Lincoln: Pricing Update for Lincoln LifeElements Level Term
Effective August 10, 2020, Lincoln is announcing pricing adjustments to Lincoln LifeElements® 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.
- The majority of core cells, all term durations, age 30 and above and face amounts of $1M and above will rank in the top 5 compared to key competitors.
- Premium updates will be a mix of decreases and increases
- Premium decreases are primarily at face amounts of $1M and above
- Premium increases are primarily at face amounts of $250K – 499K
For states that are approved at rollout, there is a 30-day transition period which begins on August 10, 2020 and ends on September 9, 2020.
During the transition period:
- New applications received and applications currently in underwriting will automatically receive the lowest rates available.
- 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) – August 10, 2020 rates.
- For policies already placed Lincoln will not allow rewrites to the Lincoln LifeElements® Level Term (2019) – August 10, 2020, rates.
- States approved after rollout of the above will automatically apply based on the availability date.