Effective June 14, 2021, 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 $1M, ages 41 and above
- Face amounts of $500k – $999k, ages 55 and above
- Along with this pricing update, the monthly modal factor has been reduced. This results in a 1.7% decrease for monthly premiums, in addition to any other rate changes.
- 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 June 14, 2021, and ends on July 14, 2021. 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) – 06/14/21 rates.
- For policies already placed Lincoln will not allow rewrites to the Lincoln LifeElements® (2019) –06/14/21 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® (see state availability):
- Accelerated Benefit Rider
- Waiver of Premium Benefit
- Children’s Level Term Insurance Benefit Rider