Lincoln Offering Enhanced Underwriting Program for Select VUL & IUL Products
From Lincoln:
We're pleased to announce that effective Sept. 11, 2023, Lincoln is offering an enhanced underwriting program to provide even more value with their accumulation-focused variable (VUL) and indexed (IUL) universal life insurance product solutions.
Lincoln AssetEdge VUL and Lincoln WealthAccumulate 2 IUL cases, subject to full underwriting and received at Lincoln in good order by Dec. 29, 2023, will receive a one-class underwriting upgrade.
Case Submission
Guidelines
New submissions received at Lincoln in good order by Dec. 29, 2023, and placed in-force, or 1035 exchange initiated, by Mar. 29, 2024
All pending cases not placed in-force as of Sept. 11, 2023 will be eligible, including cases in an issued status and/or pending 1035 exchanges in progress
All submission methods (electronic/traditional tickets and applications)
Issue Age/Face Amounts
Issue ages 20-80
Face amounts less than $50 million
Subject to age/risk class guidelines based on product applied for
Per current guidelines, backdating from age 81 to age 80 will not be permitted to qualify
Underwriting
Fully underwritten cases, at a standard or better rating only; subject to current underwriting guidelines
Lab-free consideration
Underwritten internal exchange
Formal offers only
Exclusions
The following scenarios will NOT be eligible for the enhanced underwriting program:
Policies placed in-force prior to Sept. 11, 2023; rewrites will not be permitted
New submissions received at Lincoln after Dec. 29, 2023
Trial Applications (Informal/Dummy Application); the formal application must be received at Lincoln by Dec. 29, 2023 to be eligible for the one-class upgrade
Riders; the one-class upgrade only applies to the base product
Face amounts $50 million and above
Term conversions
Substandard/table-rated cases
Lincoln WealthAccumulate 2 IUL cases assessed at standard through the Table Reduction Program (TRP)
The one-class underwriting upgrade cannot be used to be eligible for TRP consideration for Lincoln WealthAccumulate 2 IUL cases.
Note: The Table Reduction Program (TRP) will temporarily be suspended for all Lincoln AssetEdge VUL case submissions during this program. TRP availability for Lincoln AssetEdge VUL will resume for cases submitted on or after Jan. 1, 2024.