Lincoln MYGA Rate Decrease Effective 08/13/2024
Effective 8/13 the 5-Year $100k or more MYGA rate will decrease to 4.70%.
Simply put, to lock in current rates (5.10% 5-Year for $100k or more) the E-App must be submitted prior to 8/13 and issued within the rate lock parameters. Rate lock guidelines are attached for specifics and highlights are below:
We have updated our rate lock procedures now allowing 10 calendar days for cash! Please see attached Rate Lock Procedures for specifics. Key highlights include:
- To “lock-in” rates before a rate change, the electronic application submit date must be prior to the effective date of the rate change, received in Annuity New Business within 10 calendar days from the submit date (by 4pm ET on the last day) and funded within the rate hold based on the source of funds. The ACORD transfer form (ACORD951) is not subject to the 10 calendar day received requirement
- Cash: By 4pm ET on the 10th calendar day from the submit date the premium must be received in Annuity New Business and the paperwork must be in good order to receive the rate hold interest rate.
- 1035 Exchange/Qualified Trustee-to-Trustee transfer: A 45 calendar day rate hold applies to Lincoln-initiated 1035 exchanges and qualified trustee-to-trustee transfers beginning on the application submit date. By 4pm ET on the 45th calendar day from the submit date the premium must be received in Annuity New Business and the paperwork must be in good order to receive the rate hold interest rate.
*Please note the MyGuarantee Plus is available for E-submission only and is NOT available in NY or CA*
Key aspects of MyGuarantee plus:
- It’s “walk away” at the end of the initial surrender period, no recurring surrender period
- 10% penalty free withdrawals available in year one (no charge back after first 30 days)
- Will accept up to $2,000,000 premium and will consider more with prior home office approval