Lincoln Covered Choice 5 II
Highlights
Scheduled maturity date
The later of the 10th contract anniversary or the anniversary on or immediately following the annuitant’s 95th birthday. Maturity date may be changed to any date after the fifth contract year.
|
Type
|
Fixed Index |
|---|---|
| Purpose | Accumulation |
|
Term
|
5 Years |
|
Surrender schedule
|
8%8%7%6%5% |
|
Free withdrawal
|
10% |
| Flexible premium | Product Life |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
01/11/2021 |
|
Minimum contribution
|
$10,000 |
|
Maximum contribution
|
$2,000,000 |
|
Max Age Qualified
|
85 |
|
Types of funds
|
Non-Qualified, IRA, IRA Rollover, IRA Transfer, IRA-Roth, 1035 Exchange, Stretch IRA, and NQ Stretch |
Brochure
|
Open brochure |
Find out if the Lincoln Covered Choice 5 II is the right product for you.
Premium Notes
Up to $25,000 each contract year (minimum $50). Additional premiums are applied to the Fixed Account and can be moved during the reallocation period. Additions are allowed any time until the maturity date.
Maximum of $100,000 cumulative additional premiums.
Withdrawal Provisions
Beginning in the first contract year, up to 10% of account value may be withdrawn each contract year without incurring charges.
Market Value Adjustment (MVA)
A positive or negative adjustment based on the current interest rate environment at the time of the surrender. The MVA does not apply to withdrawals after the surrender charge period, the 10% annual free withdrawal, the death benefit or annuitized contracts.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
3.85%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
7.75%
Cap
|
| 1-Year S&P 500 Performance Triggered |
Performance Triggered
Annual
|
7.35%
Performance triggered
|
| 1-Year Fixed Account |
Fixed
|
4.55%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
8.75%
Cap
|
| 1-Year S&P 500 Performance Triggered |
Performance Triggered
Annual
|
8.65%
Performance triggered
|
| 1-Year S&P 500 Dual Trigger |
Dual Performance Trigger (FIA)
Annual
|
6%
Performance triggered
|
| 1-Year S&P 500 Dual Trigger |
Dual Performance Trigger (FIA)
Annual
|
7.45%
Performance triggered
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Penalty | 8% | 8% | 7% | 6% | 5% |
Riders
No Riders for Lincoln Covered Choice 5 II annuity.
Waivers
Nursing Home
Unavailable in states: MA
Allows access to accumulation value without surrender charge or MVA if certain conditions are met. The nursing home waiver does not include home health care.
Terminal Illness
Unavailable in states: MA
Allows access to accumulation value without surrender charge or MVA if certain conditions are met.
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