IMPORTANT: Lincoln Restricts Issue Age to 70 for MoneyGuard | Implements Premium Limits for VUL
Published on
August 10, 2020
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Lincoln Implements Maximum Issue Age of 70 to all Lincoln MoneyGuard Solutions
Effective August 10, 2020, Lincoln will implement issue age adjustments to the Lincoln MoneyGuard solutions suite. All products will have a maximum issue age of 70. Lincoln will allow a two-day transition window to accommodate applications currently in progress. On or after August 11, 2020, no new applications will be accepted for clients ages 71 and up. This change supersedes any guidelines previously published in marketing or reference material.
The current Lincoln MoneyGuard solutions suite is made up of the following offerings, all of which are impacted by the issue age adjustment noted above:
- MoneyGuard® III (2020) – 06/15/20
- MoneyGuard® II (2020) – 06/15/20
- MoneyGuard® II NY – 06/15/20
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Lincoln Implements Maximum First-Year Premium Limit of $500,000 for VUL Products
Effective August 10, 2020, Lincoln will implement a maximum first-year premium limit of $500,000 for Lincoln VULONE (2019) and Lincoln SVULONE (2019). The limit applies to total first-year premium, including 1035s and lump sums. All funding patterns, ages and underwriting classes are subject to this limit. All states will automatically be subject to the limit at rollout. Lincoln will allow a two-day transition window to accommodate sales applications currently in process.
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We at GBS Insurance thank you again for your business. For more information or insurance quote requests, please contact your brokerage manager or give us a call at (800) 473-5966
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GBS Insurance and Financial Services, Inc. do not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
© 2020 Arthur J. Gallagher & Co.
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