Lincoln is pleased to announce pricing improvements to Lincoln LifeGuarantee UL (2013) effective February 8, 2016. This product provides the same type of affordable, flexible, and guaranteed protection as the prior product version and maintains competitive level-pay lifetime guarantee options.
Product Highlights
- No Premium Increases – All premiums have either been reduced or remain constants
- Level Pays
- Solidified competitiveness in core market, ages 65+
- Improved competitiveness in the 50-60 age range
Transition Guidelines
All states will be automatically approved at rollout with the exception of:
- Puerto Rico – pending approval of the 2013 base product
- New York – Lincoln LifeGuarantee UL (2013) is not available
For approved states, there will be a 60-day transition period that begins February 8, 2016 and ends April 8, 2016.
- For formal applications signed and received in good order within the transition period, the insured will have their choice of Lincoln LifeGuarantee UL (2013) or the new Lincoln LifeGuarantee UL (2013) – 2/8/16.
- For pending and issued business, Lincoln will accept a written request and a revised illustration to change to Lincoln LifeGuarantee UL (2013) – 2/8/16.
- For placed business, normal internal replacement guidelines apply. Rewrites will not be allowed.
Illustration Availability
Illustrations for Lincoln LifeGuarantee UL (2013) – rates as of 2/8/16 will be run on the current version of the Lincoln DesignIt platform 9v32).
If you have an active internet connection, the software will automatically update to include the new product on February 8, 2016. If you need to download the Lincoln DesignIt platform, it is available on the Lincoln producer websites or from Field Office Technicians.
Reference Material
The Product Reference Guide for Lincoln LifeGuarantee UL (2013) is available on the Lincoln Producer Websites.
Available Riders
The following riders are available on Lincoln Life Guarantee UL (2013):
- Accelerated Benefits Rider (with critical illness)
- Accelerate Benefits Rider
- Accidental Death Benefit Rider
- Children’s Term Insurance Rider
- Disability Waiver of Specified Premium
- Disability Waiver of Monthly Deduction
- Guaranteed Insurability Rider
- Lincoln LifeEnhance Accelerated Benefits Rider*
- Spouse Term Rider
*There is a new version of the Lincoln LifeEnhance Accelerated Benefits Rider for Interstate Compact approved states. Reference the Universal Life State Availability chart for approvals.
- Highlights
- This new Compact-State Version, standardizes rider contract language, eliminates state variations, and brings more consistency across products.
- There are no benefit, pricing, or compensation changes.
- Transition Period
- Formal applications signed on or after 2/8/16 will receive the new rider regardless of the base product chosen (Lincoln LifeGuarantee UL (2013) or Lincoln LifeGuarantee UL (2013) – 02/08/16).
- Disclosure
- There is an updated New Business Disclosure
- In Compact-approved states, the Forms Tool will have both the new and old disclosure and the Comments section for each form will indicate which version to use.
Marketing Materials
The updated marketing materials for Lincoln LifeGuarantee UL (2013) can be viewed on the various Lincoln websites and are available for order from the Lincoln Literature Fulfillment Center.