All three of these products are hybrid long-term care insurance/life insurance products that pay a death benefit regardless of whether long-term care benefits are used.
Lincoln MoneyGuard was the company’s first long-term care (LTC) insurance policy and is still briefly described on the company website. However, its MoneyGuard II and MoneyGuard III policies are more widely known because of being newer, particularly MoneyGuard III.
In this company review, we'll cover:
Read on to learn more.
Universal life insurance death benefit with a guaranteed minimum payout even if long-term care benefits have been paid out
Tax-free long-term care and life insurance benefits Single-payment premium availableBenefits are 100% guaranteed and not subject to market risk, interest rate risk, or premium increases
3% to 5% inflation protection option Simplified underwriting: short application, no medical exam or lab tests required Single-payment option available No elimination period for any type of care International benefits available Couples discountAdult Day Care: Social and health-related services by a state or a licensed and certified program in a group setting.
Alternative Care Services: These services are an alternative to services otherwise covered and are prescribed by a plan of care by a licensed healthcare practitioner.
Assisted Living Facility: A residential care facility that provides ongoing assistance.
Bed Reservation Benefit: Lincoln MoneyGuard III will pay for bed reservations for up to 30 days per calendar year.
Care Planning Services: Your policy will reimburse you for care planning services a care planning agency provides.
Caregiver Training: A lifetime maximum of up to $500 to train a primary caregiver.
Home Health Care: Services provided by a licensed home health care agency in your home.
Hospice: Provides benefits if diagnosed with a terminal illness resulting in a life expectancy of 6 months or less.
Non-Continual Services: Services received on a one-time basis, such as durable medical equipment or home modifications to your residence.
Nursing Home: A licensed facility that provides continual nursing care.
Respite Care: Short-term care services are provided to relieve your primary caregiver.
Transitional Care Assistance Benefit: This covered service may be used in combination with other forms of care and help transition from informal to formal care. This benefit allows for $100.00 per day for up to 180 days and does not require receipts for reimbursement. It must be within the first year of the claim. Care may be provided by anyone of your choosing except spouses.
MoneyGuard III, Lincoln Financials’ flagship LTC product, also includes these standard benefits:
Pre-Existing Conditions: Pre-existing conditions disclosed on your application will be covered after your policy is issued.
Interest Credits and Tax-Deferred Growth: Your policy cash value will increase each month due to a 2% annual credited interest rate and decrease each month due to policy charges.