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

Yes, for the right buyer — but the right buyer here is fairly specific. This annuity is a good fit for someone who wants RILA-style buffer protection with multiple index and buffer choices, and who has a genuine need or desire to guarantee that their beneficiaries receive at least the premiums paid if death occurs during the contract period. It is less compelling for someone who is primarily shopping for accumulation and does not have a strong death benefit motivation, because the 1.00% annual fee will reduce net returns steadily over six years regardless of whether the guarantee is ever used.

The core reason to choose this specific version over the standard B-Share is the death benefit guarantee. In a RILA, losses beyond the buffer are real — if you select a 10% buffer and the index drops 35%, your account absorbs 25% of that loss. If that scenario plays out and you die while the account is below what you paid in, your heirs get the reduced amount under the standard contract. The Guarantee of Principal Death Benefit eliminates that scenario by promising a return of premium to beneficiaries. For buyers who are in their 60s or early 70s, who have meaningful assets in this contract, and who are concerned about sequence-of-returns risk intersecting with their mortality, that guarantee has real planning value.

I think this version is best for a buyer in their mid-to-late 60s or early 70s who wants structured market participation, can clearly articulate a legacy motivation, and understands that the 1.00% fee is the price of the guarantee — not just a cost of owning the annuity. It is sold exclusively through Truist, which narrows the distribution further. It is less appealing for a younger buyer who is unlikely to need the guarantee to fire before the 6-year period ends, for a buyer whose primary goal is maximizing accumulation, or for anyone who is primarily shopping based on net crediting potential versus peers without the rider.

You are buying a registered index-linked annuity — not a fixed indexed annuity and not a variable annuity. In a RILA, principal is not contractually protected from loss the way it is in a traditional FIA. Instead, your downside is partially absorbed by a buffer. The buffer protects against losses up to a defined threshold; losses beyond that buffer hit your account value directly. The cap limits how much of any index gain is credited. On top of that structure, you are buying a death benefit rider that converts a conditional protection into a contractual guarantee for beneficiaries: if the account value is below premiums paid at death, Lincoln pays the difference. The 1.00% annual fee is what makes that guarantee possible.

Lincoln Level Advantage 2 offers five buffer levels — 10%, 15%, 20%, 25%, and 30% — across three indices: S&P 500, Russell 2000, and MSCI EAFE. The deeper the buffer, the lower the cap. Annual Point-to-Point strategies measure from one contract anniversary to the next. Term End Point strategies measure over the full 6-year term. Performance Triggered strategies credit a set amount if the index finishes flat or positive. Declared Credit on Dual Performance strategies credit a declared rate if both of two indices meet a defined condition.

Annual caps on one-year strategies range from approximately 5.75% at lower buffers down to lower caps at deeper buffers — the precise cap-to-buffer tradeoff is rate-effective as of March 5, 2026, and can change on renewal. Six-year term strategies carry performance caps ranging from roughly 55% to 100% depending on buffer selection. Participation rates are listed at 100% in the spec, though this field carries medium confidence — buyers should verify participation rate terms directly in the contract or rate sheet before purchasing.

The practical choice a buyer makes is: how much downside am I willing to absorb personally, and how much cap am I willing to accept in exchange for more buffer? There is no universally right answer — it depends on index outlook and the buyer's tolerance for partial loss.

The Guarantee of Principal Death Benefit 2 (Return of Principal) is the distinguishing feature of this version. Standard RILAs pass whatever the account value is at death — which can be less than premiums paid if the contract has absorbed losses beyond the buffer. This rider changes that outcome for beneficiaries: Lincoln contractually guarantees that the death benefit will not be less than premiums paid, adjusted for withdrawals, as long as the contract owner is between ages 0 and 75 at issue. Buyers who issue between ages 76 and 85 have access to a Return of Premium Death Benefit instead.

That distinction matters in retirement planning. A buyer who funds this annuity with $200,000 and dies in year three after a severe market downturn could otherwise leave heirs with $150,000 or less under the standard contract design. With the guarantee, heirs receive the full $200,000 less any withdrawals taken. The 1.00% annual fee is the cost of that assurance. Whether it is worth it depends on the buyer's age, health, size of the contract relative to their estate, and how much weight they place on the death benefit versus net return.

This annuity allows a free withdrawal of 10% of account value immediately, with the requirement that at least $1,000 remain in the account after any withdrawal. Withdrawals from structured strategies are subject to a daily adjustment that may be negative and reduce account value — this is a meaningful RILA-specific consideration that differs from traditional fixed annuities where free withdrawals do not carry interim adjustment risk.

No market value adjustment applies. This is a 6-year product by design, and the surrender schedule is front-loaded but reasonable within its peer group. The contract should be funded with money that can genuinely stay in place for 6 years.

The base contract carries no explicit annual contract fee. The Guarantee of Principal Death Benefit rider costs 1.00% annually, deducted from account value. Over a 6-year surrender period at even modest account values, that fee accumulates to a real cost. On a $200,000 contract, 1.00% per year is $2,000 in year one alone — and the fee compounds against account value over time.

The other structural tradeoffs are inherent to RILAs: upside is capped, and losses beyond the buffer are real. There is no minimum guaranteed surrender value listed in the spec. There is no income rider available on this contract. There is no chronic illness waiver listed in the spec — buyers who want those features would need to look at different products. Distribution is limited to Truist-affiliated advisors, which means this product is not available outside that channel.

Legal Entity: The Lincoln National Life Insurance Company

Parent: Lincoln Financial Group

AM Best Rating: A

Lincoln Financial Group is a well-established national carrier with broad annuity experience. An AM Best rating of A indicates excellent financial strength. The Level Advantage 2 platform reflects Lincoln's ongoing investment in the RILA space, and the B-Share structure is specifically designed for fee-based or bank distribution channels — in this case, exclusively through Truist.