LFG Term Repricing as of May 15

May 8, 2017

Coming Soon – Lincoln LifeElements Level Term (2017) – 05/15/17 and Lincoln TermAccel – 05/15/17 (Electronic Ticket Submission Required)

Lincoln LifeElements Level Term

Effective May 15, 2017, Lincoln is pleased to announce pricing improvements to Lincoln LifeElements Level Term (2017) which will solidify key competitiveness at ages 45 and above with face amounts of $500,000 and above. Premiums either decreased or remained the same in all cells.

Highlights

Goals of the reprice include being a “top 3 carrier” with premiums reduced in nearly 45% of the following core cells:

  • $1 million of death benefit at ages 45+ for all term periods
  • $500,000 of death benefit at ages 45+ for 15/20/30 year term periods
  • $500,000 of death benefit at ages 55+ for 10 year term period

 

Transition Guidelines

  • For states that are approved at rollout, there is a 60-day transition period which begins on May 15, 2017 and ends July 14, 2017. The 2017 product has not been filed at this time in Alaska, Massachusetts, and New York since they have not approved the use of PBR/2017 CSO.
  • New applications received on or after May 15, 2017 and applications currently in underwriting that will be issued on or after May 15, 2017 will automatically receive the new Lincoln LifeElements Level Term (2017) – 05/15/17 lower premiums if applicable. A request to use the lower rates will not be required. If the application had been submitted with premium using the previously higher rates, the difference will be automatically refunded.
  • Beginning July 17, 2017, the new Lincoln LifeElements Level Term (2017) – 05/15/17 rates will automatically be used for all cases.
  • For policies already issued, Lincoln will accept a written request to change to the Lincoln LifeElements Level Term (2017) – 05/15/17 rates.
  • For policies already placed, Lincoln will not allow rewrites to the Lincoln LifeElements Level Term (2017) – 05/15/17 rates.
  • For LincXpress Tele-App Cases, a complete ticket and required solicitation forms* must be received within the same transition rules outlined above.
  • For states approved after rollout, the above will automatically apply based on the availability date.

 

Lincoln TermAccel

Effective May 15, 2017, Lincoln is pleased to announce pricing improvements to Lincoln TermAccel which will solidify key competitiveness at ages 30 -50 non-tobacco classes with face amounts of $250,000 – $500,000.

Our commitment to strong pricing, combined with a fast and easy end-to-end electronic process with No APS and the potential for Lab-Free Underwriting is why over 450 agencies have already chosen Lincoln TermAccel for their clients. Getting started is simple and our Onboarding Specialists are ready to help, because planning for the next generation deserves a next generation product experience.

Highlights

  • Goals of the reprice include being a “top 3 carrier” in our core cells, non-tobacco classes at $250,000 – $500,000 of death benefit at ages 30-50 with first place position in many cells. Premiums either decreased or remained the same in preferred and standard core cells.
  • Premium increases in our core cells are limited to a selection of preferred plus cells spanning all ages and term periods.

 

Transition Rules

For states that are approved at rollout, there is a 60-day transition period which begins on May 15, 2017 and ends July 14, 2017. Lincoln TermAccel is not available in New York.

  • New applications received on or after May 15, 2017 and applications currently in underwriting that will be issued on or after May 15, 2017 will automatically receive the new lower premiums if applicable. A request to use the lower rates will not be required. If the application had been submitted with premium using the previously higher rates, the difference will be automatically refunded.

  • Beginning July 17, 2017, the new Lincoln TermAccel – 05/15/17 reprice will automatically be used for all cases.

  • For policies already issued, Lincoln will accept a written request to change to the Lincoln TermAccel – 05/15/17 rates.

  • For policies already placed, Lincoln will not allow rewrites to the new Lincoln TermAccel – 05/15/17 rates.

  • For states approved after rollout, the above will automatically apply based on the availability date.

 

Available Riders

The following riders are available on all versions of Lincoln TermAccel:

  • Accelerated Death Benefit Rider
  • Children’s Term Insurance Rider
  • Waiver of Premium Rider