Effective Feb. 13, 2023, Lincoln is pleased to announce an update to the Lincoln WealthPreserve® 2 IUL (2020) life insurance product.
Lincoln WealthPreserve® 2 IUL (2020) – 02/13/23 offers flexibility for growth, access to cash value, and financial protection. Built for clients who want valuable guaranteed protection with flexibility for life’s changing needs.
- Reduced premium loads above threshold to match premium loads below threshold to improve competitiveness on single/short pays designs (current charge only)
- Target premium increase (approximately 5%)
Indexed Account Updates
- Increased S&P Traditional Account cap from 9.50% to 10.00%
- Increased Fidelity Fixed Bonus from 0.95% to 1.00%
- Lowered S&P Traditional Account floor from 0.25% to 0.00%
For states that are approved at rollout there is a 30-day transition period which begins on Feb. 13, 2023 and ends on March 15, 2023. Applications received on or after March 16, 2023, will receive the new Lincoln WealthPreserve® 2 IUL (2020) – 02/13/23 product.
During the transition period:
- 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 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 pending business or policies already issued, Lincoln will accept a written request and a revised illustration to change to the WealthPreserve® 2 IUL (2020) – 02/13/23.
- For policies already placed, normal internal replacement guidelines apply. Rewrites will not be allowed.