Transition Deadline coming!
On May 14, 2018, Lincoln Financial introduced Wealth Accumulate IUL. This product replaces both WealthAdvantage IUL and Lincoln LifeReserve IUL Accumulator (2014).
For states that are approved at rollout, which is most states, the 60-day transition period ends on July 12, 2018.
- For the replaced products, formal applications must be signed, dated and received in good order in Lincoln’s home office by July 12. For LincXpress® Tele-App Cases, a complete ticket and required solicitation forms must be received. So this means that if you want Wealth Advantage IUL or LifeReserve IUL Accumulator, the formal application needs to be at Lincoln by July 12. Check for recently run illustrations and possible informal submissions intended for these products. There are some scenarios where you might want the older product.
- For pending business or policies already issued, Lincoln will accept a written request and a revised illustration to change to the Lincoln WealthAccumulateSM IUL (2018) 05/14/18.
- For policies already placed, normal internal replacement guidelines apply. Rewrites will not be allowed.
- For states approved after rollout, the above will automatically apply based on the availability date.