RADNOR, Pa.--(BUSINESS WIRE)--Lincoln Financial Group (NYSE:LNC) announced today that it is taking steps to support customers experiencing COVID-19-related financial challenges, including relief for retirement savers, flexibility for policyholders, and support for the community and business.
“As our country comes together to address the many issues created by this global pandemic, we want to do our part to help alleviate some of the financial burdens so many Americans are facing,” said Dennis R. Glass, president and CEO, Lincoln Financial Group. “Just as importantly, Lincoln is also committed to providing our customers advice and education to help them navigate this challenging time. I’m extremely proud of our employees who continue to provide the strong service and expertise our customers need to get through this uncertain period in their lives.”
Relief for Retirement Savers
As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was passed to help Americans who are struggling financially with the impacts of the COVID-19, Lincoln Financial is waiving eligible withdrawal and loan initiation fees as defined under the Act.
“Lincoln Financial is here to serve our customers during this difficult time, helping them manage their short-term finances in order to meet their long-term financial goals,” said Jamie Ohl, executive vice president, president of Retirement Plan Services, Lincoln Financial Group. “We are fully supportive of the legislation and are focused on providing education and awareness to ensure retirement savers understand what it means for them.”
Lincoln’s team of retirement consultants, who provide one-on-one support, are fully operational in a virtual environment and are just a phone call or (online) meeting away. Additionally, Lincoln is sharing educational materials and hosting webinars to help plan participants make informed decisions on whether a loan or withdrawal could be the right option for them and understand how it could impact their long-term goals.
Flexibility for Customers
Lincoln is also making temporary modifications to help its individual life insurance policyholders impacted by COVID-19. Premium payment grace periods will be extended on a case-by-case basis for those with COVID-19-related hardships to help ensure continuing coverage, and Lincoln will adjust its practices to comply with any state-issued mandates. Upon request, customers may discontinue their automatic bank withdrawals, adjust their premium payment schedule, expedite loans and withdrawals, as well as use any of the many different payment methods Lincoln offers. The company will continue to ensure an expeditious review of claims.
On the Group Benefits side, Lincoln is continuing coverage to employees whose job status has been impacted by COVID-19 until September 30, 2020, or longer if the policy language is more generous, as long as the premium is paid by the employer. Lincoln is also giving employers and their employees greater flexibility by extending the standard premium payment grace period on its group insurance policies and service agreements through September 30, 2020. For employers with fewer than 500 employees who are up for renewal this summer, Lincoln will hold in-force rates into 2021 to provide relief.* Additionally, Lincoln will adjust its practices to comply with any state-issued mandates. Finally, the company is being more lenient with deadlines, as well as providing extensions on claim and other submissions required throughout the claim process. Complete details on claim protocols are available here.
To help support its employers and brokers, particularly in understanding all the new legislation like the Families First Coronavirus Response Act, the company has created numerous educational materials. For more information, please visit the company’s online COVID-19 resource hub at www.lfg.com/covid-19.
Support for the Community and Business
Lincoln Financial Foundation donated $1 million to nearly 30 organizations across eleven cities where Lincoln has a significant presence. The organizations distribute food supply to community pantries, soup kitchens and shelters, help dispense school lunches to students out-of-school and provide meals to seniors and other vulnerable community members.
Additionally, Lincoln, along with Accenture, ServiceNow, and Verizon, launched People+Work Connect, a collaborative online employer-to-employer initiative that brings together companies with workforces laid off or furloughed due to COVID-19 with those in urgent need of workers. More than 100 Lincoln jobs are posted through this collaborative effort. At no charge for employers to join and participate, the initiative is intended to help shorten the complex, lengthy cycle of finding new employment. For more information, visit: https://peopleworkconnect.accenture.com/welcome.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help empower people to take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, as well as to guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $275 billion in assets under management as of December 31, 2019. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good. Dedicated to diversity and inclusion, Lincoln earned perfect 100 percent scores on the Corporate Equality Index and the Disability Equality Index. Lincoln has also been recognized in Newsweek’s Most Responsible Companies and is among Forbes’ World’s Best Employers, Best Large Employers, Best Employers for Diversity, Best Employers for Women and ranked on the JUST 100 list. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.
*For employers with fewer than 100 lives, Lincoln will hold current rates on all renewals with plan anniversary dates between May 1, 2020 and August 31, 2020 for 12 months from the policy anniversary date. For employers with 100 to 500 lives, Lincoln will engage in renewal discussions for clients with renewal dates from May 1, 2020 through August 31, 2020, while holding rates through February 1, 2021. These relief efforts apply to all Group Benefits lines of coverage with the exception of New Jersey Temporary Disability Benefits.