Effective March 28, 2022, Lincoln is pleased announce Lincoln TermAccel® Level Term (2019) pricing improvements and expansion of the maximum face amount up to $2.5 million. Along with the face amount expansion, automated underwriting and lab-free consideration will also be increased to include face amounts through $2.5 million; for more information view this Digital Underwriting article.
Lincoln TermAccel® life insurance offers an entirely electronic, streamlined interview process with fully automated underwriting and no APS requirement.
Lincoln TermAccel® Product Expansion to $2.5 Million (increased from $1M).
Goals of the reprice include being a “top 3 carrier” in the following non-tobacco, core cells for all term periods:
- For face amounts of $500k and above, nearly all annual premiums are currently in the top 3
- Premium updates include nearly all decreases with a few premium increases
- For face amounts of $1M – $2.5M, premiums will be equal for Lincoln TermAccel® and Lincoln LifeElements® (2019)
For states that are approved at rollout, there is a 30-day transition period which begins on March 28, 2022 and ends on April 27, 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 TermAccel® (2019) – 03/28/22 rates.
- For policies already placed Lincoln will not allow rewrites to the Lincoln TermAccel® (2019) – 03/28/22 rates.
- For states approved after rollout the above will automatically apply based on the availability date. Lincoln TermAccel® (2019) is not available in New York.
State Availability Important Notice
Lincoln TermAccel® Level Term (2019) pricing improvements and expansion of the maximum face amount up to $2.5 million has not yet been approved in the following states: AR, MA, MD, MO, OR and WA.
To apply for face amounts above $1 Million in these states please use Lincoln LifeElements® Level Term. If a TermAccel® submission is received above $1 Million for a state not yet approved, the Lincoln New Business Case Manager will confirm one of the following ways to proceed: switch products to Lincoln LifeElements® Level Term or reduce the face amount to $1 Million.