Effective August 10, 2020, Lincoln is announcing pricing adjustments to Lincoln TermAccel® Level Term (2019). Lincoln TermAccel offers an entirely electronic, streamlined interview process with fully automated underwriting and no APS requirement.
- The majority of core cells, for all term durations, ages 30 – 60 and face amounts of $250K – $1M will rank in the top 4 – 8 compared to key competitors.
- Premium updates will be a mix of both decreases and increases.
- Premium decreases are primarily at face amounts of $1M, and term durations of 10 and 30 years.
- Premium increases are primarily at face amounts of $100K – 249K.
For states that are approved at rollout, there is a 30-day transition period which begins on August 10, 2020 and ends on September 9, 2020. 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 TermAccel® (2019) – August 10, 2020, rates.
- For policies already placed Lincoln will not allow rewrites to the Lincoln TermAccel® (2019) – August 10, 2020, rates.
- For states approved after rollout of the above will automatically apply based on the availability date. Lincoln TermAccel® (2019) is not available in New York.