Lincoln Announces Pricing Update to TermAccel & LifeElements
From Lincoln:
Lincoln TermAccel Level Term
Effective May 16, 2022, 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
Goals of the reprice include being a “top 3 carrier” in the following non-tobacco, core cells for all term periods:
Face amounts of $500k and above, nearly all annual premiums are currently in the top 3
Premium updates include mostly decreases with a few premium increases
Click to view the term state availability grid.
Lincoln LifeElements Level Term
May 16, 2022, 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
Goals of the reprice include being a “top 3 carrier” in the following non-tobacco, core cells for all term periods:
Face amounts of $1M+, annual premiums are currently in the top 3 for nearly all ages
Face amounts of $500k - $999k, annual premiums are currently top 3 for almost all ages 55+
Premium updates include mostly decreases with a few premium increases
Click to view the term state availability grid.
Transition Guidelines
For states that are approved at rollout, there is a 30-day transition period which begins on May 16, 2022 and ends on June 15, 2022. 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)/Lincoln TermAccel (2019) – 05/16/22 rates.
For policies already placed Lincoln will not allow rewrites to the Lincoln LifeElements (2019)/Lincoln TermAccel (2019) – 05/16/22 rates.
For states approved after rollout the above will automatically apply based on the availability date. Lincoln LifeElements (2019) and Lincoln TermAccel (2019) are not available in New York.