Level Advantage 2 B-Share (Truist) review

Yes, for the right buyer. This is a good annuity for someone who wants partial market participation, is comfortable with some level of downside exposure beyond the buffer, and is purchasing through Truist. It is the wrong product for someone who wants full principal protection (this is not a fixed indexed annuity), guaranteed lifetime income (no rider available), or distribution outside the Truist network.

The primary reason to buy Level Advantage 2 B-Share is structured accumulation: the ability to participate in index performance with a defined buffer absorbing the first portion of any loss. Buyers choose this over a plain fixed annuity because the upside potential is meaningfully higher. Buyers choose this over a variable annuity because the downside is buffered rather than fully exposed. The secondary reason is the Secure Lock+ feature — locking in gains mid-term reduces regret risk for buyers who are watching the market move favorably in year two or three of a six-year contract.

I think Level Advantage 2 B-Share is best for a moderately risk-tolerant buyer — someone who can accept losses if markets drop more than their chosen buffer, but wants partial protection rather than full market exposure. A 30% buffer buyer is saying: I can live with a market drop of up to 30% without any loss to my account, but if the market drops 40%, I absorb the last 10%. That is a meaningful risk acceptance, and buyers need to understand it clearly. This is not best for conservative buyers who equate "annuity" with "no loss" — that expectation is incompatible with how a RILA works.

You are buying a structured insurance contract that links credited interest to index performance while protecting against a defined layer of downside through a buffer mechanism. Unlike a fixed indexed annuity, there is no floor at zero — losses beyond the buffer affect your account value. Unlike a variable annuity, your loss exposure is capped at the portion of the index decline that exceeds your chosen buffer. The practical design is: you give up some upside (via caps or participation rates) in exchange for partial downside protection, and you accept the risk of losses in severe market environments where the decline exceeds your buffer.

Level Advantage 2 B-Share offers two crediting method types: Annual Point-to-Point (one-year terms) and Term End Point (six-year terms). Both measure index performance at the end of the term and apply the result — subject to a cap and buffer — to the account.

The buffer levels available are 10%, 15%, 20%, 25%, and 30%. A buyer selecting a 20% buffer on the S&P 500 annual strategy will see the following outcomes: if the S&P 500 rises, gains are credited up to the applicable cap; if the S&P 500 falls up to 20%, no loss is applied to the account; if the S&P 500 falls more than 20%, the loss beyond the 20% buffer is applied to the account.

The six-year Term End Point strategies carry higher caps — the spec notes caps ranging from 10% to 90% for six-year terms versus 6% to 100% for annual strategies, with the note that specific rates vary by strategy and are effective as of March 2026. Buyers should confirm current rates directly with Lincoln or their Truist advisor, as rates are subject to change. Three indices are available: S&P 500, Russell 2000, and MSCI EAFE.

The Secure Lock+ feature allows buyers to lock in index-linked gains once per contract year before the term ends. This matters because one of the behavioral risks with multi-year structured products is watching gains accumulate and then give back before the term measurement date. Secure Lock+ reduces that risk by giving buyers a defined opt-in to capture gains and reset. It is not guaranteed to be available in all circumstances, and buyers should confirm the mechanics with their advisor, but it is a meaningful differentiator relative to RILA products that offer no mid-term capture option.

Level Advantage 2 B-Share uses a 6-year surrender schedule. The free withdrawal provision allows 10% of account value annually with no surrender charge, subject to maintaining at least $1,000 in the account. The contract does not apply an MVA per the spec.

Surrender charge waivers are available for nursing home confinement, terminal illness, and disability — these are meaningful provisions that reduce the penalty risk in hardship scenarios. The contract is RMD-friendly. Buyers who need regular access above the free withdrawal amount should think carefully about whether a 6-year product fits their liquidity needs.

The spec indicates no base contract fee and no rider fee, which is consistent with typical RILA design where costs are embedded in the crediting structure (caps and participation rates) rather than charged as explicit fees. Buyers should understand that the cap limits mean they will not fully participate in strong bull market years — that is the price of the buffer.

The structural tradeoffs deserve plain-English treatment. First, this is not principal protection — a 40% market decline on a 20% buffer contract means a 20% loss to your account. Second, distribution is limited to Truist, which constrains ongoing advisory options. Third, there is no income rider, so this is purely an accumulation vehicle. Fourth, NY residents are excluded. These are real limitations, not fine print.

Legal Entity: The Lincoln National Life Insurance Company

Parent: Lincoln Financial Group

Standard & Poor's Rating: A+

Lincoln Financial Group is a large, established insurance carrier. An A+ rating from S&P is a strong financial strength indicator. Buyers can feel confident in the carrier's claims-paying ability; the main distribution constraint is the Truist channel requirement rather than any carrier concern.