Pricing Update: Lincoln LifeElements® Level Term (2019) – 08/16/21
Effective August 16, 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 when compared to key competitors:
- Face amounts of $500K – $999K, premiums are in the top 3 for almost all ages 55 and above
- Face amounts of $1M and above:
o Ages 30 and above, premiums are in the top 3 for most cells
o Ages 45 and above, premiums are ranked #1 for a large majority of cells
- Pricing updates include decreases only
For states that are approved at rollout, there is a 30-day transition period which begins on August 16, 2021 and ends on September 15, 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) –08/16/21 rates.
- For policies already placed Lincoln will not allow rewrites to the Lincoln LifeElements® (2019) – 08/16/21 rates.
- For states approved after rollout the above will automatically apply based on the availability date.
Illustrations for Lincoln LifeElements® (2019) – 08/16/21 will be run on Lincoln DesignItSM Illustration System (v.54.0). If you have an active internet connection, the software will automatically update to include the new rates on August 16, 2021. If you need to download the Lincoln DesignItSM Illustration System, it will be available on the Lincoln producer websites or from Field Office Technicians.
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
All impacted materials have been updated and made available on the Lincoln Producer Websites.