RADNOR, Pa.–(BUSINESS WIRE)–To help address the concerns of 87% of Americans who say that having a long-term care solution would help them feel more confident about their financial future2, Lincoln Financial Group (NYSE: LNC) today launched MoneyGuard Market AdvantageSM a variable universal life insurance policy with a long-term care rider that helps cover qualified long-term care expenses. With a guaranteed level of protection3 and the possibility for growth through investment options, MoneyGuard Market AdvantageSM gives clients more control over decisions affecting them and offers the ability to start planning when they are younger and allow their benefits to grow over time.
In a recent survey, 54% of financial professionals said clients avoid talking about long-term care because they think they can’t afford it2. However, with MoneyGuard Market AdvantageSM customers can choose to fund their policy with a single, upfront payment or pay over time and adjust, as needed.
“Consumers tend to wait until they are in their 50s or 60s before beginning their long-term care planning, but with costs rising, it is important to start planning for long-term care needs when they are younger and healthy,” said Heather Deichler, senior vice president, MoneyGuard® Product Management. “MoneyGuard Market AdvantageSM allows consumers to acquire guaranteed protection at an earlier age with the potential for increased benefits over their lifetime.”
MoneyGuard Market AdvantageSM offers both upside and downside protection with annual lock-ins and a guaranteed minimum level of death and long-term care benefits. With access to more than 40 investment options from leading portfolio managers, as well as customizable or turn-key portfolios, consumers can feel more confident about staying invested in the markets and preparing for long-term care expenses. Any growth is tax-deferred and will be income tax-free for qualified expenses4.
In addition to obtaining care in an assisted living facility or nursing home, customers have the flexibility to receive care at home, including from family members, with benefits designed to better support non-facility care. Lincoln Concierge Care Coordination is also provided at time of purchase and gives customers access to a resource library with materials covering a multitude of topics regarding health, aging and elder care and lists of care services and provider options available in their community.
“As a long-standing provider of long-term care solutions, we want to ensure we’re delivering solutions to our customers that will evolve with their needs,” said Bill Nash, senior vice president, MoneyGuard® Distribution. “Comprehensive planning should include meaningful discussions with family members and a financial professional to ensure everyone is prepared for the emotional and financial decisions that may need to be made. With MoneyGuard Market AdvantageSM we want to help start those conversations earlier and have more time to let customers’ benefits grow.”
Lincoln Financial is committed to helping people reach their financial goals today, and throughout their changing financial life. Aligned with that commitment, MoneyGuard Market AdvantageSM grows Lincoln’s portfolio of long-term care planning solutions in order to meet the needs of more consumers.
1 Lincoln MoneyGuard® solutions have been sold since 1988.
2 VerstaResearch, “2020 LTC Marketing and Thought Leadership Research, Findings from Surveys of Advisors and Consumers,” August 2020. http://visit.lfg.com/MG-VRST-PPT001
3 All guarantees and benefits of the insurance policy are subject to the claims-paying ability of the issuing insurance company. They are not backed by the broker-dealer and/or insurance agency selling the policy, or any affiliates of those entities other than the issuing company affiliates, and none makes any representations or guarantees regarding the claims-paying ability of the issuer.
4 Long-term care reimbursements are generally paid income tax-free under Internal Revenue Code Section 104(a)(3). Beneficiaries may receive an income tax-free death benefit under IRC Section 101(a)(1).
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $303 billion in end-of-period account values as of December 31, 2020. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good. Dedicated to diversity and inclusion, we earned perfect 100 percent scores on the Corporate Equality Index and the Disability Equality Index, and rank among Forbes’ World’s Best Employers, Best Large Employers, Best Employers for Diversity, and Best Employers for Women, and Newsweek’s Most Responsible Companies. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.
MoneyGuard Market AdvantageSM is issued by The Lincoln National Life Insurance Company, Fort Wayne, IN on Policy Form ICC20-MGV892/20-MGV892 with a Long-Term Care Benefits Rider (LTCBR) on Rider Form ICC20LTCBR-892/LTCBR-892, and a Value Protection Rider on Form ICC20VPR-892/VPR-892.
The insurance policy and riders have limitations, exclusions and reductions; and are subject to medical underwriting. Long-term care benefit riders may not cover all costs associated with long-term care costs incurred by the insured during the coverage period. All contract provisions, including limitations and exclusions, should be carefully reviewed by the owner. For costs and complete coverage details, contact your agent or producer. A version of Lincoln Concierge Care Coordination is guaranteed for Lincoln MoneyGuard® solutions policyowners. However, the tools, resources and services may change or evolve over time.
Lincoln variable universal life insurance is sold by prospectus. Carefully consider the investment objectives, risks, and charges and expenses of the policy and its underlying investment options. This and other important information can be found in the prospectus for the variable universal life policy and the prospectuses for the underlying investment options. Prospectuses are available upon request and should be read carefully before investing or sending money. For current prospectuses, please call 800-444-2363 or go to www.LincolnFinancial.com.
Long-term care benefits are set at time of claim and are based on the specified amount of death benefit and accumulation value in the policy. Benefit growth is not guaranteed, and unless on claim, values will increase and decrease daily due to selected investment option performance. Any LTC benefits paid will reduce the policy’s specified amount and accumulation value.
Lincoln Concierge Care Coordination is available for all Lincoln MoneyGuard® solutions policyowners. Lincoln Concierge Care Coordination includes claims support provided by Lincoln Financial and services provided by a third-party vendor not affiliated with Lincoln Financial. Concierge Care third-party vendors do not provide direct care or home services. Participating providers are not agents or employees of Lincoln Financial Group or the third-party vendor. Results and outcomes cannot be guaranteed. The availability of any particular provider cannot be guaranteed and is subject to change. Lincoln Financial does not monitor or participate in the review of programs or services referred or recommended by third-party vendors. Long-term care coverage is provided through the applicable long-term care rider offered through your Lincoln policy.
All guarantees and benefits of the insurance policy are subject to the claims-paying ability of the issuing insurance company. They are not backed by the broker-dealer and/or insurance agency selling the policy, or any affiliates of those entities other than the issuing company affiliates, and none makes any representations or guarantees regarding the claims-paying ability of the issuer.
When you contact our claims department to file a claim, we will request an assessment to be performed by a licensed health care practitioner to determine your benefit eligibility. If we provide the assessor, it will be provided at our expense. We may also choose to accept the assessment of your licensed health care practitioner. To be eligible for benefits, the licensed health care practitioner who performs the assessment must certify that you are chronically ill and unable to perform at least two activities of daily living (bathing, continence, dressing, eating, toileting, and transferring) for at least 90 days. You are also considered chronically ill if you require substantial supervision to protect you from threats to health and safety caused by severe cognitive impairment. Recertification of your benefit eligibility is required at least annually
The purpose of this communication is the solicitation of insurance. A licensed insurance agent or the company may contact you.
MoneyGuard Market Advantage is not available in all states; check state availability. The Lincoln National Life Insurance Company does not issue products in New York.