Lincoln is pleased to announce pricing improvements to Lincoln LifeElements Level Term (2014). Effective August 10, 2015, the following improvements will be made to Lincoln LifeElements Level Term (2014):
Premiums have either been reduced or stayed the same with the goal of solidifying key competitiveness at ages 45+ with face amounts of $500k+ in addition to:
• Being a top 3 carrier at $500,000 of death benefit at ages 55 and above
• Being a top 3 carrier at $1 million of death benefit at ages 45 and above
• Quarterly billing mode will now require premium payments through EFT
All states will be automatically approved at rollout, with the exception of:
• Puerto Rico – pending approval of the 2014 base product
• Oregon and Washington – pending approval of the 08/10/15 reprice
• New York – not included in the 08/10/15 reprice
For approved states, the following will apply at rollout:
• New applications received on or after August 10, 2015 will automatically receive the new lower premiums if applicable. A request to use the new rates will not be required
• Applications currently in underwriting that are issued on or after August 10, 2015 will automatically receive the new lower premiums if applicable. A request for the new rates will not be required. If the application was submitted with premium using the previously higher rates, the difference will be automatically refunded.
• For policies already issued, New Business will require notification of the desired change to reissue the policy at the new rates.
• For policies already placed, we will not allow rewrites to the new Lincoln LifeElements Level Term (2014) – rates as of 08/10/15.
For states approved after rollout, the above will automatically apply as of the state availability date