Lincoln Financial Group has further expanded its broad suite of life insurance products by launching an indexed universal life solution with cash growth flexibility for changing client needs.
Dubbed Lincoln WealthAccumulate Indexed Universal Life (IUL), the new product offers significant cash value growth opportunities and supplemental income through distributions.
Lincoln Financial Group senior vice president of life product management Stafford Thompson, Jr., said: “With its significant growth and distribution potential, as well as optional features, Lincoln WealthAccumulate IUL is a potential financial resource to use throughout life — from providing financial security for loved ones early on, to paying college tuition or protecting a business in the middle years — to planning for retirement or living benefits later in life.”
With the new insurance product, clients can pursue cash value growth potential based on their long-term goals and downside protection preferences with a range of three indexed accounts such as perform indexed account, balance indexed account, and conserve indexed account, the insurance company said.
These accounts offer the potential to earn interest, up to a maximum cap, based on the performance of the S&P 500 Index.
Lincoln Financial stated that even in a declining market, clients will never face a market loss as each indexed account delivers downside protection with a guaranteed minimum return.
Clients can change allocations throughout their lives to meet to different market conditions or their evolving needs.
Additionally, they can evaluate their policy’s cash surrender value at any time as a source of supplemental income for retirement or other requirements and milestones, the company added.
An Accelerated Death Benefits Riders (ABR) can be added with Lincoln WealthAccumulate IUL without any upfront cost.
Lincoln WealthAccumulate IUL also offers several features that enable business owners to reposition current company assets to purchase life insurance while minimizing impact to the balance sheet.