As part of our commitment to providing transparency, we want to notify our partners that after November 15, 2019, Lincoln will not have an approved MoneyGuard product available in the state of New York. We are actively working with the state to get our 2017 Commissioners Standard Ordinary (CSO) Table product approved as soon as possible. Lincoln is dedicated to continuing our business in New York.
Due to the delay in product availability, we are putting in place an in good order application deadline for all Lincoln MoneyGuard® Reserve submissions. All applications must be received in good order by Lincoln’s back office by Friday, November 15, 2019. Our in good order requirement is put in place to help you and your clients meet the December 31, 2019 placement deadline. Submission guidelines are provided below.
Lincoln is committed to helping you meet your year-end goals. We look forward to sharing additional updates as they become available.
- For applications to qualify for the current MoneyGuard® Reserve, the completed ticket, Projection of Values and all other required point-of-sale forms must be signed, dated, and received in good order by Lincoln’s home office by Friday, November 15, 2019.
- New York point-of-sale forms include: MoneyGuard® Ticket, Projection of Values, Replacement of Life Insurance or Annuities, Long-Term Care Insurance Personal Worksheet, Confirmation of Personal Worksheet Financial Information Opt Out (if applicable), Receipt of Required Notice(s) Acknowledgment Form, Authorization for Release of Information (HIPAA)
- For pending business where the PHI has not been scheduled, all submission paperwork must be in good order by Friday, November 15, 2019.
- Please note, effective October 1, 2019, Lincoln is no longer accepting external 1035 exchange applications for Lincoln MoneyGuard Reserve.
- For New York Replacement business (non 1035), it is imperative that all required forms and point-of-sale forms must be signed, dated, and received in good order by Lincoln’s home office by November 15, 2019.
- Additional point-of-sale forms needed for New York Replacement business include: Appendix 11: Definition of Replacement, Authorization to Disclose Policy Information, and Appendix 10C: Important Notice Regarding Replacement
- Ensure that you are appropriately credentialed. Clients of advisors who are not properly credentialed to solicit business when the paperwork is submitted will be subject to premium rates in effect on the date when the advisor becomes properly credentialed and resubmits the paperwork.