Shifting Consumer Needs and Expectations Drive New Life Insurance Product and Underwriting Enhancements

Lincoln Financial Group Looks To 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.

February 11, 2019 10:00 AM Eastern Standard Time –RADNOR, Pa.–(BUSINESS WIRE)–In response to increasing consumer preference for holistic financial solutions that meet multiple planning needs, and demand for ease and speed of business, today 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...

“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.
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 S&P Dow Jones Indices LLC (“SPDJI”) and has been licensed for use by The Lincoln National Life Insurance Company. Standard & Poor’s®, S&P ® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by The Lincoln National Life Insurance Company. The Lincoln National Life Insurance Company’s Products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such products nor do they have any liability for any errors, omissions, or interruptions of the S&P Index.
The Lincoln National Life Insurance Company, Fort Wayne, IN
Lincoln Life & Annuity Company of New York, Syracuse, NY
The Lincoln National Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so.
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 The Lincoln National Life Insurance Company to a group life insurance trust. Products, riders and features are subject to state availability. The insurance policy and riders have limitations, exclusions, and/or reductions. Check state availability.
Distributor: Lincoln Financial Distributors, Inc., a broker-dealer
Lincoln LifeElements® Level Term (2017) policy form TRM6063 and state variations. Not available in New York.
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 The Lincoln National Life Insurance Company, Fort Wayne, IN, on Policy Form LN880/ICC13LN880 with the following riders: form LR880 and state variations/ICC15LR880 Rev; form LR881/ICC13LR881; form LR882/ICC13LR882. Not available in New York.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help empower people to take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, as well as to guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. The company had $238 billion in assets under management as of December 31, 2018. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good. Additionally, Lincoln is dedicated to upholding a diverse and inclusive organization and was recognized by Forbes as one of the Best Large Employers, Best Employers for Diversity, and Best Employers for Women and received a perfect score of 100 percent in 2018 on both the Corporate Equality Index and Disability Equality Index. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.