Effective October 16, 2017, Lincoln is pleased to announce pricing improvements to Lincoln LifeElements Level Term (2017) which will improve competitiveness in key cells at ages 45 and above with face amounts of $500,000 and above. Premiums either decreased or remained the same in all cells.
Highlights
Goals of the reprice include being a “top 3 carrier” with premiums reduced in 45% of the following core cells:
- $1 million of death benefit at ages 45+ for all term periods
- $500,000 of death benefit at ages 45+ for 15/20/30 year term periods
- $500,000 of death benefit at ages 55+ for 10 year term period
Transition Guidelines
For states that are approved at rollout, there is a 60-day transition period which will begin on October 16, 2017 and end on December 15, 2017. The 2017 product has not been filed at this time in Alaska, Massachusetts, and New York since they have not approved the use of PBR/2017 CSO.
- New applications received on or after October 16, 2017 and applications currently in underwriting that will be issued on or after October 16, 2017 will automatically receive the new Lincoln LifeElements Level Term (2017) – 10/16/17 lower premiums, if applicable. A request to use the lower rates will not be required. If the application had been submitted with premium using the previously higher rates, the difference will be automatically refunded.
- Beginning December 18, 2017, the new Lincoln LifeElements Level Term (2017) – 10/16/17 rates will automatically be used for all cases.
- For policies already issued, Lincoln will accept a written request to change to the Lincoln LifeElements Level Term (2017) – 10/16/17 rates.
- For policies already placed, Lincoln will not allow rewrites to the Lincoln LifeElements Level Term (2017) – 10/16/17 rates.
- For LincXpress Tele-App Cases, a complete ticket and required solicitation forms* must be received within the same transition rules outlined above.
- For states approved after rollout, the above will automatically apply based on the availability date.
*Required LincXpress® Tele-App solicitation forms include:
- LincXpress Tele-App Ticket (LF11252)
- Authorization for Release of Information (HIPAA) (LF02896 or state variations)
- Important Notice: Replacement of Life Insurance or Annuities (LF10087 or state variations) must be signed on or before the earliest signed form in the ticket packet and is needed whether replacing or not replacing.
- Receipt of Privacy Practices Notice and Important Notice Acknowledgment Form (LF10244)
- Agent’s Report (LF10971)—Completed and signed by agent only
Illustration Availability
Illustrations for Lincoln LifeElements Level Term (2017) – 10/16/17 will be run on the Lincoln DesignIt Illustration System (v39.0). If you have an active internet connection, the software will automatically update to include the new rates on October 16, 2017. If you need to download the Lincoln DesignIt illustration system, it will be available on the Lincoln producer websites or from Field Office Technicians.
Available Riders
The following riders are available on all versions of Lincoln LifeElements Level Term:
- Accelerated Death Benefit Rider
- Children’s Term Insurance Rider
- Waiver of Premium Rider
Coming Soon – Lincoln TermAccel – 10/16/17 (Electronic Ticket Submission Required)
Effective October 16, 2017, Lincoln is pleased to announce pricing improvements to Lincoln TermAccel which will improve competitiveness in key cells. Premiums either decreased or remained the same in all cells.
Our commitment to strong pricing, combined with a fast and easy end-to-end electronic process with No APS and the potential for Lab-Free Underwriting is why over 450 agencies have already chosen Lincoln TermAccel for their clients. Getting started is simple and our Onboarding Specialists are ready to help, because planning for the next generation deserves a next generation product experience.
Highlights
- Goals of the reprice include being a “top 3 carrier” for preferred and standard non-tobacco classes at $250,000 – $500,000 of death benefit at ages 30-50 with first place position in many cells.
Transition Rules
For states that are approved at rollout, there will be a 60-day transition period which begins on October 16, 2017 and ends December 15, 2017. Lincoln TermAccel is not available in New York.
- New applications received on or after October 16, 2017 and applications currently in underwriting that will be issued on or after October 16, 2017 will automatically receive the new lower premiums if applicable. A request to use the lower rates will not be required. If the application had been submitted with premium using the previously higher rates, the difference will be automatically refunded.
- Beginning December 18, 2017, the new Lincoln TermAccel – 10/16/17 reprice will automatically be used for all cases.
- For policies already issued, Lincoln will accept a written request to change to the Lincoln TermAccel – 10/16/17 rates.
- For policies already placed, Lincoln will not allow rewrites to the new Lincoln TermAccel – 10/16/17 rates.
- For states approved after rollout, the above will automatically apply based on the availability date.
Illustration Availability
Illustrations for Lincoln TermAccel – 10/16/17 will be run on the Lincoln DesignIt Illustration System (v39.0) If you have an active internet connection, the software will automatically update to include the new rates on October 16, 2017. If you need to download the Lincoln DesignIt Illustration System, it will be available on the Lincoln producer websites or from Field Office Technicians.
Available Riders
The following riders are available on all versions of Lincoln TermAccel:
- Accelerated Death Benefit Rider
- Children’s Term Insurance Rider
- Waiver of Premium Rider