Effective Feb. 13, 2023, Lincoln is pleased to announce an update to the Lincoln WealthPreserve® 2 Survivorship IUL (2022) life insurance product.
Lincoln WealthPreserve® 2 Survivorship IUL (2022) – 02/13/23 offers long-term protection, built-in guarantees, and lifelong flexibility. Built for couples who want solid, cost-effective protection for two lives under one policy.
Pricing Updates
- Reduced premium loads above threshold to match premium loads below threshold to improve competitiveness on single/short pays designs (current charge only)
Indexed Account Updates
- Increased S&P Traditional Account cap from 9.50% to 10.00%
- Lowered S&P Traditional Account floor from 0.25% to 0.00%
Transition Guidelines
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 Survivorship 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 Survivorship IUL (2020) – 02/13/23.
- For policies already placed, normal internal replacement guidelines apply. Rewrites will not be allowed.