BSMG Blog: Protecting the Future of Families and Businesses

Lincoln VUL One & SVUL One (2019) Reprice

Posted by Brokers' Service on 21 Feb 2021

Effective February 16, 2021 and in conjunction with the launch of Lincoln VULONE (2021) and Lincoln SVULONE (2021), Lincoln is announcing pricing updates on the current Lincoln VULONE (2019) and Lincoln SVULONE (2019) to align with the 2021 product pricing.

  • Lincoln VULONE (2019) – 02/16/21 will be available only in those states that have not approved Lincoln VULONE (2021).
  • SVULONE (2019) – 02/16/21 will be available only in those states that have not approved Lincoln SVULONE (2021).

The first-year premium limit of $500,000 for Lincoln VULONE (2019) and Lincoln SVULONE (2019) will not apply to Lincoln VULONE (2019) – 02/16/21 and Lincoln SVULONE (2019) – 02/16/21

Click Here for the Full Transition Guide

Pricing Changes

Lincoln VULONE (2019) – 02/16/21

  • Premiums have increased 9% on average across all funding patterns

  • Level pay premiums increased 8% on average

  • Single and 10-pay premiums increased 10% on average

  • There are no impacts to Target premiums

  • No first-year premium limit

Lincoln SVULONE (2019) – 02/16/21

  • Premiums have increased 12% on average across all funding patterns

  • 11% increase on average at younger ages

  • Up to 14% increase on average at older ages

  • There are no impacts to Target premiums

  • No first-year premium limit

State Availability

These products will only be available in the states where Lincoln VULONE (2021) and/or the Lincoln SVULONE (2021) are not approved at launch. These products will not be made available in New York.

Transition Guidelines

For states that are approved at rollout (i.e. those states that have not yet approved the Lincoln VULONE (2021) and/or the Lincoln SVULONE (2021)), there is a 14-day transition period which begins on February 16, 2021 and ends on March 1, 2021.

  • 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 LincXpress® Tele-App Cases, a complete ticket and required solicitation forms must be received 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 VULONE (2019) – 02/16/21 or Lincoln SVULONE (2019) – 02/16/21.
  • For policies already placed, normal internal replacement guidelines apply. Rewrites will not be allowed.

For additional help with any pending quotes, cases, or conversion questions, contact your BSMG Representative today. 

Topics: Life Insurance, Insurance Products & Solutions, Insurance Industry News

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