Lincoln Financial Group Announces Steps to Support Customers Experiencing COVID-19-Related Financial Challenges

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.