Pricing Update: Lincoln LifeElements® Level Term (2019) – 02/10/20 and TermAccel® Level Term (2019) – 02/10/20

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Pricing Update: Lincoln LifeElements® Level Term (2019) – 02/10/20 and TermAccel® Level Term (2019) – 02/10/20

Effective February 10, 2020, Lincoln is pleased to announce pricing updates to Lincoln LifeElements® Level Term (2019) and Lincoln TermAccel® Level Term (2019) which will improve competitive positioning in key cells. 

Lincoln LifeElements® Level Term offers both a traditional paper application process and a streamlined Tele-App process for electronic and paper ticket submissions. 

Lincoln TermAccel® offers an entirely electronic, streamlined Tele-App process with fully automated underwriting and no APS requirement. 

Pricing Updates For LifeElements

  • Goals of the reprice include being a “top 3 carrier” in the following non-tobacco core cells for all term periods:
    • Ages 30 and above for face amounts of $1,000,000 and above 
    • Ages 55 and above for face amounts of $500,000 and above 
  • Premium updates include a mix of both decreases and increases 

Pricing Updates For Term Access

  • Goals of the reprice include being a “top 3 carrier” in the following non-tobacco core cells for all termperiods ages 30-60 and face amounts of $250,000 – $1,000,000
  • Premium updates include a mix of both decreases and increases

Transition Guidelines TermElements

For states that are approved at rollout, there is a 30-day transition period which begins on February 10, 2020 and ends on March 11, 2020. During the transition period: 

  • New applications received and applications currently in underwriting will automatically receive the lowest rates available. A request to use the lower rates will not be required. If the application has been submitted with premium using higher rates the difference will be automatically refunded. 
  • For LincXpress Tele-App cases a complete ticket and required solicitation forms must be received.
  • For policies already issued Lincoln will accept a written request to change to the Lincoln LifeElements®Level Term (2019) – 02/10/20 rates.
  • For policies already placed Lincoln will not allow rewrites to the Lincoln LifeElements® Level Term (2019)–02/10/20 rates.
  • For states approved after rollout the above will automatically apply based on the availability date.

Transition Guidelines TermAccel 

For states that are approved at rollout, there is a 30-day transition period which begins on February 10, 2020 and ends on March 11, 2020. During the transition period: 

  • New applications received and applications currently in underwriting will automatically receive thelowest rates available. A request to use the lower rates will not be required. If the application has beensubmitted with premium using higher rates the difference will be automatically refunded.
  • For policies already issued Lincoln will accept a written request to change to the Lincoln TermAccel® (2019) – 02/10/20 rates. 
  • For policies already placed Lincoln will not allow rewrites to the Lincoln TermAccel® (2019) – 02/10/20 rates.
  • For states approved after rollout the above will automatically apply based on the availability date.

 

Click here to view the term state availability grid. 

 

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