Lincoln Announces Term Reprice in Key Cells

Effective Nov. 15, 2021, Lincoln is announcing pricing updates to Lincoln TermAccel®Level Term (2019) and Lincoln LifeElements® Level Term (2019) which will improve competitive positioning in key cells.

TermAccel Details

Lincoln TermAccel® life insurance offers an entirely electronic, streamlined interview process with fully automated underwriting and no APS requirement. Goals of the reprice include being a “top 3 carrier” in the following non-tobacco, core cells for all term periods:

• For face amounts of $500k and above, ages 40 – 60, nearly all premiums are in the top 3

• At $500k and above, all ages, nearly all premiums are in the top 5

• For face amounts of $1M, a large majority of cells ages 45 – 60 are ranked #1

• Premium updates include decreases only

Transition Guidelines

For states that are approved at rollout, there is a 30-day transition period which begins on Nov. 15, 2021 and ends on Dec. 15, 2021. 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 TermAccel® (2019) – 11/15/21 rates.

• For policies already placed Lincoln will not allow rewrites to the Lincoln TermAccel® (2019) –11/15/21 rates.

• For states approved after rollout, the above will automatically apply based on the availability date. Lincoln TermAccel® (2019) is not available in New York.

LifeElements Details

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. 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+, currently top 3 for most ages 30+

• A large majority of cells ages 45 and above are ranked #1

• For face amounts of $500k - $999k, currently top 3 for almost all ages 55+

• Premium updates include decreases only

Transition Guidelines

For states that are approved at rollout, there is a 30-day transition period which begins on Nov. 15, 2021 and ends on Dec. 15, 2021. 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) – 11/15/21 rates.

• For policies already placed Lincoln will not allow rewrites to the Lincoln LifeElements® (2019) –11/15/21 rates.

• For states approved after rollout the above will automatically apply based on the availability date. Lincoln LifeElements® (2019) is not available in New York.