RADNOR, PA, November 16, 2020 – In a time when nearly half of consumers surveyed say they would be more likely to purchase life insurance if the benefits could be used while they’re alive, Lincoln Financial Group is introducing new life insurance products that focus on the ‘living benefits’ for needs such as retirement income and long-term care in addition to the protection life insurance provides.
“While traditional protections of life insurance are as important as ever, consumers are increasingly interested in policies that give them the flexibility to reap the benefits while they’re alive,” said Stafford Thompson, Jr., head of Life Product Management for Lincoln. “These new products add to Lincoln’s broad selection of products to meet client-specific goals like replacing lost income, growing and protecting their assets and helping them plan for their retirement lifestyle and potential risks.”
Indexed Universal Life (IUL) Products
Lincoln is launching a new version of its Lincoln WealthAccumulate® IUL policy for clients seeking death benefit protection plus opportunities for significant cash value growth. For clients looking for growth potential, but with longer-term, guaranteed death benefit protection, Lincoln is launching a new version of its Lincoln WealthPreserve® IUL offering. The new products include several new indexed account options that help clients balance asset growth potential while providing protection from stock market losses and uncertainty, including, but not limited to:
- Fidelity AIM® Dividend Indexed Account – An uncapped account tied to a proprietary index designed for clients seeking market upside potential with less exposure to market volatility. The Index employs a dynamic allocation approach that blends the characteristics of high dividend stocks with the safety of U.S. Treasuries to help deliver a steadier investment experience over time.
- S&P 500® Performance Trigger Indexed Account – For those who want to know what rate they’ll earn in an up or flat market, this account provides more predictability. If the S&P is higher than 0%, the account credits 6.5%, but if the S&P returns 0% or less, the account has a 0% floor protecting against market loss2.
Long-Term Care Rider
For clients who have a primary need for death benefit protection but are also concerned about potential long-term care (LTC) expenses, Lincoln has introduced a new LTC Rider that clients can add to their life insurance policy at issue for an additional cost. The LTC Rider provides reimbursement for long-term care expenses, including care received in a facility or in the home.
“The challenges of 2020 have raised consumers’ concerns about market volatility, and how to plan for long-term care,” said Andy Bucklee, head of Life & Executive Benefits Distribution for Lincoln. “Seeking guidance from financial professionals can help clients understand how life insurance can address these and other concerns. Lincoln’s new products can help clients invest with confidence to grow assets that can eventually provide important ‘living benefits.’”
With the rider, if the policy death benefit grows, so will the long-term care benefits. The rider allows LTC benefits to be accessed as soon as the client is deemed eligible for the benefits to reduce out-of-pocket expenses. It also includes a Transitional Care Assistance Benefit that helps clients with the common long-term care transition from in-home care managed by family members or friends to a state where professional services are necessary.
Lincoln Concierge Care Coordination is offered as a complimentary service to those who add the rider to their policy, providing access to resources that help families plan for long-term care.
The LTC Rider is now available on certain Lincoln Variable Universal Life policies.