Effective September 10, 2018, Lincoln is pleased to announce a product expansion along with pricing improvements to Lincoln TermAccel® Level Term – 09/10/18 which will improve competitive positioning in key cells. Lincoln TermAccel offers an entirely electronic, streamlined Tele-App process with fully automated underwriting and no APS requirement.
- Face Amount: $100,000 – $1,000,000 (Increased from $500,000)
- Issue ages: 18 – 60 (Increased from 50)
- Term Periods: 10-Year (NEW), 15-Year, 20-Year, and 30-Year
Goals of the reprice include being a “top 4 carrier” in the following expanded non-tobacco core cells for all term periods:
- Ages 30-60 for face amounts of $250,000 – $1,000,000
- Premium updates include a mix of both premium decreases and increases
For states that are approved at rollout, there is a 60-day transition period which begins on September 10, 2018 and ends on November 9, 2018. During the transition period:
- New applications received and applications currently in underwriting will automatically receive the lowest Lincoln TermAccel rates available. A request to use the lower rates will not be required. If the application had been submitted with premium using higher rates the difference will be automatically
- For policies already issued Lincoln will accept a written request to change to the Lincoln TermAccel – 09/10/18
- For policies already placed Lincoln will not allow rewrites to the Lincoln TermAccel – 09/10/18
- For states approved after rollout the above will automatically apply based on the availability date. Lincoln TermAccel is not available in New York.
Exception Handling – Lincoln TermAccel Underwriting Procedures
For consideration in new or overlapping underwriting cells: Due to the unique product and pricing announcement the following guidelines will apply for a limited period of time.
Existing rule for product switches from Lincoln LifeElements® Level Term to Lincoln TermAccel:
Lincoln TermAccel rates are based on a streamlined automated workflow and assume a cost savings benefit associated with that process. By switching products, that benefit is lost. Therefore, we will not allow a product switch within 12 months of applying for a traditional product.
For submissions that meet the following criteria, a product switch from Lincoln LifeElements Level Term (2017) to Lincoln TermAccel – 09/10/18 only, may be considered:
- 10-year Lincoln LifeElements at ages 18-60 and $250,000 to $1,000,000; or Lincoln LifeElements, other durations, at ages 51-60 and $500,001 to $1,000,000
- No APS has been ordered or received on the original Lincoln LifeElements Level Term (2017) policy submission
- The original Lincoln LifeElements application and/or ticket must have been received by Lincoln between August 10, 2018 and September 17, 2018
- Cases that meet the above criteria and have not yet reached a “Placed” status
- If the prior Lincoln LifeElements case has had either a quick quote or a trial associated with it, a product switch to Lincoln TermAccel – 09/10/18 will not be allowed
- If the prior Lincoln LifeElements case used labs completed for another company, a product switch to Lincoln TermAccel – 09/10/18 will not be allowed
To be considered, any request for a product switch to Lincoln TermAccel must be received by the Lincoln Underwriting and New Business team no later than October 10, 2018.
Any approved request for a product switch to Lincoln TermAccel will require completion of a new Lincoln TermAccel Ticket and completion of a Lincoln TermAccel Tele-App interview.
If the prior Lincoln LifeElements case has been approved lab-free and Preferred Plus NT, and a policy switch is requested, we will allow lab-free consideration on the new policy – subject to favorable underwriting review in the Lincoln TermAccel process.
The following riders are available on all versions of Lincoln TermAccel:
- Accelerated Death Benefit Rider
- Children’s Term Insurance Rider
- Waiver of Premium Rider