Fund Closing on LBL’s TotalAccumulator VUL

Lincoln Benefit Life Company (LBL) is notifying variable life contract owners of an upcoming fund closure and liquidation on TotalAccumulator variable universal life contracts. The details include:

Fund Closure

Franklin Templeton Variable Insurance Products Trust (“FTVIPT”) has approved the closure and liquidation of the Franklin High Income VIP Fund. Effective at the close of market on or about April 21, 2017, the Franklin High Income VIP Fund will be closed to new investors and to additional investments from existing shareholders. The liquidation is currently planned for on or after April 28, 2017 (the “Liquidation Date”). Please note that the Franklin High Income VIP Fund – Class 1 Sub-Account will no longer be available for new investments or transfers on or after the Liquidation Date.

Effective on the Liquidation Date, any value remaining in the Franklin High Income VIP Fund Sub-Account will be transferred automatically to the Fidelity VIP Government Money Market Portfolio Sub-Account, an investment alternative already available under TotalAccumulator contracts. Unless a customer instructs otherwise, the Fidelity VIP Government Money Market Portfolio Sub-Account will replace the Franklin High Income VIP Fund for future transactions made through any automated program (such as automatic additions, automatic portfolio rebalancing, dollar cost averaging or systematic withdrawal programs).

Customer Mailings

TotalAccumulator customers will receive a 60-day notification letter and product prospectus supplement via U.S. mail regarding this fund closure. Review the letters below for complete details. Letters to customers begin mailing February 20.

  • Letter for TotalAccumulator customers who are invested in the Franklin High Income VIP Fund.
  • Letter for TotalAccumulator customers who are not invested in the Franklin High Income VIP Fund.

Customers wanting to make subaccount changes related to this fund closure should contact LBL’s Variable Life Customer Service Center at 844-768-6780 prior to the liquidation date.

Published: February 17, 2017

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FOR BROKER-DEALER OR AGENT USE ONLY - Not for public dissemination. May not be distributed, reprinted or shown to the public in oral, written or electronic form as sales material.

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