Effective May 11, 2020, Lincoln is announcing pricing updates on Lincoln VUL ONE (2019), and Lincoln SVUL ONE (2019).
Lincoln VUL ONE (2019) – 5/11/20 will replace Lincoln VULONE (2019) – 1/13/20.
Lincoln SVUL ONE (2019) – 5/11/20 will replace Lincoln SVULONE (2019) – 1/13/20 for all states that are approved at rollout.
Pricing Changes
The following pricing updates apply:
- Premiums have increased 16% on average
- Updates apply to Lincoln VUL ONE (2019) and Lincoln SVUL ONE (2019)
- Updates apply across all funding patterns
- There were no impacts to Target premiums
Prospectus
There is no new prospectus for these product updates. The prospectus’ can be found on LFG.com under Explore insurance & annuities/Lincoln VULONE (2019)/ Performance /Prospectus and Reports tab.
Transition Guidelines
All states are automatically approved at rollout with the exception of New York (where the product is not currently available), and the transition period begins on May 11, 2020 and ends on May 22, 2020. Additionally, all pending business must be issued, or 1035 exchanges initiated (where applicable), on or before August 28, 2020.
- For the old product, formal applications must be signed, dated and received in-good-order in Lincoln’s home office by the end of the transition period to qualify.
- For LincXpress® Tele-App Cases, a complete ticket and required solicitation forms must be received in Lincoln’s home office by the end of the transition period to qualify.
- For pending business or policies already issued, Lincoln will accept a written request and a revised illustration to change to the Lincoln VULONE (2019) – 05/11/20, and Lincoln SVULONE (2019) – 05/11/20
- For policies already placed, normal internal replacement guidelines apply. Rewrites will not be allowed
- For cases with the owner listed as “Trust to be Established”, formal applications received in the Home Office by the end of the transition period and have been 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.
- For formal applications that expire prior to Issue or have been closed out, a new Part I must be submitted, and the case will be subject to the rates available at that time.