Lincoln LifeGuarantee ® SUL (2013)
Lincoln LifeGuarantee® SUL (2013) is a survivorship universal life policy that's payable on the second death and guaranteed to be there for your beneficiaries to provide estate liquidity, or a family or charitable legacy. Guarantees are subject to the claims-paying ability of the appropriate issuing company.
What can Lincoln LifeGuarantee® SUL (2013) do for you?
- Provides a powerful tool for estate planning that can provide a guaranteed death benefit to beneficiaries when the second of the two insureds dies
- Offers guaranteed premiums
- Can provide you with affordable, guaranteed lifetime insurance coverage
Coverage Protection Guarantee
Guaranteed life insurance protection is provided through the Coverage Protection Guarantee (CPG). The CPG provides an alternate Coverage Protection Value (CPV) that, if positive, will ensure coverage will continue even if the cash surrender value is insufficient to cover charges. This rider is included automatically and can remain in force until the younger insured's age 121.
The length of time the CPG can keep the policy in force may vary based on the following factors:
- Satisfying the monthly Funding Level Test
- Changes in premium frequency, timing or amount
- Policy changes such as loans, partial surrenders, increases or decreases in Specified Amount and the addition or removal of Riders
Funding Level Test (FLT)
Beginning in policy month 13, there’s a FLT until the earlier of the younger insured's age 121 or termination of the FLT as described in the rider. Failure to satisfy the FLT for three consecutive monthly anniversary days will result in the assessment of a Funding Level Charge, which will negatively impact the length of time the CPG remains in effect.
Choice and Flexibility
With Lincoln LifeGuarantee® SUL (2013), you can customize your policy by adjusting:
- The amount of the guaranteed death benefit protection
- The amount and frequency of premium payments
- The length of the guarantee period
For people who are looking for cost-efficient protection Lincoln LifeGuarantee® SUL (2013) includes:
- Death Benefit Option 1 (level face amount). Loans and withdrawals offset death benefits.
Accelerated Benefits Rider
The Accelerated Benefits Rider pays out a portion of the death benefit if you were to fall terminally ill or require permanent nursing home care. It may be elected after policy issue.
Accelerated Benefits Rider with First Death Benefit
The Accelerated Benefits Rider with First Death Benefit pays the survivor a cash benefit upon the first death and provides enhanced protection for the survivor in the event of critical or terminal illness, or confinement to a nursing home. Accelerated death benefit may be taxable and may affect public assistance eligibility. State variations and availability may vary.
Disability Waiver of Monthly Deductions Benefit Rider
The Disability Waiver of Monthly Deductions Benefit Rider, available at an additional cost, waives the monthly deduction and other charges if you become totally disabled.
Disability Waiver of Specified Premium Rider
The Disability Waiver of Specified Premium Rider, available at an additional cost, covers you for a monthly specified premium if you become totally disabled.
Estate Protection Rider
The Estate Protection Rider, available at an additional cost, provides an additional term insurance benefit for four years after policy issue.
Guaranteed Policy Split Option Rider
The Guaranteed Policy Split Option Rider, available at an additional cost, offers you the flexibility and convenience of splitting one survivorship policy into two individual policies in the event of divorce, repeal of the unlimited marital deduction, or reduction in the estate tax rate to 25% or less. The policy split requires no additional evidence of insurability.
Minimum Death Benefit Endorsement
The Minimum Death Benefit Endorsement gives you the security of knowing that your beneficiaries will never receive less than the death benefit minus total policy debt (policy loan plus accrued interest) plus $5,000.