HARTFORD, Conn., Feb. 21 /PRNewswire/ -- Lincoln Financial Group today announced its new optional Guaranteed Lifetime Withdrawal Benefit (GLWB) rider, Lincoln Lifetime Income(SM) Advantage, available with the American Legacy and Choice Plus variable annuity product suite issued by The Lincoln National Life Insurance Company, Fort Wayne, IN.

"At Lincoln, our focus is on providing retirement income solutions to help ensure our customers enjoy a secure retirement. While accumulation is important, the focus needs to expand and broaden into a lifetime needs focus," said Mark Konen, president, Individual Markets Division. "Lincoln Lifetime Income(SM) Advantage is a new tool that will help advisors make that transition and to provide retirement income security for their clients."

The 2007 Lincoln Long Life(SM) Survey from the Lincoln Retirement Institute found that, of the Baby Boomers and retirees surveyed, one-third would tell younger versions of themselves to spend more time on creating income that would last a lifetime while another 27% would advise themselves to deal with rising healthcare costs and the possibility of needing long-term care. An additional nine percent would give their younger selves advice to become better prepared to ride the ups and downs of the market.

Lincoln Lifetime Income(SM) Advantage offers an all-encompassing solution; it addresses multiple client needs by providing protection to help address the challenges that Boomer clients are concerned about as they retire: inflation, longevity, future market downturns and unexpected healthcare costs. It offers pre-retirees guaranteed minimum lifetime income for retirement that is guaranteed to grow as they approach their retirement date -- with flexibility and control built in.

This means brokers and clients retain full control of and access to the asset -- income amounts can be adjusted to offset unexpected costs or to protect assets if supplemental retirement income is no longer needed. Lincoln Lifetime Income(SM) Advantage offers features which remain flexible, because the most efficient income path may not be known for years. It provides different ways to receive income -- not only through partial or systematic withdrawals, but also through an option to maximize client income and tax efficiency.

"By leveraging products and features such as Lincoln Lifetime Income(SM) Advantage to meet the multiple needs of Boomer clients, advisors can help them get the most out of their money. Lincoln Lifetime Income(SM) Advantage offers a holistic, flexible financial solution for clients," said Rob Grubka, vice president, Individual Annuities.

  This optional GLWB rider includes important features such as:

  -- Guaranteed lifetime withdrawals
  -- Automatic annual 5% enhancements
  -- Automatic annual market step-ups
  -- Step-up to 200% of the initial guaranteed amount at 10 years or age 70
  -- Guaranteed bridge to Lincoln i4LIFE(R) Advantage with guaranteed income
     benefit - provided at an additional charge
  -- Guaranteed minimum accumulation option
  -- Healthcare enhancement to income
  -- Tax efficiency using bridge to Lincoln i4LIFE(R) Advantage
  -- Income protection

"As a manufacturer and a distributor, we approach this type of product development in a thoughtful way. Risk management is critical; we're selling guarantees and lifetime income which rely on the strength of the discipline around them. Risk management is a strong point for Lincoln and continues to be vitally important to our business," stated Grubka.

The Lincoln Lifetime Income(SM) Advantage rider, offered for an additional charge, will feature the same differentiated service that Lincoln's distribution partners already enjoy within the company's variable annuity product portfolio. Lincoln's industry-leading distribution model has helped drive and shape the company's development of innovative, adaptable solutions for clients at all life stages.

"Our latest product rider is a reflection of the careful thought and innovative design strategy inherent in our entire product portfolio. Providing flexible solutions offers a broader range of security for consumers and helps our distribution partners better serve the varying needs of their clients," said Konen.

Variable annuities are long-term investment products designed for retirement purposes and are subject to market fluctuation, investment risk, and possible loss of principal. Variable annuities contain both investment and insurance components, and have fees and charges, including mortality and expense, administrative, and advisory fees. Optional features are available for an additional charge and are based on the financial strength of the insurer. The annuity's value fluctuates with the market value of the underlying investment options, and all assets accumulate tax deferred. Withdrawals of earnings are taxable as ordinary income and, if taken prior to age 591/2, may be subject to a 10% federal tax penalty. Early withdrawals will reduce the death benefit and cash surrender value.

i4LIFE(R) Advantage, an Income4LIFE(R) innovation with Lincoln variable annuities is an optional benefit available for an additional 0.40% annual charge above the standard contract expenses. Standard contract expenses are based on the standard Guarantee of Premium (GOP) death benefit. Additional death benefits with i4LIFE are available for an additional charge. For more information on contract charges, refer to the prospectus.

Investors are advised to consider the investment objectives, risks, and charges and expenses of the variable annuity and its underlying investment options carefully before investing. The applicable variable annuity prospectus contains this and other important information about the variable annuity and its underlying investment options. Please call for a free prospectus. Read it carefully before investing or sending money. Products and features are subject to state availability.

Variable annuity products are issued by The Lincoln National Life Insurance Company, Fort Wayne, IN, distributed by Lincoln Financial Distributors, Inc., and offered through broker/dealers with an effective selling agreement. The Lincoln National Life Insurance Company is not authorized, nor does it solicit business in the state of New York. Contractual obligations are backed by the claims-paying ability of The Lincoln National Life Insurance Company.

Policies sold in New York are issued by Lincoln Life & Annuity Company of New York, Syracuse, NY, and distributed by Lincoln Financial Distributors, Inc. Contractual obligations are backed by the claims-paying ability of Lincoln Life & Annuity Company of New York.

SECURITIES AND INSURANCE PRODUCTS:

Not insured by FDIC or any federal government agency. May lose value. Not a deposit of or guaranteed by the bank or any bank affiliate.

This material was prepared to support the promotion and marketing of a variable annuity product. Lincoln Financial Group(R) affiliates, their distributors, and their respective employees, representatives and/or insurance agents do not provide tax, accounting or legal advice. Any tax statements contained herein were not intended or written to be used, and cannot be used for the purpose of avoiding U.S. federal, state or local tax penalties. Please consult your own independent adviser as to any tax, accounting or legal statements made herein.

Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. With headquarters in Philadelphia, the companies of Lincoln Financial Group had assets under management of $237 billion as of December 31, 2007. Through its affiliated companies, Lincoln Financial Group offers: annuities; life, group life and disability insurance; 401(k) and 403(b) plans; savings plans; mutual funds; managed accounts; institutional investments; and comprehensive financial planning and advisory services. Affiliates also include: Delaware Investments, the marketing name for Delaware Management Holdings, Inc. and its subsidiaries; and Lincoln UK. For more information, including a copy of our most recent SEC reports containing our balance sheets, please visit www.LincolnFinancial.com.

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Source: Lincoln Financial Group

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