Menu

Advisors Blog

Important Lincoln Life Term Product Updates

Published on October 06, 2017

 

Below is the full text of the recent Lincoln Financial memo with transition rules and deadlines. For a PDF version of this announcement, click here.

 


 

 

October 2, 2017


Lincoln LifeElements® Level Term 

Effective October 16, 2017, Lincoln is pleased to announce pricing improvements to Lincoln LifeElements® Level Term which will improve competitiveness in key cells 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 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

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. 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.

  • 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.

*Required LincXpress® Tele-App solicitation forms include:

  • LincXpress® Tele-App Ticket (LF11252).
  • Authorization for Release of Information (HIPAA) (LF02896 or state variations).
  • Important Notice: Replacement of Life Insurance or Annuities (LF10087 or state variations) must be signed on or before the earliest signed form in the ticket packet and is needed whether replacing or not replacing.
  • Receipt of Privacy Practices Notice and Important Notice Acknowledgment Form (LF10244).
  • Agent’s Report (LF10971)—Completed and signed by agent only.

Illustration Availability

Illustrations for Lincoln LifeElements® Level Term (2017) – 10/16/17 will be run on the Lincoln DesignItSM Illustration System (v39.0). If you have an active internet connection, the software will automatically update to include the new rates on October 16, 2017. If you need to download the Lincoln DesignItSM illustration system, it will be available on the Lincoln producer websites or from Field Office Technicians.

Available Riders

The following riders are available on all versions of Lincoln LifeElements® Level Term:

  • Accelerated Death Benefit Rider.
  • Children’s Term Insurance Rider.
  • Waiver of Premium Rider.

 

Lincoln TermAccel®

Effective October 16, 2017, Lincoln is pleased to announce pricing improvements to Lincoln TermAccel® which will improve competitiveness in key cells. Premiums either decreased or remained the same in all cells.

Our commitment to strong pricing, combined with a fast and easy end-to-end electronic process with No APS and the potential for Lab-Free Underwriting is why over 450 agencies have already chosen Lincoln TermAccel® for their clients. Getting started is simple and our Onboarding Specialists are ready to help, because planning for the next generation deserves a next generation product experience.


Highlights


Goals 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 Rules

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.

Illustration Availability

Illustrations for Lincoln TermAccel® - 10/16/17 will be run on the Lincoln DesignItSM Illustration System (v39.0). If you have an active internet connection, the software will automatically update to include the new rates on October 16, 2017. If you need to download the Lincoln DesignItSM Illustration System, it will be available on the Lincoln producer websites or from Field Office Technicians.


Available Riders


The following riders are available on all versions of Lincoln TermAccel®:

  • Accelerated Death Benefit Rider.
  • Children’s Term Insurance Rider.
  • Waiver of Premium Rider.

 

MORE ADVISORS BLOG

 

7 Valuable Tips and Sales Ideas

Introducing a new series of quick sales ideas to spark interest in your clients and centers of influence. Position yourself as a valued advisor and insurance professional by using these tips as conversation starters.

Read More >>

Have You Considered VUL?

If you haven’t considered VUL lately, many of today’s newest products include benefits and features that clients are looking for. With the increased pricing for GUL products coupled with many carriers totally withdrawing from that marketplace, VUL and SVUL have become an even more attractive alternative for you and your clients to consider.

Read More >>

Get Started


Start Your GBS Online Account

At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas mnt in culpa qui officia deserunt n culpa qui officia des mollfuga.


Stay Connected



login