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Long Term Care

Lincoln MoneyGuard Pricing Update

Given the industry’s historically low interest rate environment, Lincoln is making prudent and responsible pricing adjustments.

Effective June 15, 2020, Lincoln Financial will implement pricing increases to all products in the Lincoln MoneyGuard solutions suite. Adjustments on flex-pay designs will see a pricing increase of approximately 15%. Single-pay designs will see a pricing increase of approximately 20%.

Additionally, Return of Premium (ROP) on Lincoln MoneyGuard® II in California is being updated to bring consistency across the MoneyGuard product suite. The Basic ROP option will be 70%. The Vested ROP option will begin at 70% and grade up to 100% over six years.

It is important to note that no changes will be made to the contract language, forms, compensation or benefits provided.

Transition Period

For applications to qualify for the current pricing, a projection of values and the completed application Part 1 must be signed, dates and received in good order by Lincoln’s home office by Friday, June 26, 2020.

All pending business must be issued, or 1035 exchanges initiated (where applicable), on or before August 28, 2020.

Additional information is available HERE.

Introducing eApp for Lincoln MoneyGuard® Solutions

As a leader in the market, Lincoln has a long-standing commitment of helping protect client wealth from the risk of long-term care expenses, while improving the overall financial professional and client experiences. To offer you greater control of your Lincoln MoneyGuard Solutions experience — while continuing to reduce overall turnaround times — the Lincoln MoneyGuard® III application Part I will be accessible on the iPipeline iGO® platform or through your Lincoln producer website. This process will provide an added convenience and enable a more streamlined, customized experience.

More information on the process available HERE.

New Year, New York, New Product! Now Available: Lincoln MoneyGuard® II NY

Effective January 13, 2020, the Lincoln Life & Annuity Company of New York is pleased to announce the newest linked-benefit product in the Lincoln MoneyGuard® Solutions suite, Lincoln MoneyGuard® II NY. Lincoln MoneyGuard® II NY is a single or flexible premium, universal life insurance product that provides a death benefit and long-term care (LTC) coverage through policy riders.

Below are just SOME of the highlights of the new product:
• 0-day deductible for ALL services (previously 90 day facility wait)
• Couples Discount added to LTC Extension of Benefits Rider (not available on previous version)
• Eliminated tobacco classes—tobacco users now get the same non-tobacco rates
• No age restriction on single-premium business (previously restricted to age 69)
• Return of Premium added for flex-pay cases (previously on single pay only)
• Pay to 65 option added in addition to 1-10 year designs
• More competitive plan designs for clients under 50
• Benefits now available internationally
• Enhanced Submission Process to align with MG offerings in other states

Additional information can be found HERE.

Coming Soon — Lincoln MoneyGuard III

Effective September 16, 2019, The Lincoln National Life Insurance Company (Lincoln) will introduce the latest updates to its MoneyGuard solutions suite with Lincoln MoneyGuard® III. For more details, please click here.

Introducing PL PROMISE CHRONIC ILLNESS RIDER

Beginning May 13, 2019, your clients can include chronic illness rider protection with new issues of PL Promise GUL guaranteed universal life insurance policies. Quotes available on Winflex. More information available here.

Mass Mutual introduces Signature Care 600 LTC

On Feb. 1, MassMutual will introduce SignatureCare 600, the company’s newest stand-alone long term care insurance (LTCi) product.  Available to brokerage, it will feature gender distinct pricing and a new submission process.  Join us on February 6th at 1 pm ET for a introductory webinar that will look at the product’s new enhancements and features.

Join Skype Meeting 

Trouble Joining? Try Skype Web App

Join by phone:

1-857-327-8503, 17640851# (Dial-in Number)

1-844-567-1320, 17640851# (Dial-in Number)

 

 

Important Asset-Care Product Changes Effective January 2, 2019

From OneAmerica: “Beginning Jan. 1, 2019, the option of joint life with 4% acceleration will no longer be available on any Asset-Care product. This change allows us to maintain a healthy, robust product portfolio and continue providing products for consumers that are more life and LTC balanced.”

For more information, including transition rules, please click here.

Genworth Financial: Write it Right Webinar Series

As part of Genworth’s Underwriting Education Month, they will offer three short webinars designed to help you increase your placement rates so you can insure more clients and earn more commission.

  • Underwriting 101
    April 10th at 10:00 AM CT – Register here.
    April 12th at 1:00 PM CT – Register here.
  • Common Conditions and Red Flags
    April 17th at 10:00 AM CT – Register here.
    April 19th at 1:00 PM CT – Register here.
  • The TrueView Underwriting Experience
    April 24th at 10:00 AM CT – Register here.
    April 26th at 1:00 PM CT – Register here.

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