Lincoln to Discontinue New Sales of VULone & SVULone - Effective 8/9/2024
06-04-2024
As Lincoln balances consumer value with the financial standards of their business, they must continuously evaluate their product portfolio to ensure their solutions meet evolving customer demand and are best suited for market conditions.
After careful consideration, Lincoln is discontinuing new sales of Lincoln VULONE and Lincoln SVULONE. Financial professionals and applicants will be given a transition window of more than 60 days for new and pending applications, with August 9, 2024, as the deadline to submit formal applications. The last day to place Lincoln VULONE and Lincoln SVULONE business will be December 31, 2024.
Lincoln will continue providing excellent customer service for inforce Lincoln VULONE and Lincoln SVULONE policies and are committed to working closely with you throughout this process to ensure a smooth transition for your firm.
Lincoln remains firmly committed to the future of their life business. Lincoln's remains focused on the strategic realignment to protection and accumulation solutions that offer more stable cash flow profiles and risk-adjusted returns, while continuing to de-emphasize products with lifetime guarantees. Lincoln will continue to provide one of the broadest portfolios in the industry, offering a wide range of solutions, including products that offer guaranteed protection beyond average life expectancy, with the potential for coverage to be extended through market performance.
Submission Deadlines
- All formal applications for Lincoln VULONE and SVULONE , including LincXpress® Tickets, must be received in good order at Lincoln by August 9, 2024.
- All policies must be placed, and all placement-restrictive requirements, including premium, must be received at Lincoln in good order by 4 p.m. ET December 31, 2024. For any pending Lincoln VULONE or Lincoln SVULONE case not placed by the deadline, the client must select a different product, or the case will be canceled.
- For applications or tickets that have been closed out, a new Part I or ticket packet must be submitted by August 9, 2024, otherwise, the case will be subject to the product availability at that time.
- For 1035 exchanges, the underwriting offer must be made, and 1035 exchange must be initiated by September 27, 2024.
- For cases with the owner listed as “Trust to be Established,” formal applications received in the Home Office by August 9, 2024, and signed by the insured will still qualify as awaiting a trust to be set up as 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.
- “Trust to be Established” is defined as a newly established trust in the process of being set up and for which completion of the trust and its established date fall after the original application signed date. Pre-existing trusts do not qualify as “Trust to be Established.” Nor will Lincoln accept a final application that originates with the owner listed as “Trust to be Established” but deviates ownership to another entity or individual.
Illustration Controls
- As of June 10, 2024, Lincoln DesignItSM and WinFlex illustration software will include an alert message for the impacted products reflecting the August 9, 2024, submission deadline.
- As of August 12, 2024, any illustration for these products must be run as revised.
- As of January 2025, Lincoln DesignItSM and WinFlex will no longer allow illustrations of the impacted products
Please contact your dedicated Brokerage Sales Manager if you have questions or need assistance with submitting an application.