May 11th, 2020
New West Short
Lincoln Product Changes
Upcoming Life Product Updates
Showcasing updates effective in May and coming soon
As the life insurance industry operates in today’s challenging and changing environment, Lincoln continues to proactively manage our business as part of our disciplined approach to financial and risk management. Our thoughtful business decisions enable Lincoln to remain strongly committed to the life insurance business and the markets we participate in, maintain a consistent industry-leadership position, and continuously meet customer and advisor needs - guided by our long-term objectives of honoring our commitments to policyholders.

When necessary, we make responsible product adjustments to ensure the solutions we bring to market remain viable while providing value to clients. At the same time, we also keep our sights on finding new ways to help our partners grow their business and reach new customers.
As such, Lincoln is making several Life product updates and enhancements. Please refer to the individual articles below for complete details.

Pricing Update – Lincoln VULONE (2019) – 05/11/20, and Lincoln SVULONE (2019) – 05/11/20
Effective May 11, 2020, Lincoln is announcing pricing updates on Lincoln VULONE (2019), and Lincoln SVULONE (2019).

Lincoln VULONE (2019) – 5/11/20 will replace Lincoln VULONE (2019) – 1/13/20. Lincoln SVULONE (2019) – 5/11/20 will replace Lincoln SVULONE (2019) – 1/13/20 for all states that are approved at rollout.
Pricing Changes
The following pricing updates apply:
  • Premiums have increased 16% on average
    • Updates apply to Lincoln VULONE (2019) and Lincoln SVULONE (2019)
    • Updates apply across all funding pattern
  • There were no impacts to Target premiums
Transition Guidelines
All states are automatically approved at rollout with the exception of New York (where the product is not currently available), and the transition period begins on May 11, 2020 and ends on May 22, 2020. Additionally, all pending business must be issued, or 1035 exchanges initiated (where applicable), on or before August 28, 2020.
  • 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 pending business or policies already issued, Lincoln will accept a written request and a revised illustration to change to the Lincoln VULONE (2019) – 05/11/20, and Lincoln SVULONE (2019) – 05/11/20.
  • For policies already placed, normal internal replacement guidelines apply. Rewrites will not be allowed.
  • 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 formal applications that expire prior to Issue or have been closed out, a new Part I must be submitted, and the case will be subject to the rates available at that time.
Please reference our VUL Transition FAQ for additional Transition Guideline questions. Click here to view the Variable Universal Life state availability.

Pricing Update – Lincoln LifeGuarantee® UL (2019) – 05/11/20
Effective May 11, 2020, Lincoln is announcing pricing updates on Lincoln LifeGuarantee® UL (2019).

Lincoln LifeGuarantee® UL (2019) – 05/11/20 will replace Lincoln LifeGuarantee® UL (2019) – 11/11/19 for all states that are approved at rollout.

Pricing Changes
The following pricing updates apply:
  • Premiums have increased 20% on average.
  • Target premiums have increased to be aligned with updated lifetime level premiums
Transition Guidelines
All states are automatically approved at rollout with the exception of New York (where the product is not currently available), and the transition period begins on May 11, 2020 and ends on May 22, 2020.
  • 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 pending business or policies already issued, Lincoln will accept a written request and a revised illustration to change to the Lincoln LifeGuarantee® UL (2019) - 05/11/2.
  • For policies already placed, normal internal replacement guidelines apply. Rewrites will not be allowed.
  • 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 formal applications that expire prior to Issue or have been closed out, a new Part I must be submitted, and the case will be subject to the rates available at that time.
Click here to view the Universal Life state availability.


Contact me with questions or for more information: 

Melissa Church
Director of Marketing
208-622-5211 x 2
melissa@newwestinsurance.com
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