Lincoln Announces Changes to AssetEdge VUL
Effective immediately, the Table Reduction Program is no longer available for Lincoln's AssetEdge VUL. Additionally, starting January 22nd, target premiums will decrease on average by 9% for Death Benefit Options 1 & 3 designs. Note that applications received on or after February 12th will receive the new AssetEdge product.
FROM LINCOLN FINANCIAL...
The following product changes enable Lincoln to maintain a consistent industry leadership position while we deliver competitive value for your clients interested in upside potential with options for downside protection. On the effective dates noted below, we are making updates to Lincoln AssetEdge VUL (2022), a variable universal life insurance product.
Table Reduction Program (TRP)
Effective Immediately:
The Table Reduction Program (TRP) is no longer available for Lincoln AssetEdge VUL.
As a reminder, the Enhanced Underwriting Program will offer a one-class underwriting upgrade for formal applications submitted in good order through Dec. 29, 2023.
Decreased Target Premium on AssetEdge VUL (2022)
Effective January 22, 2024:
Target premiums will decrease on average by 9% for Death Benefit Option 1 and Death Benefit Option 3 designs only, and remain highly competitive. Target premiums for Death Benefit Option 2 remain unchanged.
Lincoln AssetEdge VUL base product, pricing and features are not changing between the Lincoln AssetEdge VUL (2022) – 1/24/22 and the Lincoln AssetEdge VUL (2020) – 1/22/24. The decrease in target premium rates is the only change from the old version to the new.
Transition Guidelines
Submission Deadline for the Target Updates:
There is a transition period which begins on January 22, 2024 and ends on February 11, 2024. Applications received on or after February 12, 2024, will receive the new Lincoln AssetEdge VUL (2022) – 1/24/24 product. All states are automatically approved at rollout, with the exception of New York where the product is not currently available. During the transition period:
To secure the old product, formal applications must be signed, dated and received in good in Lincoln’s home office by the end of the transition period to qualify.
For cases with the owner listed as “Trust to be Established,” formal applications received in the Home Office prior to Feb. 12, 2024 and signed by the insured will still qualify as awaiting a trust to be set up is part of the normal course of business. The only paperwork that Lincoln will not require at submission is the executed Certification of Trustee Powers with the trustee/owner’s signature. It must be received prior to issue.
Illustrations
Illustrations for Lincoln AssetEdge VUL (2022) —1/22/24 will be run on Lincoln DesignIt Illustration Systemv63.0C. If you have an active internet connection, the software will automatically update to include the new product version on January 22, 2024. If you need to download the Lincoln DesignIt Illustration System, it will be available on the Lincoln producer websites or from Field office Technicians.