Lincoln Financial Group is preparing to replace its MoneyGuard II product — a long-term care (LTC) planning product based on a universal life insurance chassis — with a new, similar product that complies with new regulations.
The Radnor, Pennsylvania-based company has sent agents a notice listing the timeline it will use to “sunset” the current product.
(Related: Lincoln Financial Updates Life Products)
The formal application submission deadline is Nov. 1.
Lincoln is hoping that premiums will come in by Dec. 27. Because of regulatory requirements, the company is enforcing a hard Dec. 31 deadline for MoneyGuard II premium payments.
Lincoln is replacing the MoneyGuard II product with a new MoneyGuard III product in response to state insurance regulators’ new principles-based reserving strategy and the shift to the 2017 Commissioners’ Standard Ordinary mortality tables.