Effective November 11, 2019, The Lincoln National Life Insurance Company (Lincoln) introduces its latest updates to its survivorship life guaranteed UL product, Lincoln LifeGuarantee® SUL (2019). This product will replace the existing Lincoln LifeGuarantee® SUL with the necessary updates to comply with Principle-Based Reserving (PBR) and 2017 Commissioner’s Standard Ordinary (CSO) Table.
This product will not be made available in New York.
- Due to the recent interest rate declines to near historical lows, the following pricing updates will apply:
- Premiums will increase between 20%-40%. Some age and class combinations may see increases above or below this amount
- Target premiums increased to be aligned with updated lifetime level premiums
- External rollover loans are not commissionable
- The CPG Funding Level Test has been removed
Availability and Transition Guidelines
New business applications for Lincoln LifeGuarantee® SUL (2019) will be accepted on November 11, 2019.
- For pending business or policies already issued, Lincoln will accept a written request and a revised illustration to change to the Lincoln LifeGuarantee® SUL (2019)
- For policies already placed, normal internal replacement guidelines apply. Rewrites will not be allowed.
The following riders will be available on Lincoln LifeGuarantee® SUL (2019):
- Accelerated Benefits Rider (with first death)
- Accelerated Benefits Rider (without first death)
- Estate Protection Rider