Lincoln Financial Group introduced several new life insurance products that deliver greater value and flexibility, as well as digital underwriting enhancements that simplify and expedite the buying process.
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 Ernst and Young, ‘What Should Insurers Do Today to Prepare for Tomorrow.’ Among the strategies to ‘futurize’ the business model, the report cites the need for products that address all aspects of financial wellness, including protection, retirement and health, and digitized and enhanced customer touchpoints.
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 Mike Burns, senior vice president, Life Solutions, Lincoln Financial Group. “With these evolving expectations, Lincoln continues to transform the life insurance business model, delivering policies that go beyond a death benefit – providing ‘living benefits’ that help clients achieve financial goals in various phases of life. And we’re making it more convenient to purchase and own those policies with simpler, faster, high-tech buying and service experiences.”
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.
Source: Company Press Release