Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
RADNOR, PA, March 11, 2014 — Lincoln Financial Group (NYSE:LNC) today announced the launch of Lincoln MoneyGuard® II, the next-generation of its hybrid life-long term care (LTC) funding solution. As advisors work with clients to help protect savings from the impact of long term care expenses, Lincoln MoneyGuard® II offers enhanced flexibility and convenience for applicants of all ages, with benefit and payment structures that can be tailored to client-specific needs.
MoneyGuard® II offers clients the option to spread premiums over multiple years. Clients can select a variety of payment patterns, from single pay to over 10 years, providing cash flow flexibility for various financial portfolios.
“Our longevity in the long-term care funding market gives Lincoln unique industry knowledge to guide the evolution of our products to further meet the needs of clients,” said Michael Burns, Senior Vice President, Life Solutions, Lincoln Financial Group. “With the continued popularity of our flexible payment options, MoneyGuard® II offers several premium payment choices to help advisors prepare clients for health-related retirement expenses in different financial planning scenarios. It also offers enhanced benefits to help protect what’s important in life, such as savings, loved ones and independence, from the realities of long term care expenses.”
Lincoln MoneyGuard® II provides income-tax–free reimbursements for qualified long-term care expenses, an income-tax–free death benefit if care is not needed, or return of premium (ROP) options, which have expanded with MoneyGuard® II. With MoneyGuard® II, clients who do not anticipate needing to exercise the ROP can enhance their long-term care benefit by opting for an 80% ROP option at issue. Or, clients may choose a vested option, with 100% ROP after five years.
MoneyGuard® II also includes enhanced international benefits, and a discount for couples who are married or in a civil union or domestic partnership legally recognized by their state of residence. The couples discount is available even if both individuals do not apply.
Lincoln MoneyGuard® II provides life insurance, coupled with benefits that can be used to fund a variety of LTC services including nursing home care, home health care, assisted living and adult day care. Policyholders also have access to Lincoln Concierge Care Coordination, a suite of tools to help clients choose between the many available formal and informal care options, and coordinate the appropriate care. MoneyGuard® II has no elimination or deductible period, which can help reduce total out-of-pocket costs for qualified long-term care expenses. For additional information about the product, visit the Lincoln Financial Group website.