Lincoln: Pricing Update for Both Term Products
03-15-2021
Pricing Update: Lincoln TermAccel® Level Term (2019)
Effective March 15, 2021, Lincoln is announcing pricing updates to Lincoln TermAccel® Level Term (2019) which will improve competitive positioning in key cells. Lincoln TermAccel® life insurance offers an entirely electronic, streamlined interview process with fully automated underwriting and no APS requirement.
Pricing Updates
- The majority of core cells, for all term durations, ages 30 - 60 and face amounts of $500K - $1M, will rank in the top 3 compared to key competitors
- Preferred Plus class will remain ranked mainly in the top 4 – 7 compared to key competitors
- Premium updates will be a mix of both decreases and increases.
Transition Guidelines
For states that are approved at rollout, there is a 30-day transition period which begins on begins on March 15, 2021 and ends on April 14, 2021.
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) – 03/15/21 rates.
- For policies already placed Lincoln will not allow rewrites to the Lincoln TermAccel® (2019) –03/15/21 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.
- Click here to view the term state availability grid.
Pricing Update: Lincoln LifeElements® Level Term (2019)
Effective March 15, 2021, Lincoln is announcing pricing updates to Lincoln LifeElements® Level Term (2019) which will improve competitive positioning in key cells. Lincoln LifeElements® Level Term life insurance offers both a traditional paper application process and a streamlined Tele- App process for electronic and paper ticket submissions.
Pricing Updates
- The majority of the following core cells, all term durations, will rank in the top 4 compared to key competitors:
- Face amounts $1M and above premiums will be:
- Top 3 for nearly all ages 41 and above
- Top 4 for nearly all ages 30 - 40
- Face amounts of $500k - $999k, premiums will be top 3 for most ages 55 and above
- Face amounts $1M and above premiums will be:
- Premium updates will be a mix of both decreases and increases
Transition Guidelines
For states that are approved at rollout, there is a 30-day transition period which begins on begins on March 15, 2021 and ends on April 14, 2021.
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 LifeElements® (2019) – 03/15/21 rates.
- For policies already placed Lincoln will not allow rewrites to the Lincoln LifeElements® (2019) –03/15/21 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.