Effective Aug. 31, 2023, new personal worksheets will be available for New York and North Dakota. The updates include a rate increase history grid, two new questions (#2 and #6), and a rewording of questions with additional answer options. Previous personal worksheets will no longer be accepted after Sept. 30, 2023.
Pricing Improvements Coming to Lincoln MoneyGuard Fixed Advantage®
Effective Sept. 11, 2023, Lincoln will be implementing pricing decreases to Lincoln MoneyGuard Fixed Advantage. There will be no pricing increases as a result of this update. The pricing improvements range from 0 – 15%, and the average pricing decrease is 5%.
Automated Underwriting Expansion to eApp
On Aug. 28, 2023, Lincoln will expand its automated underwriting capabilities to include electronic application (eApp) submissions for life insurance products. Benefits of automated underwriting include a faster processing time and simplified client experience.
Submitting an In-Good-Order Electronic Funds Transfer Form
Lincoln has received many inquiries regarding the Electronic Funds Transfer (EFT) Authorization Form [CS06711], particularly regarding what fields are required and why. To provide clarity, Lincoln discusses the requirements and legalities behind two important EFT fields—Premium Amount and Premium Mode—in the Lincoln Leader newsletter.
New Business Form Updates
Forms 33503WA and LF10087WA now include a new “Explain” field for Question 6 as well as fields for an additional Applicant/Owner signature, if needed. There is a 30-day transition period starting Aug. 14, 2023, in which either the old or new form will be accepted.
4506C Tax Return Form has also been updated. The form now has Section 5d pre-populated with the following information: “The Lincoln National Life Ins Co.” Lincoln will now work directly with the National Credit Service for tax return orders.
Enhancements to MoneyGuard® Auto Follow-Up Emails
Starting Aug. 14, 2023, Lincoln MoneyGuard® Auto Follow-up emails will receive multiple enhancements to ensure timely, accurate and actionable case status updates throughout the application process. All case contacts will benefit from a refreshed Auto Follow-up process which features updated verbiage, newly added follow-ups throughout the policy’s lifecycle, and the removal of auto follow-ups that are no longer applicable to the MoneyGuard process.
Important Information Regarding New York Situs
As Lincoln Financial continues to reinforce New York (NY) Situs measures, a disclosure will be added to the Delivery Notice on all Term Products and the illustration for Permanent Products. The Out of State Sale Verification Form is also no longer required on Informal Trial submissions for a New York resident with a non-NY product. Lincoln will also no longer accept lab draws in New York as the exam (vitals) must be conducted outside of NY and are generally completed at the time of the lab draw.
New Unified Life Application in Massachusetts
Starting Aug. 14, 2023, the latest unified life insurance application package will be available for use in Massachusetts (MA). With this new application comes two firsts for MA: Real-Time Offer opportunities for eligible clients, and the ability to sell Lincoln WealthAccelerate® IUL.
Online Beneficiary Changes for Individual Lincoln Life Insurance Policies
Beginning Aug. 14, 2023, Lincoln will offer individual life insurance policyholders the ability to modify their primary and contingent beneficiaries online. This feature is exclusively designed for consumers who have a registered account on LincolnFinancial.com, and enables hassle-free beneficiary updates.
Updated Foreign National Underwriting Guidelines
Beginning Aug. 14, 2023, Lincoln’s Underwriting team is pleased to offer new opportunities within the foreign national market. The updates include allowing a Limited Power of Attorney to sign the Good Health Statement, expanding travel abroad criteria for U.S. Citizens or Green Card holders, and routine inspection reports no longer being required.
