Effective January 11, 2021, Lincoln is announcing pricing updates to Lincoln LifeElements® Level Term (2019) which will improve competitive positioning in key cells. Lincoln LifeElements® Level Term offers both a traditional paper application process and a streamlined Tele-App process for electronic and paper ticket submissions.
- The majority of the following core cells, all term durations, will rank in the top 3 compared to key competitors:
- Face amounts of $1M and above, age 30 and above
- Face amounts of $500k-999k, ages 50 and above
- Premium updates will be a mix of both decreases and increases
For states that are approved at rollout, there is a 30-day transition period which begins on January 11, 2021 and ends on February 10, 2021. During the transition period:
- New applications received and applications currently in underwriting will automatically receive the lowest rates available.
- For LincXpress Tele-App cases a complete ticket and required solicitation forms must be received.
- For policies already issued, Lincoln will accept a written request to change to the Lincoln LifeElements® (2019) – 01/11/21 rates.
- For policies already placed, Lincoln will not allow rewrites to the Lincoln LifeElements ® (2019)- 01/11/21 rates.
- States approved after rollout, the above will automatically apply based on the availability date.