Level Advantage 2 B-Share Principal Guarantee Death Benefit (Primerica) review

Yes, for the right buyer. This is a strong annuity for someone who wants RILA-style accumulation potential with partial downside protection and wants the added comfort that their beneficiaries will receive at least their original investment back. It is less appealing for someone who needs guaranteed lifetime income, wants full principal protection during their lifetime, or is not working with a Primerica advisor. The death benefit enhancement genuinely adds value for buyers with legacy planning concerns, which is what lifts this variant above the standard B-Share Primerica version.

The main reason to buy this annuity is the combination of structured growth potential and a principal backstop at death. A buyer who likes the RILA structure — partial downside protection, better upside potential than a traditional fixed annuity, no explicit fees — but is uncomfortable with the idea that their beneficiaries might inherit a depleted account if markets perform poorly during the contract period would find this variant directly addresses that concern. The Guarantee of Principal Death Benefit means that scenario is off the table: heirs receive at least premiums paid minus withdrawals, regardless of what index performance looked like.

I think this annuity is best for a buyer in their 50s or 60s who has money they can commit for 6 years, wants equity-linked upside potential with partial downside protection, and has beneficiaries they want to protect. It is a particularly good fit for someone who is willing to accept some living account value risk in exchange for better growth potential but is not comfortable leaving that same risk on the table for their heirs. It is less suitable for someone who needs guaranteed lifetime income, cannot commit funds for 6 years, or is primarily focused on maximum liquidity.

You are buying a structured insurance contract with two distinct value propositions. The first is the RILA platform itself: index-linked crediting with selectable protection levels that limit, but do not eliminate, downside exposure during your lifetime. The second is the death benefit overlay: a contractual guarantee that your beneficiaries receive no less than the original premiums paid, adjusted for any withdrawals you made while alive.

These two features operate differently. While you are alive, the buffer or floor sets your maximum annual or term loss per strategy. At death, the contract ignores what the account value happens to be and compares it against premiums paid — the higher number is paid to your beneficiaries. Understanding that distinction is essential before purchasing.

Lincoln Level Advantage 2 uses multiple crediting methods across several indices. Protection levels of 10%, 15%, 20%, and 30% are available depending on strategy selection, and crediting is structured using Annual Point-to-Point methods.

A **buffer** means the contract absorbs the first X% of index losses in a term. With a 15% buffer, a 10% index decline results in no loss to your account. A 25% decline results in a 10% loss — the amount beyond the buffer. Buffers protect against smaller drawdowns but not against severe market declines.

A **floor** works differently by capping the maximum loss you can experience in any term. A -10% floor means your account can never lose more than 10% in that term, regardless of how far the index falls. Floors offer more complete downside certainty but typically come with lower caps or participation rates.

Caps and participation rates on the upside vary by index and strategy and were reported as ranging approximately 10% to 20% as of March 5, 2026. These terms are subject to change at renewal, so current rates should be confirmed with Lincoln at time of application.

Available indices include S&P 500, Russell 2000, Capital Strength Net Fee Index, First Trust American Leadership Index, MSCI EAFE, and Capital Group Global Growth Equity ETF — a broad menu that allows allocation across domestic large-cap, small-cap, international developed market, and rules-based strategies.

The Guarantee of Principal Death Benefit is the defining differentiator of this version. For buyers aged 0-75, the death benefit equals the greater of the full account value or the original premiums paid minus any withdrawals taken. That means if the account value at death is lower than what was deposited — because of buffer losses during the contract period or mid-term market conditions — beneficiaries receive the original deposit amount instead. For buyers aged 76-85, the death benefit is the full account value.

This matters because RILAs, unlike traditional fixed indexed annuities, do carry living account value risk. A buyer holding a 10% buffer strategy in a year the S&P 500 falls 35% would lose 25% of that allocation for that term. Over multiple down years, losses could accumulate. The Guarantee of Principal Death Benefit ensures that whatever losses the living contract absorbs do not reduce the legacy amount below the original premium. For buyers whose annuity decision is partly driven by wanting to leave something specific to heirs, this is a material upgrade over the standard B-Share version without the guarantee.

This annuity allows free withdrawals of 10% of account value each year, available immediately, with the requirement that at least $1,000 remains in the account. Amounts above the free withdrawal allowance are subject to a 6-year surrender charge schedule. A market value adjustment may also apply on amounts subject to surrender charges depending on prevailing interest rates.

One nuance specific to RILA structures: mid-term withdrawals from indexed strategies are subject to a daily adjustment that can produce gains or losses relative to account value based on market conditions at the time of withdrawal. This is different from a traditional fixed annuity where the account value is straightforward. If funds need to be accessed mid-term, both timing and market conditions matter in ways that go beyond just the surrender charge calculation.

One of the cleaner aspects of this RILA is the absence of explicit annual contract fees. There is no base contract fee, no mortality and expense charge, and no administration charge reported in the product materials. The cost of downside protection and the product's profit margin are built into the crediting terms — the caps and participation rates — rather than charged as line-item fees. The fee for the Guarantee of Principal Death Benefit rider is reported as null in the available product data; buyers should confirm with their Primerica advisor whether this benefit is included at no separate charge or whether terms vary.

The structural tradeoffs are real. Upside in each strategy is limited by caps and participation rates. In a strong bull market year, a capped strategy may significantly underperform the underlying index. Buffer and floor protection does not mean zero living risk — losses beyond the protection level are absorbed by the account holder. And the Primerica-exclusive distribution means buyers cannot compare this specific version through other advisors or channels.

Legal Entity: The Lincoln National Life Insurance Company

Parent: Lincoln Financial Group

AM Best Rating: A

Lincoln Level Advantage 2 B-Share Principal Guarantee Death Benefit (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, which matters when evaluating a multi-decade contract commitment.