Effective Jan. 10, 2022, Lincoln is announcing pricing updates to Lincoln TermAccel® Level Term (2019) which will improve competitive positioning in key cells. Lincoln TermAccel® life insurance offers an entirely electronic, streamlined interview process with fully automated underwriting and no APS requirement.
Goals of the reprice include being a “top 3 carrier” in the following non-tobacco, core cells for all term periods:
- For face amounts of $500k and above, nearly all premiums are currently in the top 3, with a majority ranked #1
- Premium updates include decreases only
For states that are approved at rollout, there is a 30-day transition period which begins on Jan. 10, 2022 and ends on Feb. 9, 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 TermAccel® (2019) – 01/10/22 rates.
- For policies already placed Lincoln will not allow rewrites to the LincolnTermAccel® (2019) –01/10/22 rates.
- For states approved after rollout the above will automatically apply based on the availability date. Lincoln TermAccel® (2019) is not available in New York.
The following riders are available on all versions of Lincoln TermAccel® (see state availability):
- Accelerated Benefit Rider
- Waiver of Premium Benefit
- Children’s Level Term Insurance Benefit Rider