Lincoln Financial - The Asset-Based MoneyGuard
The use of a combination life insurance product coupled with a long-term care insurance benefit was a brand new concept in 1998 when Lincoln boldly went where no other insurance company had gone before. They brought two products together that required polar opposite underwriting criteria and delved into an open market creating a product with a legacy that many have tried to copy but in some ways have failed to beat.
A universal life insurance policy with a built in no-lapse guarantee and a definite death benefit payout on some level, combined with an even larger long-term care reimbursement benefit, and a return of premium percentage feature makes this product a very versatile, flexible, and attractive “asset-based” protection product.
It was once a single premium, lump-sum dump-in product until a few years ago when the premium payment options became more flexible (Flex-Pay) allowing individuals that didn’t have a large initial sum of money to prepay the policy upfront to be able to spread out slightly smaller payments over a longer period of time (max 10 years). Lincoln has now stated that next year in 2015 they plan on coming out with the option of flexible premiums that will extend as far out as 20 years!
There have been newer products by other companies that might give slightly larger benefits for the same premium but might have lower ratings from Standard & Poor’s, AM Best, or Moody’s as a company (or may have a lower Comdex ranking). Or there may be companies that have an “indemnity” benefit instead of “reimbursement.” There may be still others that have a better return of premium feature, or a lifetime long-term care benefit payout instead of one with a limited duration. Few, if any however, have a “0” day elimination period, or a guaranteed “residual death benefit” available to a beneficiary even if the entire long-term care benefit in the contract is exhausted like the MoneyGuard does..., and none of the contracts have 15+ years of claims-paying history to continually upgrade the product using some of the most accurate mortality and morbidity tables available.
If you are looking for a product that will never require additional premiums beyond what you applied for (as long as you do not have loans and interest due on the contract), will help protect your assets from an expensive long-term care situation, can pay out a tax-free life insurance death benefit to a beneficiary, and offers liquidity in a return of premium feature should you decide years down the road that you no longer want or need the product, then the Lincoln MoneyGuard might be the right product for you.
About the author: Kyle McDonald holds FIC, FICF, FSCP® & CLTC designations. His viewpoint on life insurance is simple, “Anyone with a family must have life insurance. In the end, life insurance is for others you care about, not you.” He is ready to help you and your family get the best option available. Contact Kyle today at 1-800-651-1953 or KMcDonald@Pivot.com.