Shifting Consumer Needs and Expectations Drive New Life Insurance Product and Underwriting Enhancements from Lincoln Financial Group that Advance the Life Insurance Business Model
New products and services address planning needs - from asset accumulation and market volatility protection, to retirement and long-term care solutions - with the potential to issue policies in as little as 24 hours.
The new products and services reflect Lincoln’s commitment to advancing the traditional life insurance business model, an important step to meet the evolving expectations of clients and advisors, as recognized in a recent report from
New and Enhanced Products
- Lincoln WealthAccumulate® Indexed Universal Life (IUL) 2019 – For clients needing life insurance that offers death benefit protection and the flexibility to meet a wide range of financial needs, such as supplemental retirement income or business protection, Lincoln has launched the next generation of its WealthAccumulate IUL policy. WealthAccumulate IUL offers significant cash value growth opportunities linked to S&P 500 market index performance, with indexed account choices that can be tailored to a client’s preferences for return potential and downside protection. New features include an additional indexed account option providing higher return potential than previously available, and the option to have premiums returned after a defined period assuming all premium requirements have been met.
- Lincoln WealthPreserve® IUL – For clients in need of life insurance offering cash value growth potential, but with longer-term death benefit protection, Lincoln has enhanced its WealthPreserve IUL product, now available with lower premiums for applicants. WealthPreserve IUL combines guaranteed death benefit protection for up to 40 years or to age 90, and cash value growth opportunities linked to S&P 500 market index performance.
- Lincoln Care CoverageSM Accelerated Benefits Rider – To help clients approaching or in retirement protect savings from potential long-term care expenses, including those incurred from temporary or permanent conditions, Lincoln has introduced the new Lincoln Care Coverage rider, available now on Lincoln VULONE (2014) and Lincoln LifeGuarantee® UL (2013) policies.
- MoneyGuard® II Pricing Adjustments – For its popular MoneyGuard II product, a universal life (UL) insurance solution offering clients multiple benefit options, including a death benefit and reimbursement of long-term care expenses, Lincoln has made pricing adjustments, that on average, will decrease premium prices by three percent for applicants.
- Term Pricing Enhancements – For millennials who may be approaching life milestones such as starting a family, or Gen Xers and Baby Boomers who may be underinsured or in need of death benefit protection for just a certain number of years, Lincoln has reduced pricing on its Term insurance offerings for applicants.
“Consumers and advisors are looking for insurance products that offer financial planning flexibility, and buying experiences more consistent with other industries,” said
Underwriting Process Enhancements
- Automated Underwriting Expansion – To provide a more convenient and faster underwriting experience, including the potential to issue policies in as little as 24 hours, Lincoln’s automated underwriting process is now also available (via the LincXpress® tele-interview process) with Lincoln LifeElements® Level Term, and soon, all single-life UL, IUL and Variable
UL (VUL) products. Eligible cases will use an automated underwriting approach leveraging technology to process and verify application information and make underwriting decisions, without compromising risk assessment. - Unified Application –All Lincoln Term, UL, IUL and VUL policies, excluding MoneyGuard, will now use the same application, integrating all application processes into one streamlined and consistent experience for clients and advisors.
- Case tracker – To help advisors keep clients informed and reduce administrative tasks, Lincoln’s online portal allows an advisor to quickly see the status of a client’s case in the underwriting & new business process, and any outstanding requirements needed to process the case.
For more information on how life insurance can help meet your financial planning needs, visit Lincoln’s website.
Important Information
The S&P 500 Index is a product of
Issuers:
All guarantees and benefits of the insurance policy are subject to the claims-paying ability of the issuing insurance company. They are not backed by the broker-dealer and/or insurance agency selling the policy, or any affiliates of those entities other than the issuing company affiliates, and none makes any representations or guarantees regarding the claims-paying ability of the issuer.
In some states, contract terms are set out and coverage may be provided in the form of certificates issued under a group policy issued by
Distributor:
Policies:
Lincoln LifeElements® Level Term (2017) policy form TRM6063 and state variations. Not available in
Lincoln WealthAccumulate® IUL (2018) policy form UL6083 / ICC18UL6083 and state variations; Not available in NY.
Lincoln WealthPreserve® IUL (2017) policy form UL6046/ICC15UL6046 and state variations; Not available in NY.
MoneyGuard II issued by
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