Lincoln National Corp. has started selling a survivorship variable universal life insurance product that combines 2 types of protection.
The policy, the Lincoln SVUL(ONE) policy, offers the Optimal No-Lapse Enhancement feature. The feature, included in the base price of the policy, combines a guaranteed minimum death benefit feature along with a reset feature that gives holders the ability to increase the scope of the death benefit guarantee.
The policy is suitable for individual life insurance trusts as well as business planning and charitable planning uses, according to Lincoln.
Lincoln is issuing the policy through its Lincoln National Life Insurance Company unit, and the life insurance unit is responsible for backing the policy guarantees.