A Puerto Rico Participation Agreement is a contractual agreement between Variable Insurance Products Fund, III (VIP III) and Lincoln Life and Annuity Company of New York (LLANO). This agreement outlines the terms and conditions under which LLANO will participate in the Puerto Rico Variable Insurance Products Fund, III. The Puerto Rico Participation Agreement is specific to LLANO's involvement in the VIP III fund, which offers variable insurance products to its clients in Puerto Rico. By entering into this agreement, LLANO becomes a participant in the fund and has certain rights and responsibilities. One type of Puerto Rico Participation Agreement between VIP III and LLANO may relate to the participation of LLANO's annuity products in the fund. This agreement would outline the specific terms regarding LLANO's annuity offerings within the fund, including pricing, withdrawal options, surrender charges, and any additional features unique to annuity contracts. Another type of Puerto Rico Participation Agreement could involve LLANO's life insurance products. This agreement would establish the terms for LLANO's life insurance offerings within the VIP III fund, including premium payments, death benefit options, loan provisions, and any other relevant terms specific to life insurance policies. The Puerto Rico Participation Agreement may also differ based on the specific products offered by VIP III and LLANO. For instance, it could cover variable annuities, variable life insurance, or both, depending on the arrangement between the two parties. In summary, the Puerto Rico Participation Agreement between VIP III and LLANO is a contractual agreement that facilitates LLANO's participation in the Puerto Rico Variable Insurance Products Fund, III. There can be various types of agreements depending on the products offered and specific terms and conditions governing the participation of LLANO's annuity and life insurance offerings.
Puerto Rico Participation Agreement between Variable Insurance Products Fund, III, Lincoln Life and Annuity Company of New York
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FAQ
Lincoln Level Advantage® indexed-linked variable annuity is a long-term investment product designed for retirement purposes. There are no explicit fees associated with the indexed-linked account options available.
Variable life insurance is a permanent life insurance policy combined with a cash-value account invested in bonds or stocks. In contrast, term life insurance lasts for a specific number of years, a variable life insurance policy lasts until the policyholder's death.
One of the major downsides to variable universal life insurance is that your cash value can decrease if the underlying investments underperform. You could lose previous gains as well as your initial investment. VUL death benefits are generally not guaranteed.
Please reach out to your registered representative for more details on state approvals and firm guidelines. There is no additional tax-deferral benefit for an annuity contract purchased in an IRA or other tax-qualified plan. Not available in New York. For use with the general public.
A variable life insurance policy is a contract between you and an insurance company. It is intended to meet certain insurance needs, investment goals, and tax planning objectives. It is a policy that pays a specified amount to your family or others (your beneficiaries) upon your death.
Long-Term Care Customer Service: 888-503-8110. Variable Annuities (Prudential): 800-457-7617. Licensing and Commissions: 844-768-6777. LBL Home Office (for non-service related questions): 888-674-3667.
Variable death benefit refers to the amount paid to a decedent's beneficiary that is based on the performance of an investment account within a variable universal life insurance policy, a financial product that functions as both insurance and an investment.
For variable life insurance policies, if you withdraw a greater amount of cash value than the total amount you've paid in premiums, you'll pay taxes on the difference. This also applies if you surrender the policy. You would have to pay surrender charges to make a withdrawal during the first several years.