose nothing. If the index falls 15%, you lose the amount beyond the buffer — in this case, 5%. Buffers protect you from smaller losses but do not protect you from severe drawdowns.

A **floor** works differently. A floor sets the maximum loss you can experience. If you are in a strategy with a -10% floor, you will never lose more than 10% in that term, regardless of how far the index drops. Floors cap your downside exposure completely.

Both structures limit your upside through caps, participation rates, or triggered crediting rules. Understanding which structure you are in — and how the protection level is defined — matters significantly for managing expectations.

Lincoln Level Advantage 2 uses multiple crediting methods across several indices. Protection levels of 10%, 15%, 20%, 25%, and 30% are available, though which levels apply to which strategies varies by specific option.

The **Annual Point-to-Point** strategies measure index performance from one contract anniversary to the next and apply a cap to limit the upside. The protection level acts as either a buffer or floor depending on the strategy. You can select different strategies and protection levels at each renewal.

The **Term End Point** strategies measure over a multi-year term, typically the 6-year surrender period, and apply a cap or participation rate over that longer horizon. These are typically better suited for buyers who want to match the term of the strategy to the surrender period.

The **Performance Triggered** and **Dual Performance Triggered** methods apply a declared credit if the index meets certain conditions — typically flat or positive — regardless of how much the index gains. The **Dual Performance Triggered** variant may credit even when the index is slightly negative, depending on terms.

The **Declared Credit on Dual Performance** method offers a stated credit when specific trigger conditions are met.

Note: specific caps, participation rates, and declared credits vary by index and strategy and were reported as ranging from 10% to 30% for protection levels as of March 5, 2026. Exact current crediting terms should be confirmed with Lincoln at time of application, as rates are subject to change.

The most meaningful secondary feature is the breadth of the index menu. Level Advantage 2 includes seven indices: S&P 500, Russell 2000, Capital Strength Net Fee Index, Capital Group Global Growth Equity ETF, First Trust American Leadership Index, MSCI EAFE, and Capital Group Growth ETF. That is a wider selection than many RILAs offer, and it gives buyers exposure to domestic large-cap, small-cap, international developed market, and rules-based strategies within a single contract.

The practical benefit is diversification of crediting allocation. A buyer can split allocations across different indices and crediting methods, potentially reducing concentration in a single market segment. The tradeoff is complexity: more choices require more attention at each renewal, and some specialty indices embed their own index fees that affect net performance.

This annuity allows free withdrawals of **10% of Account Value immediately** — meaning from day one — with the requirement that at least $1,000 remains in the account. Amounts above the 10% free withdrawal are subject to a 6-year surrender charge schedule. A market value adjustment also applies to surrenders and excess withdrawals, which can increase or decrease the amount received depending on prevailing interest rates at the time.

One important nuance: withdrawals from structured strategies are subject to a **daily adjustment**, which can result in a gain or loss relative to account value depending on market conditions at the time of withdrawal. This is different from a traditional fixed annuity where the account value is straightforward. If you need to access funds mid-term, timing and market conditions both matter.

The chronic illness waiver (Surrender Charge Waiver — Chronic Illness) is available and can allow access beyond the 10% free withdrawal without surrender charges in qualifying situations. RMD-friendly design means required minimum distributions are generally accommodated within the contract framework.

One of the cleaner aspects of this RILA is the absence of explicit contract fees. There is no base contract fee, no mortality and expense charge, and no administration charge. This is consistent with the RILA structure generally: the cost of the protection and the product's profit margin are built into the crediting terms — specifically the caps and participation rates — rather than charged as explicit fees.

That does not mean there are no tradeoffs. The upside in each strategy is limited by those caps and participation rates. In a strong bull market, a capped strategy may earn significantly less than the underlying index returned. And surrender charges run for 6 years, starting at 7% in years one and two, before declining to zero in year seven.

The death benefit is the full Account Value, which is standard for a RILA of this structure. There is no enhanced death benefit here unless the buyer selects an optional Guarantee of Principal death benefit at additional cost — that option is available on other Level Advantage 2 variants, and its availability on this specific Primerica version should be confirmed with the advisor.

Lincoln Level Advantage 2 B-Share (Primerica) is issued by The Lincoln National Life Insurance Company, the operating insurance subsidiary of Lincoln Financial Group. Lincoln holds an **A (Excellent)** rating from AM Best, reflecting strong financial strength and a long track record in the annuity and life insurance markets. Lincoln is a major national carrier and not a niche provider, which matters when evaluating multi-decade contract commitments. Lincoln Financial Group is headquartered in Radnor, Pennsylvania.