Lincoln National EFT Changes

News Image 07-09-2016

New EFT Requirement for Quarterly Billing Mode on Term Business

Lincoln will soon require Electronic Funds Transfer (EFT) as the payment method for all NEW term business using Quarterly billing mode.

Effective August 10, 2015 all term policies requesting a quarterly billing mode will be required to elect EFT as the premium payment method. In-force policies will not be affected by this change. See chart for billing options.

Term policies placed prior to 08/10/15
Direct Bill -- Annual, Semiannual, Quarterly
EFT Annual, Semiannual, Quarterly, Monthly

Term policies placed on or after 08/10/15
Direct Bill -- Annual, Semiannual
EFT -- Annual, Semiannual, Quarterly, Monthly

For your convenience, the Lincoln Forms Tool (on the newer website/ not classic has been updated to automatically generate the Electronic Funds Transfer (EFT) Authorization form as part of the Term Application Packet.



BUA Sales
Phone: 800-792-6795