Lincoln's New MoneyGuard Product to Be Great for 121-Year-Olds

The Lincoln National Life Insurance Company, a Lincoln unit based in Fort Wayne, Indiana, has already received approval for the MoneyGuard III product in Indiana, under the name MG III.

One of the highlights of the MG III actuarial memorandum in Indiana is a description of what happens when the insured reaches the age of 121.

Here are some of the MG III continuation-of-coverage features for 121-year-olds:

The company will no longer assess monthly deductions.

• The company will not allow any decreases to the specified benefits amount.
• The company will continue to credit interest on the policy’s gross cash value.
• The company will continue to allow loans and partial surrenders to be taken.

The MGIII issue ages available will be from 30 to 80, according to the actuarial memorandum. If the first policies take effect in 2020, and some customers buy the policies to cover 80-year-olds, the insureds will start turning 121 in 2061.

— Read Lincoln Expands MoneyGuard Options, on ThinkAdvisor.

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