Effective May 9, 2016, Lincoln is pleased to introduce the newest member in its Term portfolio, Lincoln TermAccel Level Term. Lincol TermAccel provides easy, affordable death benefit protection. Lincoln TermAccel Level Term has been designed for younger middle to mass affluent market clients ages 18-50 with face amounts from $100,000-$500,000 for term periods of 15, 20 or 30 years.
Lincoln TermAccel is a fully underwritten offering that requires a streamlined paperless online eTicket and electronic policy delivery process. Coupled with automated underwriting, this process eliminates attending physician statements and substantially improves submission processing times.
Highlights include:
- It’s simple
- Electronic ticket submissions
- Less time wasted on paperwork
- No attending physician statements
- It’s highly competitive
- Attractive, low rates
- Opportunity to penetrate new markets
Approvals
All states will be automatically approved at rollout, with the exception of New York.
Transition Rules/Replacements and Conversions
- New submissions received on or after May 9, 2016 will receive the product. Lincoln TermAccel Level Term is a new product offering and is not replacing any existing product.
- Internal Replacements are not allowed between Lincoln TermAccel and Lincoln LifeElements Level Term.
- Conversions are available prior to the end of the level premium payment period, or prior to insured’s attained age 70, whichever comes first. Reference the Conversion Guidelines document in the policies and procedures section of the producer websites for more information on Conversions.
New Business Streamlined Process Overview
The new business streamlined approach exclusively built for Lincoln TermAccel Level Term offers a simple, quick and efficient process. It can be described in these easy steps: Run the quote, complete the ticket, adopt an electronic signature and deliver electronic policy. Additionally this automated process will provide a consistent and predictable experience with proactive communications to the distributor at multiple stages throughout the process.
Can I submit a paper ticket or application for Lincoln TermAccel Level Term?
No, all applications must be submitted with the required electronic application process.
Can I send in labs or exam results that were preciously submitted?
No, Lincoln must order all labs (if required) in this streamlined process.
Can I receive the delivery package in paper form?
No, Lincoln must send the delivery package electronically using DocFast.
More detailed information will be available on this process on May 9, 2016.
Where does Lincoln TermAccel Level Term fir into Lincoln’s Term Portfolio?
Lincoln TermAccel Level Term has been designed to provide highly affordable death benefit protection at lower face amounts for your younger middle to mass affluent market clients. It is especially competitive for ages 18 to 50 at face amounts between $250,000 and $500,000.
Coming Soon – LincXpress New Business Launch
Lincoln is committed to delivering a superior customer experience by making it easy for you and your clients to do business. We’ve enhanced the submission process to offer more options and flexibility. In addition, we’ve streamlined the underwriting process to aid in a quick approval and you can now access your policies electronically on the advisor portal. The multi-faceted components of these exciting new business initiatives will be marketed as LincXpress.
Effective May 9, 2016 Lincoln is pleased to introduce, LincXpress Tele-App, LincXpress Lab-Free underwriting and LincXpress E-Delivery. These three initiatives will be explained in detail below.
LincXpress Tele-App
The LincXpress Tele-App process is a streamlined, no-cost, application process for electronic ticket and paper ticket submissions, utilizing Lincoln’s Tele-App process. This new process will allow advisors to spend less time with paperwork and more time with clients. Following a short in-house Tele-App interview, the submission will be processed by your dedicated Leading Edge team, with signatures on the submission and application non-solicitation forms obtained on delivery. The Tele-App process consists of three simple steps:
- Step 1: Quote and Submission (utilize Paper Ticket Submissions or Electronic Ticket Submissions**)
- Step 2: Tele-App interview and underwriting
- Step 3: Policy issue and delivery
**LincXpress Tele-App is available for all products (excluding, Lincoln TermAccel, and Lincoln MoneyGuard – these two products use similar methods, but they are not part of LincXpress) through all available submission methods and in all states, except New York. Electronic Ticket Submissions through the LincXpress Tele-App process are available only with Lincoln LifeElements Level Term. All other products are offered as paper ticket only.