RADNOR, PA, February 11, 2019 – In response to rising shopper desire for holistic monetary options that meet a number of planning wants, and demand for ease and velocity of enterprise, at the moment Lincoln Monetary Group launched a number of new life insurance coverage merchandise that ship higher worth and adaptability, in addition to digital underwriting enhancements that simplify and expedite the shopping for course of.
The brand new services mirror Lincoln’s dedication to advancing the normal life insurance coverage enterprise mannequin, an essential step to fulfill the evolving expectations of purchasers and advisors, as acknowledged in a current report from Ernst and Younger, ‘What Ought to Insurers Do At this time to Put together for Tomorrow.’ Among the many methods to ‘futurize’ the enterprise mannequin, the report cites the necessity for merchandise that deal with all facets of monetary wellness, together with safety, retirement and well being, and digitized and enhanced buyer touchpoints.
New and Enhanced Merchandise
Lincoln WealthAccumulate® Listed Common Life (IUL) 2019 – For purchasers needing life insurance coverage that gives demise profit safety and the pliability to fulfill a variety of monetary wants, reminiscent of supplemental retirement earnings or enterprise safety, Lincoln has launched the following era of its WealthAccumulate IUL coverage. WealthAccumulate IUL provides important money worth development alternatives linked to S&P 500 market index efficiency, with listed account selections that may be tailor-made to a consumer’s preferences for return potential and draw back safety. New options embody a further listed account possibility offering larger return potential than beforehand accessible, and the choice to have premiums returned after an outlined interval assuming all premium necessities have been met.
Lincoln WealthPreserve® IUL – For purchasers in want of life insurance coverage providing money worth development potential, however with longer-term demise profit safety, Lincoln has enhanced its WealthPreserve IUL product, now accessible with decrease premiums for candidates. WealthPreserve IUL combines assured demise profit safety for as much as 40 years or to age 90, and money worth development alternatives linked to S&P 500 market index efficiency.
Lincoln Care CoverageSM Accelerated Advantages Rider – To assist purchasers approaching or in retirement defend financial savings from potential long-term care bills, together with these incurred from non permanent or everlasting circumstances, Lincoln has launched the brand new Lincoln Care Protection rider, accessible now on Lincoln VULONE (2014) and Lincoln LifeGuarantee® UL (2013) insurance policies.
MoneyGuard® II Pricing Changes – For its common MoneyGuard II product, a common life (UL) insurance coverage answer providing purchasers a number of profit choices, together with a demise profit and reimbursement of long-term care bills, Lincoln has made pricing changes, that on common, will lower premium costs by three % for candidates.
Time period Pricing Enhancements – For millennials who could also be approaching life milestones reminiscent of beginning a household, or Gen Xers and Child Boomers who could also be underinsured or in want of demise profit safety for only a sure variety of years, Lincoln has decreased pricing on its Time period insurance coverage choices for candidates.
“Customers and advisors are in search of insurance coverage merchandise that provide monetary planning flexibility, and shopping for experiences extra in keeping with different industries,” stated Mike Burns, senior vp, Life Options, Lincoln Monetary Group. “With these evolving expectations, Lincoln continues to rework the life insurance coverage enterprise mannequin, delivering insurance policies that transcend a demise profit – offering ‘dwelling advantages’ that assist purchasers obtain monetary objectives in numerous phases of life. And we’re making it extra handy to buy and personal these insurance policies with less complicated, quicker, high-tech shopping for and repair experiences.”
Underwriting Course of Enhancements
Automated Underwriting Growth – To supply a extra handy and quicker underwriting expertise, together with the potential to problem insurance policies in as little as 24 hours, Lincoln’s automated underwriting course of is now additionally accessible (through the LincXpress® tele-interview course of) with Lincoln LifeElements® Degree Time period, and shortly, all single-life UL, IUL and Variable UL (VUL) merchandise. Eligible instances will use an automatic underwriting strategy leveraging know-how to course of and confirm software data and make underwriting selections, with out compromising threat evaluation.
Unified Software –All Lincoln Time period, UL, IUL and VUL insurance policies, excluding MoneyGuard, will now use the identical software, integrating all software processes into one streamlined and constant expertise for purchasers and advisors.
Case tracker – To assist advisors maintain purchasers knowledgeable and cut back administrative duties, Lincoln’s on-line portal permits an advisor to shortly see the standing of a consumer’s case within the underwriting & new enterprise course of, and any excellent necessities wanted to course of the case.
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