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Lincoln Rolls Out Updated MoneyGuard Life-LTC Hybrid

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Lincoln Financial has officially launched the MoneyGuard III universal life-long-term care hybrid product.

The Radnor, Pennsylvania-based insurer had to revamp the policy to implement new mortality tables and new reserving rules.

(Related: Lincoln’s New MoneyGuard Product to Be Great for 121-Year-Olds)

The company has also added a number of new features, including some aimed at customers who may end up getting some of their care from family caregivers.

One of the caregiver-friendly features is a new transitional care assistance (TCA) benefit. An insured who goes on claim can use the TCA benefit to pay family members or other informal caregivers $100 per day for up to 180 days, Lincoln says.

A new terminal illness rider can provide up to $250,000 in accelerated benefits for an insured who becomes terminally ill.

Lincoln is also changing the policy payment options. In the past, some long-term care planners argued that life-LTC hybrids were for the rich, because most issuers required purchasers to pay for the coverage with one large premium payment.

Purchasers of the MoneyGuard III policy can spread the payment period from the time they buy the policy to age 70, Lincoln says.

Lincoln writes the policy through the Lincoln National Life Insurance Company.

— Read Lincoln Expands MoneyGuard Optionson ThinkAdvisor.

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