Lincoln Financial Group (NYSE:LNC) today announced a total value upgrade to its Lincoln LifeGuarantee® Survivorship Universal Life insurance policy (SUL), issued by The Lincoln National Life Insurance Company, Fort Wayne, IN. This guaranteed universal life insurance policy for two lives offers a new competitive pricing structure with flexible premium payment options.
"The Lincoln LifeGuarantee® SUL value upgrade reaffirms Lincoln’s commitment to the secondary guarantee market and our leadership position in the universal life market space," said Michael Burns, Senior Vice President, Life Product Management, Lincoln Financial Group. "Lincoln LifeGuarantee® SUL is well-positioned for the current low interest rate environment and provides advisors and their clients with a robust solution to meet evolving estate planning and wealth transfer needs."
The Lincoln LifeGuarantee® SUL (2011) total value upgrade will offer competitive pricing on lifetime guarantees and flexible payment options for clients wanting lower initial funding requirements at time of policy enrollment — allowing for permanent coverage to be purchased early on at low initial premiums as policy owners underfund in early years and pay increased "catch up" premiums in later policy years. Lincoln LifeGuarantee® SUL (2011) also offers more traditional payment options including an option where policy owners pay equal amounts throughout the life of the policy. With Lincoln LifeGuarantee® SUL (2011), clients choose how to fund their policy by adjusting:
- The amount of the guaranteed death benefit protection
- The amount and frequency of premium payments
- The length of the guarantee period
"This type of innovation provides flexibility for advisors and their clients by enabling them to customize payment options to meet a range of financial needs," said Daniel Hickey, Head of Insurance Solutions Distribution.
Lincoln LifeGuarantee® SUL (2011) includes five additional riders available for an additional cost to customize policies unique to individual needs.
Lincoln LifeGuarantee® SUL (2011) also includes a Coverage Protection Guarantee (CPG) that runs to the younger insured’s age 121 and helps protect client assets by guaranteeing coverage for life. During the CPG Period, the CPG guarantees that the policy will not lapse even if the cash surrender value is insufficient to cover the monthly deductions. Any changes to the policy such as changes in scheduled premiums, and adding riders may terminate the guarantee or reduce its duration. In most cases, policy owners may make additional payments to place the guarantee back into effect, resulting in increased out-of-pocket costs.
Lincoln LifeGuarantee® SUL is issued on policy form SUL5066 and state variations by The Lincoln National Life Insurance Company, Fort Wayne, IN. The Lincoln National Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so. Guarantees and contractual obligations are backed by the claims-paying ability of The Lincoln National Life Insurance Company.
Products and features are subject to state availability. Limitations and exclusions may apply.
About Lincoln Financial Group
Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. With headquarters in the Philadelphia region, the companies of Lincoln Financial Group had assets under management of $157 billion as of December 31, 2010. Through its affiliated companies, Lincoln Financial Group offers: annuities; life, group life and disability insurance; 401(k) and 403(b) plans; savings plans; and comprehensive financial planning and advisory services. For more information, including a copy of our most recent SEC reports containing our balance sheets, please visit www.LincolnFinancial.com.