Lincoln Financial Group (NYSE:LNC) announced today that it is
taking steps to support customers experiencing COVID-19-related
financial challenges, including relief for retirement savers,
flexibility for policyholders, and support for the community and
business.
“As our country comes together to address the many issues
created by this global pandemic, we want to do our part to help
alleviate some of the financial burdens so many Americans are
facing,” said Dennis R. Glass, president and CEO, Lincoln Financial
Group. “Just as importantly, Lincoln is also committed to providing
our customers advice and education to help them navigate this
challenging time. I’m extremely proud of our employees who continue
to provide the strong service and expertise our customers need to
get through this uncertain period in their lives.”
Relief for Retirement Savers
As part of the Coronavirus Aid, Relief, and Economic Security
Act (CARES Act), which was passed to help Americans who are
struggling financially with the impacts of the COVID-19, Lincoln
Financial is waiving eligible withdrawal and loan initiation fees
as defined under the Act.
“Lincoln Financial is here to serve our customers during this
difficult time, helping them manage their short-term finances in
order to meet their long-term financial goals,” said Jamie Ohl,
executive vice president, president of Retirement Plan Services,
Lincoln Financial Group. “We are fully supportive of the
legislation and are focused on providing education and awareness to
ensure retirement savers understand what it means for them.”
Lincoln’s team of retirement consultants, who provide one-on-one
support, are fully operational in a virtual environment and are
just a phone call or (online) meeting away. Additionally, Lincoln
is sharing educational materials and hosting webinars to help plan
participants make informed decisions on whether a loan or
withdrawal could be the right option for them and understand how it
could impact their long-term goals.
Flexibility for Customers
Lincoln is also making temporary modifications to help its
individual life insurance policyholders impacted by COVID-19.
Premium payment grace periods will be extended on a case-by-case
basis for those with COVID-19-related hardships to help ensure
continuing coverage, and Lincoln will adjust its practices to
comply with any state-issued mandates. Upon request, customers may
discontinue their automatic bank withdrawals, adjust their premium
payment schedule, expedite loans and withdrawals, as well as use
any of the many different payment methods Lincoln offers. The
company will continue to ensure an expeditious review of
claims.
On the Group Benefits side, Lincoln is continuing coverage to
employees whose job status has been impacted by COVID-19 until
September 30, 2020, or longer if the policy language is more
generous, as long as the premium is paid by the employer. Lincoln
is also giving employers and their employees greater flexibility by
extending the standard premium payment grace period on its group
insurance policies and service agreements through September 30,
2020. For employers with fewer than 500 employees who are up for
renewal this summer, Lincoln will hold in-force rates into 2021 to
provide relief.* Additionally, Lincoln will adjust its practices to
comply with any state-issued mandates. Finally, the company is
being more lenient with deadlines, as well as providing extensions
on claim and other submissions required throughout the claim
process. Complete details on claim protocols are available
here.
To help support its employers and brokers, particularly in
understanding all the new legislation like the Families First
Coronavirus Response Act, the company has created numerous
educational materials. For more information, please visit the
company’s online COVID-19 resource hub at www.lfg.com/covid-19.
Support for the Community and Business
Lincoln Financial Foundation donated $1 million to nearly 30
organizations across eleven cities where Lincoln has a significant
presence. The organizations distribute food supply to community
pantries, soup kitchens and shelters, help dispense school lunches
to students out-of-school and provide meals to seniors and other
vulnerable community members.
Additionally, Lincoln, along with Accenture, ServiceNow, and
Verizon, launched People+Work Connect, a collaborative online
employer-to-employer initiative that brings together companies with
workforces laid off or furloughed due to COVID-19 with those in
urgent need of workers. More than 100 Lincoln jobs are posted
through this collaborative effort. At no charge for employers to
join and participate, the initiative is intended to help shorten
the complex, lengthy cycle of finding new employment. For more
information, visit:
https://peopleworkconnect.accenture.com/welcome.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help
empower people to take charge of their financial lives with
confidence and optimism. Today, more than 17 million customers
trust our retirement, insurance and wealth protection expertise to
help address their lifestyle, savings and income goals, as well as
to guard against long-term care expenses. Headquartered in Radnor,
Pennsylvania, Lincoln Financial Group is the marketing name for
Lincoln National Corporation (NYSE:LNC) and its affiliates. The
company had $275 billion in assets under management as of December
31, 2019. Lincoln Financial Group is a committed corporate citizen
included on major sustainability indices including the Dow Jones
Sustainability Index North America and FTSE4Good. Dedicated to
diversity and inclusion, Lincoln earned perfect 100 percent scores
on the Corporate Equality Index and the Disability Equality Index.
Lincoln has also been recognized in Newsweek’s Most Responsible
Companies and is among Forbes’ World’s Best Employers, Best Large
Employers, Best Employers for Diversity, Best Employers for Women
and ranked on the JUST 100 list. Learn more at:
www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn,
and Instagram. Sign up for email alerts at
http://newsroom.lfg.com.
*For employers with fewer than 100 lives, Lincoln will hold
current rates on all renewals with plan anniversary dates between
May 1, 2020 and August 31, 2020 for 12 months from the policy
anniversary date. For employers with 100 to 500 lives, Lincoln will
engage in renewal discussions for clients with renewal dates from
May 1, 2020 through August 31, 2020, while holding rates through
February 1, 2021. These relief efforts apply to all Group Benefits
lines of coverage with the exception of New Jersey Temporary
Disability Benefits.
LCN-3036460-040920
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Holly Fair Lincoln Financial Group Holly.fair@lfg.com
484-843-3787
Kelly DeAngelis Lincoln Financial Group Kelly.deangelis@lfg.com
484-684-2394
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