NAIFA-New York has learned that Lincoln Financial Group is suspending new sales of its MoneyGuard product in the state of New York, with a final day to submit applications of March 25th.
According to their guidance to agents, "Due to the existing regulatory environment in New York, Lincoln Life & Annuity Company of New York (Lincoln) is unable to maintain a modern portfolio of MoneyGuard® hybrid life insurance products in the state and will be suspending new MoneyGuard® sales in New York until further notice. These changes do not impact existing policyholders."
“It’s an unfortunate reality that has become all too familiar to see valuable products for New York families exiting the market that are readily available in 49 other states,” said NAIFA-New York President Gary Cappon. “We remain committed to our work with our partners at the Life Insurance Council of New York (LICONY) to identify the root causes of these departures and common-sense solutions that we could advocate to implement that would continue to protect consumers while providing a more attractive market for financial services products for all New Yorkers.”
For more information, please see the notice to agents from Lincoln here.