ProdMod: Lincoln Announces Term Reprice in Key Cells

FROM LINCOLN FINANCIAL…

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.

Find out more about these changes from Lincoln Financial…

ProdMod: New Discounts Available on MoneyGuard Market Advantage

FROM LINCOLN FINANCIAL…

Lincoln is excited to announce that effective Oct. 11, 2021, all eligible standard Lincoln MoneyGuard Market Advantage® cases will now receive the Couples Discount underwriting class, regardless of status, until Dec. 31, 2021. This enhanced underwriting program improves pricing up to 10% and increases value, supporting our commitment to helping our partners grow their business and reach new customers.

Case Submission Guidelines & Eligibility

  • Lincoln MoneyGuard Market Advantage cases only. See exclusions, below for additional details.
  • New policy submissions must include an illustration with the Couples Discount selected.
  • Cases in a pending status as of Oct. 11, 2021 are eligible. In order to qualify and apply for this program, a revised illustration with the Couples Discount selected will need to be submitted.
  • Cases placed inforce prior to Oct. 11, 2021, are not eligible.
  • MoneyGuard® iGO eApp and traditional application submissions are eligible.
  • In order to receive the enhanced underwriting Couples Discount, cases must be placed inforce, or 1035 exchange initiated, by Dec. 31, 2021.

Exclusions

Not eligible for the expanded Couples Discount program:

  • State of Washington
  • Lincoln MoneyGuard® III (2021)
  • Lincoln MoneyGuard® II 2020 in California
  • Lincoln MoneyGuard® II NY in New York

Transition Rules

  • In order to qualify for the Couples Discount enhancement, all cases eligible for the Couples Discount must be placed inforce, or 1035 exchange initiated, by end-of-day Dec. 31, 2021.
  • For placed business, normal internal replacement guidelines apply. Rewrites will not be accepted.
  • Ensure that you are appropriately licensed and credentialed. Clients of financial professionals who are not properly credentialed to solicit business when the paperwork is submitted will be subject to the product in effect on the date when the financial professional becomes properly credentialed and resubmits the paperwork.
  • Once an application is submitted, the Personal History Interview (PHI) must be completed within 60 days of submission. In addition, the case must be placed within 90 days of the PHI as long as the 90 days don’t go past Dec. 31, 2021. If these conditions are not met, the case will be closed out. If a case is reopened, a new Part 1 must be submitted, and the case will be subject to the product available and marital status at that time.

Find out more about these changes from Lincoln Financial…

Extended! Lincoln’s Underwriting Upgrade Program on the VULOne Suite

FROM LINCOLN FINANCIAL…

Lincoln is committed to finding new ways to help our partners grow their business and reach new customers and we’re pleased to announce, effective immediately, Lincoln is offering an enhanced underwriting program to provide even more value with our suite of Lincoln VULOne product solutions.

Lincoln VULOne and SVULOne cases received at Lincoln October 29, 2021, and subject to full underwriting, will receive a one-class underwriting upgrade. Any case placed inforce prior to May 20, 2021 is not eligible.

Case submission guidelines & eligibility

  • New submissions must be received at Lincoln, in-good-order, by October 29, 2021
  • All cases eligible for the one-class underwriting upgrade must be placed inforce, or 1035 exchange initiated, by December 31, 2021
  • LincXpress ticket, eApp and traditional application submissions are eligible
  • Cases in a pending status as of May 20, 2021 are eligible
  • 1035 exchanges in process as of May 20, 2021 are eligible

Issue age/face amounts

  • Issue ages 20-80
  • All specified amounts
  • Subject to age/risk class guidelines based on product applied for
  • Both lives are eligible on SVULOne cases
  • Per current guidelines, backdating from age 81 to age 80 will not be permitted to qualify

Underwriting qualifications

  • Fully underwritten cases are eligible, subject to current underwriting guidelines
  • Substandard rated cases are eligible, subject to current underwriting guidelines
  • LincXpress lab-free cases are eligible
  • Underwritten internal exchanges are eligible

Exclusions: Not eligible for the enhanced underwriting program

  • Policies placed inforce prior to May 20, 2021
  • New submissions received at Lincoln after October 29, 2021
  • Cases assessed at standard through the Table Reduction Program (TRP)
  • The one-class underwriting upgrade cannot be used to be eligible for TRP consideration
  • Cases currently postponed under the COVID-19 temporary underwriting guidelines
  • Term Riders
  • Term Conversions

Find out more about these changes from Lincoln Financial…

ProdMod: Lincoln Suspends MoneyGuard Sales in Washington State

FROM LINCOLN FINANCIAL…

Lincoln MoneyGuard® Closed to New Sales in Washington Last day to submit new applications is September 9, 2021

Effective after September 9, 2021, Lincoln will no longer offer MoneyGuard® product solutions for new sales in the state of Washington, including Lincoln MoneyGuard® III and Lincoln MoneyGuard Market Advantage®. At this time, there is no set date for the future availability of Lincoln MoneyGuard products in Washington, however we will continue to monitor the environment and assess next steps as the situation evolves. No other states or product lines are impacted by this change.

Application Submission Deadline

All Lincoln MoneyGuard applications and required solicitation forms must be signed, dated, and received in-good-order at Lincoln’s home office by 5 p.m. ET on Thursday, September 9, 2021.

Find out more about these changes from Lincoln Financial…

ProdMod: Lincoln’s Latest IUL Products Now Available in California

FROM LINCOLN FINANCIAL…

Effective August 30,2021, in California, Lincoln is pleased to announce an update to the Lincoln WealthAccumulate® 2 IUL (2020) and Lincoln WealthPreserve® 2 IUL (2020) life insurance products. These new product updates also incorporate the new 7702 assumptions that were effective January 1, 2021.

New! Introducing the Fidelity AIM® Dividend Indexed Account – Fixed Bonus.

In addition to the 5 currently available account choices, the new Fidelity Account with a Fixed Bonus offers strong uncapped growth potential and a guaranteed bonus regardless of the underlying index performance. Policy value can be allocated to one or more account options with the ability to make allocation changes in the future. Indexed account options are linked to the S&P 500® Index* (excluding dividends) or the Fidelity AIM® Dividend Index# designed to provide options to help meet clients’ long-term goals based on return potential and downside protection preferences.

Transition Guidelines

  • For states that are approved at rollout there is a 60-day transition period which begins on August 30, 2021 and ends on October 29, 2021.
  • For the replaced product, formal applications must be signed, dated and received in-good-order in Lincoln’s home office by the end of the transition period to qualify. For LincXpress® Tele-App Cases, a complete ticket and required solicitation forms must be received.
  • For pending business or policies already issued, Lincoln will accept a written request and a revised illustration to change to the 05/10/21 versions of the product.
  • For policies already placed, normal internal replacement guidelines apply. Rewrites will not be allowed.

Find out more about these changes from Lincoln Financial…

Lincoln Announces Limited Time Underwriting Program on VULOne Suite

FROM LINCOLN FINANCIAL…

Lincoln is committed to finding new ways to help our partners grow their business and reach new customers and we’re pleased to announce, effective immediately, Lincoln is offering an enhanced underwriting program to provide even more value with our suite of Lincoln VULOne product solutions.

Lincoln VULOne and SVULOne cases received at Lincoln October 1, 2021, and subject to full underwriting, will receive a one-class underwriting upgrade. Any case placed inforce prior to May 20, 2021 is not eligible.

  • Case submission guidelines & eligibility
    • New submissions must be received at Lincoln, in-good-order, by October 1, 2021
    • All cases eligible for the one-class underwriting upgrade must be placed inforce, or 1035 exchange initiated, by December 31, 2021
    • LincXpress ticket, eApp and traditional application submissions are eligible
    • Cases in a pending status as of May 20, 2021 are eligible
    • 1035 exchanges in process as of May 20, 2021 are eligible
  • Issue age/face amounts
    • Issue ages 20-80
    • All specified amounts
    • Subject to age/risk class guidelines based on product applied for
    • Both lives are eligible on SVULOne cases
    • Per current guidelines, backdating from age 81 to age 80 will not be permitted to qualify
  • Underwriting qualifications
    • Fully underwritten cases are eligible, subject to current underwriting guidelines
    • Substandard rated cases are eligible, subject to current underwriting guidelines
    • LincXpress lab-free cases are eligible
    • Underwritten internal exchanges are eligible
  • Exclusions: Not eligible for the enhanced underwriting program
    • Policies placed inforce prior to May 20, 2021
    • New submissions received at Lincoln after October 1, 2021
    • Cases assessed at standard through the Table Reduction Program (TRP)
    • The one-class underwriting upgrade cannot be used to be eligible for TRP consideration
    • Cases currently postponed under the COVID-19 temporary underwriting guidelines
    • Term Riders
    • Term Conversions

Find out more about these changes from Lincoln Financial…

Formal Announcement from Lincoln Financial

ProdMod: Lincoln Releases MoneyGuard Submission Deadline for WA

FROM LINCOLN FINANCIAL…

Lincoln’s Underwriting & New Business department is committed to helping your clients secure long-term care coverage in anticipation of the upcoming Washington state legislation guidelines regarding the Long-Term Services and Supports Trust Program.

Our focus is to ensure the maximum amount of your Lincoln MoneyGuard® cases in Washington are placed before the state’s deadline of November 1, 2021. We encourage you to submit any Washington cases as soon as possible. While we cannot guarantee placement by this date, the following guidelines and key dates should be followed to help you place inforce your case(s) before November 1.

Lincoln MoneyGuard application submission guidelines

  • Submit all applications by September 3, 2021 to increase the likelihood of placement before November 1. Utilizing Lincoln’s digital solutions, including eApp and ePolicy Delivery, will help to ensure cases are submitted in-good-order and delivered promptly after policy issue. Policies received after September 3 will be accepted and processed in the order in which they are received.
  • For your 1035 exchange cases, be mindful that the completion of the 1035 exchange is subject to losing carrier turn-around times, and funds must be received at Lincoln before policy placement.
Lincoln MoneyGuard placement guidelines
  • To help ensure policy placement before November 1, 2021, all placement-restrictive requirements, including all premium(s), must be received at Lincoln in-good-order by October 25, 2021.
  • Your dedicated MoneyGuard Underwriting & New Business team will be working to place your Washington cases inforce through end-of-day October 29, 2021. For cases in which any final requirements are received after October 25, processing will be handled on a firstin basis and are not guaranteed for placement by October 29.
Washington State Deadline
  • The state of Washington allows residents to apply for an exemption from the payroll tax for coverage placed in effect prior to November 1, 2021. Any business that is not placed inforce by October 29 will continue to be processed by Lincoln, however it will not qualify for exemption from the payroll tax assessment.

Find out more about these changes from Lincoln Financial…

ProdMod: Lincoln Financial Launches Updated Term Prices

FROM LINCOLN FINANCIAL…

Effective August 16, 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.

Pricing Update: Lincoln TermAccel® Level Term (2019) – 08/16/21

Pricing Updates

Goals of the reprice include being a “top 3 carrier” in the following non-tobacco, core cells for all term periods when compared to key competitors:

  • Face amounts of $500K – $1M, premiums are in the top 3 for most ages 40 – 60
  • Face amounts of $1M, premiums are ranked #1 for a large majority of ages 45 – 60
  • Pricing updates include decreases only

Transition Guidelines

For states that are approved at rollout, there is a 30-day transition period which begins on August 16, 2021 and ends on September 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) – 08/16/21 rates.
  • For policies already placed Lincoln will not allow rewrites to the Lincoln TermAccel® (2019) – 08/16/21 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.

Marketing Materials

All impacted materials have been updated and made available on the Lincoln ProducerWebsites

Pricing Update: Lincoln LifeElements® Level Term (2019) – 08/16/21

Pricing Updates

Goals of the reprice include being a “top 3 carrier” in the following non-tobacco, core cells for all term periods when compared to key competitors:

  • Face amounts of $500K – $999K, premiums are in the top 3 for almost all ages 55 and above
  • Face amounts of $1M and above:
    • Ages 30 and above, premiums are in the top 3 for most cells
    • Ages 45 and above, premiums are ranked #1 for a large majority of cells
  • Pricing updates include decreases only

Transition Guidelines

For states that are approved at rollout, there is a 30-day transition period which begins on August 16, 2021 and ends on September 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) –  08/16/21 rates.
  • For policies already placed Lincoln will not allow rewrites to the Lincoln LifeElements® (2019) – 08/16/21 rates.
  • For states approved after rollout the above will automatically apply based on the availability date.

Marketing Materials

All impacted materials have been updated and made available on the Lincoln ProducerWebsites.

Find out more about these changes from Lincoln Financial…

ProdMod: Major Changes to Lincoln’s New York Product Lineup

FROM LINCOLN FINANCIAL…

Recently, as part of a review of its electronic signature processes, Lincoln Life & Annuity Company of New York
(Lincoln) became aware that the application currently used for its life insurance products sold in New York, does not comply with New York’s requirements for use with electronic processes and platforms. Lincoln is committed to ensuring our products and processes are in compliance with state regulations and guidelines, therefore the following actions will be taking place until a new, electronic-compliant application and process can be implemented:

The following life insurance products currently sold in New York will be suspended after August 13, 2021:

  • Lincoln LifeElements Level Term (2019) – 07/15/19
  • Lincoln WealthAdvantage Indexed UL
  • Lincoln WealthPreserve IUL (2017) – 02/12/18

Submission and placement deadline

  • All New York applications for the life insurance products listed above must be received in-good order at Lincoln by August 13, 2021, and
  • All pipeline cases for the New York products listed above must be placed inforce, or 1035 exchange initiated by October 29, 2021
  • Any case not placed inforce or 1035 exchange initiated by October 29, 2021 will be cancelled

All electronic process solutions for products sold in New York, including Lincoln MoneyGuard and life insurance policy conversions, will be suspended after August 13, 2021, including:

  • eApp
  • eNIGO
  • ePolicy Delivery (through DocuSign or DocFast)
  • No electronic or digital signatures will be accepted

Note: The following products remain available for sale with paper processes only

  • Lincoln MoneyGuard II NY
  • For use with Group or Term Conversions only: Lincoln Conversion UL, Lincoln LifeElements 1-year Term, Lincoln LifeElements 10-year Term

Find out more about these changes from Lincoln Financial…

ProdMod: Lincoln Announces MoneyGuard Price Improvement in Key Designs

FROM LINCOLN FINANCIAL…

Effective July 12, 2021, Lincoln Financial will be implementing pricing improvements to Lincoln MoneyGuard III, Lincoln MoneyGuard II and Lincoln MoneyGuard II NY, which will improve competitive pricing in key cells. There will be no pricing increases as a result of this update.

Product pricing updates

Lincoln MoneyGuard III

  • 5-year LTC benefit duration with 3% inflation option design for issue ages 55-65 will see the following updates:
    • Couples Discount underwriting class will see an average pricing decrease of 10%.
    • Standard underwriting class will see an average pricing decrease ranging from 3% to 10%.
  • 5-year LTC benefit duration with 5% inflation option design for issue ages 55-65 will see the following updates:
    • Couples Discount underwriting class will see an average pricing decrease of 8%.
    • Standard underwriting class will see an average pricing decrease of 6%.
    • Issue ages 51-54 and 66-69 may also see moderate pricing improvements.
  • Lincoln MoneyGuard II NY
    • 6-year LTC benefit duration with 3% inflation option design will see prices decrease by 9% for all issue ages, genders and underwriting classes.
  • Lincoln MoneyGuard II
    • 6-year LTC benefit duration with 3% inflation option design will see prices decrease by an average of 9.5% with a range of 6% to 13% based on issue age, gender and underwriting class.

Transition period

After a transition period, currently sold MoneyGuard products will be replaced by the following:

  • Lincoln MoneyGuard® III (2021) – 07/12/21 will replace currently sold Lincoln MoneyGuard® III (2021) in all approved states.
  • Lincoln MoneyGuard® II (2020) – 07/12/21 will replace currently sold Lincoln MoneyGuard® II (2020) – 06/14/21 in the state of California.
  • Lincoln MoneyGuard® II NY – 07/12/21 will replace currently sold Lincoln MoneyGuard® II NY – 06/14/21 in the state of New York.

Find out more about these changes from Lincoln Financial…