The subject line says it all: Lincoln wants your Term Insurance business! Whether a small case or large, they have a product solution and a process that can make it easier than ever to do business with Lincoln Financial. Read on for the quick highlights of the reprice as well as the transition rules.
Highlights: LifeElements
Goals of the reprice include being a “top 3 carrier” with premiums reduced in 45% of the following core cells:
$1 million of death benefit at ages 45+ for all term periods
$500,000 of death benefit at ages 45+ for 15/20/30 year term periods
$500,000 of death benefit at ages 55+ for 10 year term period
Transition Guidelines: LifeElements
For states that are approved at rollout, there is a 60-day transition period which will begin on October 16, 2017 and end on December 15, 2017.
New applications received on or after October 16, 2017 and applications currently in underwriting that will be issued on or after October 16, 2017 will automatically receive the new Lincoln LifeElements® Level Term (2017) – 10/16/17 lower premiums, if applicable. A request to use the lower rates will not be required. If the application had been submitted with premium using the previously higher rates, the difference will be automatically refunded.
Beginning December 18, 2017, the new Lincoln LifeElements® Level Term (2017) – 10/16/17 rates will automatically be used for all cases.
For policies already issued, Lincoln will accept a written request to change to the Lincoln LifeElements® Level Term (2017) – 10/16/17 rates.
For policies already placed, Lincoln will not allow rewrites to the Lincoln LifeElements® Level Term (2017) – 10/16/17 rates.
For LincXpress® Tele-App Cases, a complete ticket and required solicitation forms* must be received within the same transition rules outlined above.
For states approved after rollout, the above will automatically apply based on the availability date.
HighLights: TermAccelGoals of the reprice include being a “top 3 carrier” for preferred and standard non-tobacco classes at $250,000 – $500,000 of death benefit at ages 30-50 with first place position in many cells.
Transition Guidelines: TermAccel
For states that are approved at rollout, there will be a 60-day transition period which begins on October 16, 2017 and ends December 15, 2017. Lincoln TermAccel® is not available in New York.
New applications received on or after October 16, 2017 and applications currently in underwriting that will be issued on or after October 16, 2017 will automatically receive the new lower premiums if applicable. A request to use the lower rates will not be required. If the application had been submitted with premium using the previously higher rates, the difference will be automatically refunded.
Beginning December 18, 2017, the new Lincoln TermAccel® – 10/16/17 reprice will automatically be used for all cases.
For policies already issued, Lincoln will accept a written request to change to the Lincoln TermAccel® 10/16/17 rates.
For policies already placed, Lincoln will not allow rewrites to the new Lincoln TermAccel® – 10/16/17 rates.
For states approved after rollout, the above will automatically apply based on the availability date.
