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.
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.