Advisors Blog

Lincoln SVUL^ONE Pricing Update - Effective July 11, 2022

Effective July 11, 2022, Lincoln is announcing pricing updates on Lincoln SVUL^ONE (2021).

Pricing Changes

Pricing adjustments apply to both GMDB options (Lifetime guaranteed and GMDB drop at age 90) and will vary by age and funding pattern. On average adjustments are as follows based on non-tobacco cells ages 40-80:

• 15% decrease to Level pay designs (mostly decreases with a handful of increases).
• 2% decrease to 10 pay designs (with a mix of increases and decreases).
• 3% increase to single pay designs (with a mix of increases and decreases).

Transition Guidelines

For states that are approved at rollout there is a 30-day transition period which begins on July 11, 2022, and ends on August 10, 2022. During the transition period:

• For the old 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 cases with the owner listed as “Trust to be Established,” formal applications received in the Home Office by the end of the transition period and have been signed by the insured will still qualify as awaiting a trust to be set up is part of the normal course of business. The only paperwork that Lincoln will not require at submission is the executed Certification of Trustee Powers with the trustee/owner’s signature. It must be received prior to issue.
• For formal applications that expire prior to Issue or have been closed out, a new Part I must be submitted, and the case will be subject to the rates available at that time.
• For LincXpress® Tele-App Cases, a complete ticket and required solicitation forms must be received in Lincoln’s home office by the end of the transition period to qualify.
• For pending business or policies already issued, Lincoln will accept a written request and a revised illustration to change to the Lincoln SVULONE (2021) – 07/11/22.
• For policies already placed, normal internal replacement guidelines apply. Rewrites will not be allowed. 

Now Launching July 25: Real-Time Offer for Life Insurance

Lincoln Financial excited to announce the new launch date of Real-Time Offer: July 25, 2022. The decision to postpone until this date has allowed them to make final preparations for this exciting new capability, and ensure they are delivering the best possible experience for financial professionals and clients.

What is “Real-Time Offer”

To improve turnaround times for life insurance ticket submissions, Real-Time Offer will immediately communicate an underwriting approval decision to clients that have been approved lab-free by their automated underwriting process. The client, writing agent and case contact will be notified of the approval upon completion of the online or phone interview.

The approved underwriting offer may be ‘as applied for’ or ‘other than applied for.’ The underwriting rate class will only be provided to the agent and case contact. If labs or other information is needed, or if the case is declined, the agent and case contact will be notified through Lincoln’s standard pending case status process.

What You Need to Know

• Available for life insurance ticket submissions only:
• Lincoln TermAccel®
• LincXpress® submissions (single-life only): Lincoln LifeElements® Term, IUL, VUL*
• Ages: 18-60
• Face Amounts: $2.5 million and less
• Underwriting criteria:
• Only available for cases assessed through the automated underwriting process
• Client must be approved lab-free
• Good Health Statement and Insurability Supplement is not required for cases approved via Real-Time Offer

Fewer restrictions on products with long-term secondary guarantees

The following products will no longer have a $10M death benefit maximum face limit or $1M first-year premium limit:

• Nationwide® No-Lapse Guarantee UL II and the NY version of Nationwide® No-Lapse Guarantee UL II
• Nationwide® Indexed UL Protector II 2020 and Nationwide® YourLife Indexed UL Protector (NY only) with ENLG rider to age 120
• Nationwide® Survivorship Indexed UL 2020 with ENLG rider to age 120

For IUL products, Nationwide will no longer enforce the $25M death benefit maximum face limit within the illustration software.

Please note the limitations may apply in the future as interest rate environment changes.

Offering Life Insurance to Your Clients Living With HIV

PacLife is offering Life insurance to applicants who have a favorable clinical course and are successfully responding to antiretroviral therapy (ART), effective July 11, 2022.

Updated Financial Underwriting Guidelines for Estate Preservation Cases

Pacific Life’s financial underwriting guidelines now allow for many estates to forecast growth over a maximum of 20 years to determine the highest death benefit amount allowable.