Fund Closure and Changes for LBL VUL Products

Lincoln Benefit Life Company (LBL) is notifying variable life contract owners of upcoming fund changes. These changes include:

Fund Closure

The Board of Trustees of the PIMCO Variable Insurance Trust has approved a plan of liquidation for the PIMCO VIT Money Market Portfolio on or about September 23, 2016 (liquidation date). This fund will no longer be available for investments or transfers on or after the liquidation date.

The PIMCO VIT Money Market Portfolio is available in the following products:

  • Consultant SL
  • Consultant Accumulator
  • Consultant Protector

 

For contract owners invested in the PIMCO VIT Money Market Portfolio, any value remaining in this subaccount on the liquidation date will be transferred automatically to the Fidelity VIP Government Money Market Portfolio subaccount. Additionally, the Fidelity VIP Government Money Market Portfolio subaccount will replace the PIMCO VIT Money Market Portfolio for future transactions made through any automated program (such as automatic additions, automatic portfolio rebalancing, dollar cost averaging or systematic withdrawal).

Customer Mailings

Customers will receive a 60-day notification letter and product prospectus supplement regarding this fund closure via U.S. mail. See the letters below for complete details.

  • Letter for Consultant SL, Consultant Accumulator and Consultant Protector contract owners who are not invested in the PIMCO VIT Money Market Portfolio
  • Letter for Consultant SL contract owners who are invested in the PIMCO VIT Money Market Portfolio
  • Letter for Consultant Accumulator and Consultant Protector contract owners who are invested in the PIMCO VIT Money Market Portfolio

 

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. For customers who are still invested in the PIMCO VIT Money Market Portfolio, a 30-day reminder letter will be sent  August 23.

Product Prospectus Supplement

The following supplements are being added to the LBL variable life product prospectus as indicated below.

 

Published: July 22, 2016

© 2014-2015 Lincoln Benefit Life Company.

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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