Effective March 28, 2022, Lincoln is announcing pricing updates to Lincoln LifeElements® Level Term (2019) which will improve competitive positioning in key cells. In addition, automated underwriting and lab-free consideration has been expanded to include face amounts through $2.5 million for all LincXpress® ticket submissions; for more information view this Digital Underwriting article.
Lincoln LifeElements® Level Term life insurance offers both a traditional paper application process and a streamlined Tele-App process for electronic and paper ticket submissions.
Goals of the reprice include being a “top 3 carrier” in the following non-tobacco, core cells for all term periods:
- Face amounts of $1M+, annual premiums are currently in the top 3 for nearly all ages
- For face amounts of $500k – $999k, annual premiums are currently top 3 for almost all ages 55+
- Premium updates include nearly all decreases with a few premium increases
- For face amounts of $1M – $2.5M, premiums will be equal for Lincoln TermAccel® and Lincoln LifeElements® (2019)
For states that are approved at rollout, there is a 30-day transition period which begins on March 28, 2022 and ends on April 27, 2022. During the transition period:
- New applications received and applications currently in underwriting will automatically receive the lowest rates available.
- For policies already issued Lincoln will accept a written request to change to the Lincoln LifeElements® (2019) – 03/28/22 rates.
- For policies already placed Lincoln will not allow rewrites to the Lincoln LifeElements® (2019) – 03/28/22 rates.
- For states approved after rollout the above will automatically apply based on the availability date. Lincoln LifeElements® (2019) is not available in New York.
Reminder: Existing rules for product switches from Lincoln LifeElements® to Lincoln TermAccel® apply.
Lincoln TermAccel® rates are based on a streamlined, automated workflow and assume a cost savings benefit associated with that process. By switching products, that benefit is lost. Therefore, we will not allow a product switch within 12-months of applying for a traditional life insurance product, including from Lincoln LifeElements® Level Term.
The following riders are available on all versions of Lincoln LifeElements® (see state availability):
- Accelerated Benefit Rider
- Waiver of Premium Benefit
- Children’s Level Term Insurance Benefit Rider