IMPORTANT: New FIA Rate Lock and Reallocation Procedures
Beginning November 13, 2023, rate lock procedures for cash fixed indexed annuity business will be updated to help improve rates. We’re also making updates to fixed indexed annuity reallocation notices.
Updated rate lock procedures
- Cash with application: To lock in rates before a rate change, the signed application/electronic ticket must be received in Annuity New Business within 7 calendar days from the date the application is signed.
- Transfer of funds from noninsurance accounts to nonqualified annuities are treated as cash with application (mutual fund shares, CDs, brokerage accounts, or any other financial institution funds selected in Section 2B of the ACORD transfer form).
Fixed indexed annuity reallocation notices
- Account reallocations must be completed by logging into Lincoln’s secure website or by calling 888-916-4900, and can no longer be made on the reallocation notice.
- Account details and reallocation renewal rates will no longer be displayed on reallocation notices, and can be found on Lincoln’s secure website.
For more details, please see the announcement flyer here.
Reminder: 1 Year S&P 500 5% Daily Risk Control Spread indexed account closed for allocation
- The 1 Year S&P 500 5% Daily Risk Control Spread is no longer available for allocation for contract anniversaries on or after May 22, 2023. This crediting strategy was tied to the performance of the S&P 500 Daily Risk Control 5% Index (Total Return).
- Transition guidelines:
- At the end of the indexed term, if there is money in the 1 Year S&P 500 5% Daily Risk Control Spread, it will automatically be allocated to the Fixed Account. It may be reallocated to other available accounts during the reallocation window.
- Reallocation options on or after the close of business on May 19, 2023 will have the 1 Year S&P 500 5% Daily Risk Control Excess Return Spread account available.
- A letter notifying clients/financial professionals of this account closure was mailed in April of 2023.