As our industry continues to operate in a challenging and changing environment, Lincoln remains committed to operating responsibly through our disciplined approach to financial and risk management. Guided by our long-term objective of honoring commitments to policyholders, thoughtful and deliberate business decisions enable Lincoln to remain dedicated to the life insurance market, maintain a consistent industry-leadership position and meet customer and advisor needs.
As part of this approach, effective August 10, 2020, Lincoln is announcing a first-year premium limit for Lincoln VUL ONE (2019), and Lincoln SVUL ONE (2019).
Lincoln remains committed to the guaranteed Variable Universal Life market, and these adjustments help ensure we maintain market presence and remain a trusted and reliable partner.
Premium Limit Details
Effective August 10, 2020, Lincoln will implement a maximum first-year premium limit of $500,000 for Lincoln VUL ONE (2019) and Lincoln SVUL ONE (2019). The limit applies to total first-year premium, including 1035s and lump sums. All funding patterns, ages and underwriting classes are subject to this limit.
All states will automatically be subject to the limit at rollout.
Lincoln will allow a two-day transition window to accommodate sales applications currently in process.
- For applications with a first-year premium exceeding $500,000, formal applications and required solicitation forms, must be signed, dated and received in-good-order in Lincoln’s home office by Tuesday August 11, 2020.
- For LincXpress® Tele-App cases with a first-year premium exceeding $500,000, a complete ticket and required solicitation forms must be received in-good-order in Lincoln’s home office by Tuesday August 11, 2020.