Lincoln Announces Multiple Product Changes Beginning May 16
From Lincoln:
Coming Soon – Lincoln WealthPreserve 2 Survivorship IUL (2022)
Effective May 16, 2022, subject to state availability, Lincoln is pleased to introduce Lincoln WealthPreserve 2 Survivorship IUL (2022) to our life insurance portfolio.
Lincoln WealthPreserve 2 Survivorship IUL (2022) offers long-term protection, built-in guarantees, and lifelong flexibility. Built for couples who want solid, cost-effective protection for two lives under one policy.
Product Highlights:
Guaranteed Financial Protection
Extended guaranteed death benefit protection1 for up to younger insureds age 95 for issue ages 55+ or younger insureds age 90 for issue ages 50 and below.
A simple approach to death benefit guarantee catch-up premiums1 means your clients can pay the intended premium at any time and keep their death benefit guarantee intact.
Access to cash value through loans, with guaranteed interest loan charge rates for the duration of the policy.
Click here to learn more about Lincoln Wealth Preserve 2 Survivorship IUL
Discontinuation of New Sales of Lincoln LifeGuarantee UL (2019) and Lincoln LifeGuarantee SUL (2019)
After careful consideration, Lincoln has made the decision to discontinue new sales of Lincoln LifeGuarantee UL (2019) and Lincoln LifeGuarantee SUL (2019) (Survivorship UL), which accounted for just 1% of all Lincoln Life sales in 2021. These changes are effective in all states, June 10, 2022. The changes do not impact inforce policyholders. Lincoln continues to offer a full suite of life insurance solutions, including Term, Indexed Universal Life, Variable Universal Life, long-term care funding solutions and Executive Benefit products.
Submission Deadline
All applications for the products listed above must be received in-good-order at Lincoln by June 10, 2022.
As of May 16, 2022, Lincoln DesignIt and WinFlex will be updated to reflect a warning message regarding the submission deadline of June 10, 2022.
As of June 10, 2022, Lincoln DesignIt and WinFlex will be updated to no longer allow illustrations of the impacted products.
Revised illustrations for pipeline cases can be obtained by contacting your Lincoln wholesaler.
Click here to learn more about the discontinuation
Coming Soon – Lincoln MoneyGuard Fixed Advantage
We’re excited to announce our newest addition to the Lincoln MoneyGuard solutions product portfolio, Lincoln MoneyGuard Fixed Advantage will be available effective May 16, pending state approval.
MoneyGuard Fixed Advantage is a universal life insurance policy with a long-term care rider that preserves the core design features of our current MoneyGuard Universal Life product. Following a transition period, MoneyGuard Fixed Advantage will replace Lincoln MoneyGuard III in approved states. With the launch of MoneyGuard Fixed Advantage, we’re excited to introduce the new Benefit Transfer Rider (BTR) that is automatically included with all MoneyGuard Fixed Advantage policies, at no additional cost. This innovative rider provides the opportunity to enhance an existing policy’s long-term care and death benefits through the utilization of death claim proceeds from a separate policy at a rate that will always be greater than the amount being transferred.
Click here to learn more about MoneyGuard Fixed Advantage