Latest MoneyGuard Solution From Lincoln Financial Group Offers More Control, Flexibility and Options
16 Maggio 2022 - 07:05PM
Business Wire
Lincoln Financial introduces the innovative new
Benefit Transfer Rider available with MoneyGuard Fixed
AdvantageSM
Lincoln Financial Group (NYSE: LNC) today launched the next
generation of Lincoln MoneyGuard® by introducing MoneyGuard Fixed
AdvantageSM, a universal life insurance policy with a long-term
care rider. The MoneyGuard solutions suite helps address the
concerns of 87% of Americans surveyed who say that having a
long-term care solution would help them feel more confident about
their financial future1.
“The MoneyGuard suite of solutions provides optionality so our
customers have the freedom to select what works best for their
individual needs and circumstances,” said Heather Deichler, senior
vice president, MoneyGuard Business Management. “Long-term care
planning is more than having enough money to pay for care services.
It’s about building a comprehensive strategy to better prepare for
the emotional and financial decisions that come with a long-term
care event. MoneyGuard Fixed AdvantageSM gives clients more control
over decisions affecting them and their families.”
MoneyGuard Fixed AdvantageSM preserves the core design features
of the current MoneyGuard Universal Life product and introduces the
new Benefit Transfer Rider (BTR), automatically included at no
additional cost. This innovative rider provides an opportunity for
a beneficiary to enhance their existing policy’s long-term care and
death benefits by leveraging death claim proceeds from another
person’s policy. The increase in long-term care and death benefits
will always be greater than the amount being transferred to the
policy.
To use the Benefit Transfer Rider, the insured and beneficiary
must both be policyholders with BTRs on both policies3 and the
beneficiary is the insured on their own policy. If qualifications
are met, beneficiaries can choose to:
- take the full death benefit income tax-free2 or
- use the full death benefit to purchase more benefits on their
own policy or
- take a partial death benefit income tax-free and use the
remainder to purchase more benefits on their own policy2
There is no additional underwriting needed to transfer benefits
and policy charges do not increase if benefits are enhanced through
the rider. This rider can be used through age 121.
The rider goes beyond married couples and can be used with
couples, siblings, parents, estate planning or anyone named as a
beneficiary to help start important conversations about planning
for long-term care expenses. These conversations are critically
important — 82% of consumers surveyed say they wish they talked
more about long-term care plans and options before they’re
needed1.
Additionally, the Flexible Care Cash benefits will be extended
to seven days a week (previously five) providing clients greater
flexibility and access to cash for informal care needs. Flexible
Care Cash provides access to cash benefit for care needs and allows
for 50% of the maximum daily benefit to be used per occurrence (up
to the IRS per diem limit). The cash benefit is payable without
receipts and care may be provided by family members, including
spouses. For days when formal care is used, reimbursement up to
100% of daily benefit is available.
“Long-term care events happen to loved ones, not just one
person. We want to help Americans take control and protect their
legacy with the flexibility to plan for their unique
circumstances,” said Bill Nash, senior vice president, MoneyGuard
Distribution. “As a leader in the hybrid long-term care
marketplace, with more than 30 years of experience in providing
long-term care solutions, Lincoln has remained committed to
providing innovative solutions to meet the evolving needs of our
customers.”
Lincoln is committed to investing in innovative product
solutions and data, tools and technologies that enhance the
customer experience. Other recent examples of innovation include
the launch of MoneyGuard Market Advantage™, an enhanced digital
claims experience and the Lincoln Concierge Care Coordination
platform aimed at guiding customers and their families in how to
plan for the impacts of a long-term event.
- VerstaResearch, “2020 LTC Marketing and Thought Leadership
Research, Findings from Surveys of Advisors and Consumers,” August
2020. http://visit.lfg.com/MG-VRST-PPT001
- Beneficiaries may receive an income tax-free death benefit
under IRC Section 101(a)(1).
- Both policies do not need to be opened at the same time.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help
people take charge of their financial lives with confidence and
optimism. Today, approximately 16 million customers trust our
retirement, insurance and wealth protection expertise to help
address their lifestyle, savings and income goals, and guard
against long-term care expenses. Headquartered in Radnor,
Pennsylvania, Lincoln Financial Group is the marketing name for
Lincoln National Corporation (NYSE:LNC) and its affiliates. The
company had $308 billion in end-of-period account values as of
March 31, 2022. Lincoln Financial Group is a committed corporate
citizen included on major sustainability indices including the Dow
Jones Sustainability Index North America and FTSE4Good and ranks
among Newsweek’s Most Responsible Companies. Dedicated to
diversity, equity and inclusion, we are included on transparency
benchmarking tools such as the Corporate Equality Index, the
Disability Equality Index and the Bloomberg Gender-Equality Index.
Committed to providing our employees with flexible work
arrangements, we were named to FlexJobs’ list of the Top 100
Companies to Watch for Remote Jobs in 2022. With a long and rich
legacy of acting ethically, telling the truth and speaking up for
what is right, Lincoln was recognized as one of Ethisphere’s 2022
World’s Most Ethical Companies®. Learn more at:
www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn,
and Instagram. Sign up for email alerts at
http://newsroom.lfg.com.
Important Information:
MoneyGuard Fixed AdvantageSM is issued by The Lincoln National
Life Insurance Company, Fort Wayne, IN on Policy Form
ICC19-MG890/19-MG890, with a Long-Term Care Benefits Rider (LTCBR)
on Rider Form ICC19LTCBR-890/LTCBR-890 and a Value Protection
Endorsement on Form ICC19END-10534/END-10534, Living Well
Endorsement on Form ICC18END-7058/END-7058, and Flexible Care Cash
Amendment on Form ICC21AMD-7097/AMD-7097.
The insurance policy and riders have limitations, exclusions and
reductions; and are subject to medical underwriting. Long-term care
benefit riders may not cover all costs associated with long-term
care costs incurred by the insured during the coverage period. All
contract provisions, including limitations and exclusions, should
be carefully reviewed by the owner. For costs and complete coverage
details, contact your agent or producer. A version of Lincoln
Concierge Care Coordination is guaranteed for Lincoln MoneyGuard®
solutions policyowners. However, the tools, resources and services
may change or evolve over time.
All guarantees and benefits of the insurance policy are subject
to the claims-paying ability of the issuing insurance company. They
are not backed by the broker-dealer and/or insurance agency selling
the policy, or any affiliates of those entities other than the
issuing company affiliates, and none makes any representations or
guarantees regarding the claims-paying ability of the issuer.
When you contact our claims department to file a claim, we will
request an assessment to be performed by a licensed health care
practitioner to determine your benefit eligibility. If we provide
the assessor, it will be provided at our expense. We may also
choose to accept the assessment of your licensed health care
practitioner. To be eligible for benefits, the licensed health care
practitioner who performs the assessment must certify that you are
chronically ill and unable to perform at least two activities of
daily living (bathing, continence, dressing, eating, toileting, and
transferring) for at least 90 days. You are also considered
chronically ill if you require substantial supervision to protect
you from threats to health and safety caused by severe cognitive
impairment. Recertification of your benefit eligibility is required
at least annually
The purpose of this communication is the solicitation of
insurance. A licensed insurance agent or the company may contact
you.
MoneyGuard Fixed Advantage is not available in all states; check
state availability. The Lincoln National Life Insurance Company
does not issue products in New York.
ICC22LCN-4716598-042822
LCN-4716598-042822
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version on businesswire.com: https://www.businesswire.com/news/home/20220516005628/en/
Media Contact: Erika Powell Erika.Powell@lfg.com
336-430-6661
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