Recently, I was assigned a new life insurance case to be placed with Lincoln National. Like usual, I applied for the LifeElements product without knowing there had been a new product released to the market a week earlier, TermAccel.
Lincoln’s TermAccel product is geared towards giving younger (up to age 60) clients the coverage they need without a lab draw! This life product is made to be easy and paperless, offering a fast lab-free approval and low-cost premiums – what a great combination. The lab-free process is, of course, assuming that one qualifies for lab-free underwriting by being healthy and not on any real medication.
Here is where it gets interesting. If one does end up having to provide labs, then they must be ordered through Lincoln and cannot be combined with any other carrier’s lab draw request. This can make the process more complicated if you don’t qualify for lab-free underwriting up front and have multiple carriers you are applying for.
When I realized that the premium for TermAccel was significantly cheaper (30%) we naturally asked if we could switch products. At first, though, we were told, “Once an application is submitted and processed by an underwriter for LifeElements, Lincoln will not accept a ticket for the TermAccel product.” Fortunately for us, because the product is new and we have a great relationship with the carrier, we were allowed an exception to switch products, resulting in a satisfied customer with a much better price than they or us initially thought possible!
I’m thankful for this slippery encounter with the TermAccel product and Lincoln because now we have a solution for those prospective clients that have postponed buying coverage due to not wanting to do the lab draw or just not having the time to get it completed. If you have not gotten your life insurance coverage due to a fear of needles or lack of time, give us a try and see if we can get your coverage in place without further delay.
