May 16, 2022, Lincoln is announcing pricing updates to Lincoln LifeElements® Level Term (2019) which will improve competitive positioning in key cells. 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
- Face amounts of $500k – $999k, annual premiums are currently top 3 for almost all ages 55+
- Premium updates include mostly decreases with a few premium increases
For states that are approved at rollout, there is a 30-day transition period which begins on May 16, 2022 and ends on June 15, 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) – 05/16/22 rates.
- For policies already placed Lincoln will not allow rewrites to the Lincoln LifeElements® (2019) – 05/16/22 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.
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