Lincoln Financial’s commitment to the term insurance space over the last two years has been unshakeable, and the upcoming price reduction in both the LifeElements and TermAccel products is a clear indication of their forward-looking intention: To be top three in key competitive cells that represent the majority of sales. This pricing, combined with modern application and underwriting processes, makes Lincoln a great choice for your term insurance business.

From Lincoln…

LifeElements:

Effective May 15, 2017, Lincoln is pleased to announce pricing improvements to Lincoln LifeElements® Level Term (2017) which will solidify key competitiveness at ages 45 and above with face amounts of $500,000 and above. Premiums either decreased or remained the same in all cells.

Highlights

  • Goals of the reprice include being a “top 3 carrier” with premiums reduced in nearly 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 TermAccel:

TermAccel:

Effective May 15, 2017, Lincoln is pleased to announce pricing improvements to Lincoln TermAccel® which will solidify key competitiveness at ages 30 – 50 non-tobacco classes with face amounts of $250,000 – $500,000.

Highlights:

  • Goals of the reprice include being a “top 3 carrier” in our core cells, non-tobacco classes at $250,000 – $500,000 of death benefit at ages 30-50 with first place position in many cells.
  • Premiums either decreased or remained the same in preferred and standard core cells.
  • Premium increases in our core cells are limited to a selection of preferred plus cells spanning all ages and term periods.
  • Have question? Click here to reference the comprehensive TermAccel Frequently Asked Questions document – it is also available via the Lincoln producer websites under TermAccel/Product Details.

Transition Rules:

  • New applications received on or after May 15, 2017 and applications currently in underwriting that will be issued on or after May 15, 2017 will automatically receive the new Lincoln LifeElements® Level Term (2017) or Lincoln TermAccel® – 05/15/17 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 July 17, 2017, the new Lincoln LifeElements® Level Term (2017) and Lincoln TermAccel® – 05/15/17 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) or Lincoln TermAccel® – 05/15/17 rates.
  • For policies already placed, Lincoln will not allow rewrites to the Lincoln LifeElements® Level Term (2017) or Lincoln TermAccel® – 05/15/17 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.
  • State Approvals:
    • LifeElements: The 2017 product has not been filed at this time in Alaska, Massachusetts, and New York since they have not approved the use of PBR/2017 CSO.
    • TermAccel: TermAccel is not available in New York

For additional information, please see the most recent Lincoln Leader.