Effective February 12, 2018, Lincoln will be introducing pricing improvements to Lincoln LifeGuarantee UL (2013) which will solidify competitive level-pay lifetime guarantee pricing for key cells.
Highlights
Goals of the reprice focused on our core market – level-pay lifetime guarantee, non-tobacco classes ages 60 and above:
- Top 3 carrier or better for standard and top 4 carrier or better for preferred
- Average premium reduction approximately 4%
- Majority of premium decreases are within a range of 2% – 6%
- Pricing remained the same in a limited number of cells that were previously in the top 3
- No changes to targets
Single or short-pay scenarios will not see pricing improvements, and in a limited number of cells may see slight premium increases.
Transition Guidelines
For states that are approved at rollout there is a 60-day transition period which begins on February 12, 2018 and ends on April 12, 2018. All states will be automatically approved at rollout with the exception of Oregon (pending 2/12/18 rate approval), Puerto Rico (pending approval of the 2013 base product), and New York (where Lincoln LifeGuarantee UL is not available).
- New signed formal applications received on or after February 12, 2018 and applications currently in underwriting that will be issued on or after February 12, 2018 will have their choice of Lincoln LifeGuarantee UL (2013) – 02/08/16 rates or the new Lincoln LifeGuarantee UL (2013) – 02/12/18 rates.
- For policies already issued, Lincoln will accept a written request and a revised illustration to change to the Lincoln LifeGuarantee UL (2013) – 02/12/18 rates.
- For policies already placed, normal internal replacement guidelines apply. Rewrites will not be allowed/
Available Riders
The following riders are available on Lincoln LifeGuarantee UL (2013):
- Accelerated Benefits Rider (with critical illness)
- Accelerated Benefits Rider (without critical illness)
- Accidental Death Benefit Rider
- Children’s Term Insurance Rider
- Disability Waiver of Specified Premium
- Disability Waiver of Monthly Deduction
- Guaranteed Insurability Rider
- Lincoln LifeEnhance Accelerated Benefits Rider
- Spouse Term Rider