Effective February 10, 2020, Lincoln is pleased to announce 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.
- Goals of the reprice include being a “top 3 carrier” in the following non-tobacco core cells for all term
o Ages 30 and above for face amounts of $1,000,000 and above
o Ages 55 and above for face amounts of $500,000 and above
- Premium updates include a mix of both decreases and increases
For states that are approved at rollout, there is a 30-day transition period which begins on February 10, 2020, and ends on March 11, 2020. During the transition period:
- New applications received and applications currently in underwriting will automatically receive the lowest rates available. A request to use the lower rates will not be required. If the application has been
submitted with premium using higher rates the difference will be automatically refunded.
- 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® Level Term (2019) – 02/10/20 rates.
- For policies already placed, Lincoln will not allow rewrites to the Lincoln LifeElements® Level Term (2019)– 02/10/20 rates.
- For states approved after rollout, the above will automatically apply based on the availability date.
The following riders are available on all versions of Lincoln LifeElements® Level Term (see state availability):
- Accelerated Benefit Rider
- Waiver of Premium Benefit
- Children’s Level Term Insurance Benefit Rider