Lincoln Releases New, Lower LifeElements and TermAccel Rates
Pricing Update: Lincoln LifeElements® Level Term & Lincoln TermAccel® Level Term
Effective Jan. 10, 2022, Lincoln is announcing pricing updates to Lincoln LifeElements® Level Term (2019) and Lincoln TermAccel®Level Term (2019) which will improve competitive positioning in key cells.
LifeElements
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+, currently top 3 for nearly all ages. A large majority of cells ages 40 and above are ranked #1For 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 Jan. 10, 2022 and ends on Feb. 9, 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) – 01/10/22 rates. For policies already placed Lincoln will not allow rewrites to the Lincoln LifeElements® (2019) – 01/10/22 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.
TermAccel
Pricing Updates
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, nearly all premiums are currently in the top 3, with a majority 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 Jan. 10, 2022 and ends on Feb. 9, 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 TermAccel® (2019) – 01/10/22 rates. For policies already placed Lincoln will not allow rewrites to the Lincoln TermAccel® (2019) –01/10/22 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.