Due to the existing regulatory environment in New York, Lincoln Life & Annuity Company of New York (Lincoln) is unable to maintain a modern portfolio of MoneyGuard® hybrid life insurance products in the state and will be suspending new MoneyGuard® sales in New York until further notice. These changes do not impact existing policyholders.

The following product currently sold in New York will be suspended after March 25, 2022:

  • Lincoln MoneyGuard® II NY

Submission and placement deadline

  •  All New York applications for the product listed above must be received in-good-order at Lincoln by March 25, 2022, and
  • All pipeline cases for the New York product listed above must be placed inforce, or 1035 exchange initiated by June 30, 2022
  •  Any case not placed inforce or 1035 exchange initiated by June 30, 2022 will be cancelled

As a reminder, New York Solicitation and Situs guidelines must continue to be followed. For any New York resident (Proposed Insured or Owner) applying for life insurance coverage outside of New York no part of the sale can take place in the state of New York. All sales activities including solicitation, paperwork signing, and policy delivery must be conducted in the state of situs, and all paperwork and forms must align to the state of situs. Additionally, the New York resident (Proposed Insured or Owner) must sign the Out of State Verification Form. An article with important New York Situs reminders is also available as a reference.

At this time, there is no date set for the future availability or reintroduction of MoneyGuard® products in New York. Any updates will be communicated through the Lincoln Life Leader. Please contact your Lincoln representative with any questions.

Click here to view the Announcement

Securities offered through The Leaders Group, Inc. Member FINRA/SIPC 26 W. Dry Creek Circle, Suite 800, Littleton, CO 80120, 303-797-9080.

GBS Insurance and Financial Services, Inc. is not affiliated with The Leaders Group, Inc. You may check the background of investment professionals on FINRA Broker Check

Copyright @2024 Premier Brokerage Services