Effective Aug. 15, 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.

Pricing Updates
Goal of the reprice includes being a “top 3 carrier” in the following non-tobacco, core cells for 10, 15, 20-year term durations:

  • Face amounts of $500K and above, annual premiums are currently in the top 3 for most ages 55+
  • There will be a mix of premium increases and decreases
  • Along with this pricing update the Policy Fee is being reduced from $90 to $70 on cases of $1M and above

Transition Guidelines

For states that are approved at rollout, there is a 30-day transition period which begins on Aug. 15, 2022 and ends on Sep. 14, 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) – 08/15/22 rates.
  • For policies already placed Lincoln will not allow rewrites to the Lincoln LifeElements® (2019) – 08/15/22 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.

Available Riders
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

 

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