RADNOR, Pa.--(BUSINESS WIRE)--Lincoln Financial Group (NYSE:LNC) has announced enhancements to its life insurance portfolio of products, with updates to its Term and Survivorship Indexed Universal Life (SIUL) offerings. The enhancements offer new strategies for advisors to use in helping clients achieve goal-based outcomes, by providing added flexibility in planning for income replacement needs, tax efficient wealth transfer or health-related expenses.
“There are many different ways that life insurance can help individuals protect the assets they have worked so hard to accumulate, but there is no ‘one size fits all’ solution,” said Michael Parker, vice president of Life Product Management, Lincoln Financial Group. “Advisors need a broad set of options to meet the diverse needs of their clients, and Lincoln is committed to providing that choice and flexibility through its comprehensive solution set. We continuously refine the portfolio to ensure advisors can help guide their clients in reaching their desired outcomes during different stages of life.”
Protecting Assets From Health-Related Expenses
Now available with Lincoln WealthPreserveSM SIUL policies, which insure two individuals in a single policy, is the Lincoln LifeEnhanceSM Accelerated Benefits Rider (ABR)1 for clients who have a primary need for life insurance protection, but are also concerned about the impact a permanent chronic or terminal illness may have on their financial well-being.
The Lincoln LifeEnhanceSM ABR provides access to tax-advantaged funds through acceleration of the policy death benefit when both insureds, or the surviving insured, develops a qualifying permanent chronic or terminal illness. Once all eligibility conditions have been met, there is no waiting period, and funds can be used freely to get what is needed to ensure a desired quality of life. After the acceleration begins, no additional premiums are required and the policy is guaranteed not to lapse as long as no further withdrawals or loans are taken.
Lincoln WealthPreserveSM SIUL provides an income tax-free death benefit at the end of the second insured’s life, and is designed to enable policyholders to transfer a greater inheritance to beneficiaries, or provide proceeds to pay estate taxes, continue a business, or meet other financial needs.
Offering More Flexibility in the Marketplace
Lincoln has also made enhancements to its Lincoln LifeElements® Level Term products, which offer affordable death benefit protection for 10, 15, 20 or 30 years, helping families make financial transitions during difficult times. Lincoln LifeElements® Level Term (2014) features improved premium competitiveness helping expand market reach, and now, beginning in year 4, death benefit decreases are allowed, subject to a minimum requirement. This new option provides policyholders with the flexibility to meet shifting objectives as their situations evolve with age and lifestyle. Policyholders are able to reduce the death benefit one time per year beginning in the fourth year, and premiums will be adjusted accordingly.
These product enhancements are immediately available to Lincoln’s national network of distribution partners (in states where approved). For more information on the product, visit www.lincolnfinancial.com.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help empower Americans to take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, as well as to guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $215 billion in assets under management as of September 30, 2014. Learn more at: www.LincolnFinancial.com. Find us on Facebook, Twitter (@lincolnfingroup), LinkedIn and YouTube.
Lincoln WealthPreserveSM Survivorship IUL is issued on policy form SUL6035, with optional rider form number ICC14ABR-7012/ABR-7012 and state variations by The Lincoln National Life Insurance Company, Fort Wayne, IN, and distributed by Lincoln Financial Distributors, Inc., a broker-dealer.
Products, riders and features are subject to state availability. Limitations and exclusions may apply. Not available in New York.
Lincoln LifeElements® Level Term is issued on policy form TRM5065 and state variations by The Lincoln National Life Insurance Company, Fort Wayne, IN. The Lincoln National Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so.
Policies sold in New York are issued on policy form TRM5065N.2/13 by Lincoln Life & Annuity Company of New York, Syracuse, NY.
Products, riders and features are subject to state availability. Limitations and exclusions may apply.
All guarantees and benefits of the insurance policy are subject to the claims-paying ability of the issuing insurance company. They are not backed by the broker-dealer and/or insurance agency selling the policy, or any affiliates of those entities other than the issuing company affiliates, and none makes any representations or guarantees regarding the claims-paying ability of the issuer.
The Lincoln LifeEnhance® Accelerated Benefits Rider is not long-term care insurance nor is it intended to replace the need for long-term care insurance. The benefits are supplementary to the primary need for death benefit protection. The rider may not cover all of the costs associated with the chronic illness of the insured. The benefits of the rider are limited by the policy’s death benefit at the time of claim; long-term care insurance does not typically contain this limitation.
1. Available at issue for an additional cost.