Lincoln is pleased to announce an update to the Lincoln WealthAccumulate 2 IUL
(2020) life insurance product.
Lincoln WealthAccumulate 2 IUL (2020) – 04/17/23 offers flexibility for growth,
access to cash value, and financial protection. Built for clients who want death
benefit protection plus growth opportunities through indexed accounts and access
to cash value for today’s and tomorrow’s needs. At launch, this product will comply
with the updated illustration requirements for AG49-A (Effective May 1, 2023).
- Reduced premium loads above threshold to match premium loads below threshold, improving competitiveness on single and short pay designs (current charge only)
- Indexed Account Updates
- Increased S&P 500® Traditional Account cap from 9.50% to 10.00%
- Decreased S&P 500® Traditional Account floor from 0.25% to 0.00%
- Participating loans are replaced with two new Indexed Loan Accounts linked to the S&P 500 Index** (excluding dividends) or the Fidelity AIM Dividend Index# If selected, the amount of any loan will be transferred from the Indexed Account(s) and/or Fixed Account and earn interest based on the performance of the Indexed Loan Account to which it is allocated. The loan will be charged a guaranteed rate of 5.0%.
- There is a transition period that begins on April 17, 2023 and ends on April 30, 2023. Applications received on or after
- May 1, 2023, will receive the new Lincoln WealthAccumulate® 2 IUL (2020) – 04/17/23 product.
- During the transition period:
- 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® Ticket 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 cases with the owner listed as “Trust to be Established,” formal applications received in the home office by the end of the transition period that 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. This form must be received prior to issue.
- For pending business or policies already issued, Lincoln will accept a written request and a revised illustration to change to the Lincoln WealthAccumulate® 2 IUL (2020) – 04/17/23.
- For policies already placed, normal internal replacement guidelines apply. Rewrites will not be allowed.
- Lincoln WealthAccumulate® 2 IUL (2020) – 04/17/23 is not currently approved in Guam. The old product will be withdrawn in Guam on 04/30/23.
Fact Sheet – Lincoln WealthAccumulate 2 IUL
Indexed Universal Life state availability
- April 17, 2023
- Benkis Barrueta
- Carrier News, Life Insurance
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