Life Insurance and Long Term Care with Lincoln Financial

Life Insurance

When you’re considering life insurance with a certain carrier, there are so many choices it’s hard to decide which one is the best. However, when considering life insurance as well as long term care as a hybrid “combo” approach, Lincoln Financial is a strong choice.

Lincoln Financial has been in business since 1905. At the end of the Great Depression, the company had expanded at an amazing rate adding millions more to its in-force ledger. By 1955, Lincoln Life grew to become the ninth largest life insurance company in the United States.

Lincoln’s primary hybrid life insurance/long term care product is called “Money Guard”. Hybrid policies are fairly new and the reason they exist is because people generally don’t like the idea of traditional long term care products. This is because the thought is “use it or lose it”, basically stating that if you never needed a day of long term care, you lose all the premiums paid into that policy. And they would be correct as, this is a true statement.

Traditional long term care policies don’t have a death benefit associated with them and there is no cash value. They’re like car insurance in the sense that they’re pure benefit. Just like car insurance, you can pay for years and never have an accident. What’s interesting is that the statistics for needing long term care are a lot higher than your chances of having a car accident. The likelihood of you needing some form of care in your home or a nursing facility for six months to a year of your life is also very high.

Lincoln’s “Money Guard” product takes that “use it or lose it” worry off the table. Basically it’s a universal life product with long term care riders. There is an internal decreasing death benefit that levels down to a guaranteed death benefit, usually in your 80’s. As the life benefit is decreasing, the long term care benefit increases.

The most attractive feature of Lincoln’s policy is the return of premium. After 5 years, if you no longer want to be in the contract, you can get your original premium back. At anytime, should you pass away, your beneficiaries will receive a death benefit. And if you end up needing long term care, there is a benefit available as well.

Most hybrid life insurance products out there are “single premium”. In other words, you make one payment and that’s it. This could be the only downside because sometimes people aren’t comfortable paying that large amount in a single payment, or they simply don’t have the liquidity to take this approach. Lincoln recently make it a flexible option to have a multi-year pay options of 1 to 10 years.

So if you don’t like the idea of a traditional long term care product, and you’re worried about never needing the care, losing the benefit and premiums, Lincoln Financial’s “Money Guard” might be a great approach to solve for both your life insurance and long term care needs. 

About the author: Mark Yurkovic has been in the life insurance business for over 12 years, and holds CLTC, LUTCF, and CES designations. He enjoys building remote control boats, and playing instruments including the piano, guitar, banjo, and mandolin. Mark would love to discuss life insurance options and work towards finding the best policy fit for your family. You can contact Mark at 1-800-651-1953 or