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Lincoln Moneyguard III

Lincoln Moneyguard

Lincoln Financial Moneyguard is a market leading hybrid long term care insurance policy.

A hybrid (also known as asset-based) long term care policy may be the best way to protect you and your loved ones from the high costs of long term care expenses.

With hybrid LTC insurance policies you will benefit in 3 ways:

  1. If you do need care, you will have a dedicated long term care funding solution that you have designed to meet your needs
  2. If you do not need care, your loved ones will receive a legacy through your life insurance benefit
  3. And, if you change your mind you will be able to get premium back.

Lincon Moneyguard III Policy Features and Benefits

Lincoln Moneyguard is a universal life insurance policy with  a long-term care rider that will reimburse you for qualified long term care expenses.  Reimbursement long term care insurance policies will require you to submit receipts.

Issue Ages: Ages 30-80, age last birthday.

Classes: Couples Discount and Standard.  A couples discount applies to individuals that are legally married (traditional or same sex) or have a partner in a civil union or domestic partnership or are in a common law marriage as recognized in the state where the policy is issued.

Premiums: Lincoln Moneyguard premiums are guaranteed.  Premiums may be paid as a single premium or as flexible premiums.  Premiums may be paid up to the greater of 10 years or to age 70.  Could be less than 10 years for older issue ages.

Amount of Coverage: Minimum specified amount of life insurance is $50,000. Maximum specified amount of life insurance is $500,000.

Inflation Protection Options: You may help protect your retirement savings with optional compound inflation protection that will increase your long-term care benefits.  Select a compound increase of 3% or 5% for an additional cost. Your long term care benefits will continue to grow while you are on claim and receiving benefits.

No-Lapse Guarantee: The No-Lapse Guarantee feature provided through the Value Premium Endorsement guarantees your policy will not lapse if the minimum monthly no-lapse premium is paid.

Return of Premium Options: If your needs change, you are eligible for a return of your premium. This benefit begins from the time of your first premium payment.  Return of Premium option is selected at the time of purchase and cannot be changed.  Lincoln Moneyguard III offers 2 options.

Option 1: Basic Return of Premium: A return of 70% of paid premiums. Choosing the Basic Option will maximize your long term care benefits.

Option 2: Vested Return of Premium: A return of 100% of paid premiums is available after policy years 10.  The vesting schedule is:

Year 1: 70%, Year 2: 73%, Year 3: 76%, Year 4: 79%, Year 5: 82%, Year 6: 85%, Year 7: 88%, Year 8: 91% Year 9: 94%, Year 10: 97%. After Year 10: 100%

Terminal Illness Rider: provides a one-time claim for 25%-75% of the current specified amount of death benefit, up to $250,000. This rider is included in your Lincoln Moneyguard policy.

Elimination Period: Once eligible for benefits, there is no deductible or waiting period for long term care benefits to begin.

International Benefits: While you are abroad, your Moneyguard policy benefits may be used for qualified long term care expenses for up to 36 months.  International benefits only applies to care received in an assisted living facility or a nursing home.

What services are covered by Lincoln Moneyguard III?

Adult 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 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 provided by a care planning agency.

Caregiver Training: Up to $500 lifetime maximum to train a primary caregiver.

Home Health Care: Services provided by a licensed home health care agency in your home.

Hospice: Provides benefits for the terminal phase of life.

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 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 day for up to 180 days and does not require receipts for reimbursement. Must be within the first year on claim. Care may be provided by anyone of your choosing except spouses.

Lincoln Moneyguard III Benefit Eligibility

You are eligible to receive policy benefits if a licensed health care practitioner certifies that you are chronically ill and unable to perform at least two activities of daily living (bathing, eating, dressing, toileting, transferring, continence) for at least 90 days.  You are also considered chronically ill if you are certified by a licensed health care practitioner that you have a severe cognitive impairment (Alzheimer's, dementia) and require substantial supervision to protect you from threats to your health and safety. Once eligible and with a submitted plan of care you will be reimbursed for qualified long term care expenses up to your monthly maximum benefit specified in your policy.

Other Important Facts About Lincoln Moneyguard III

Pre-Existing Conditions: Pre-existing conditions disclosed on your application will be covered after your policy is issued.

Policy Loans and Withdrawals: Long term care benefits and death benefit will be reduced if any withdrawals or loans are taken.  taking loans or withdrawals may jeopardize your policy's performance or guarantees

Interest Credits and Tax Deferred Growth: Your policy cash value will increase each month due to a 2% annual credited interest rate and will decrease each month due to policy charges.

Income Tax-Free Long-Term Care Benefit: Benefits are generally paid income tax-free under Internal Revenue Code 104(a)(3).  Choose between a minimum of 3-7 years of long term care benefits based on the duration of the long term care benefits rider option that you choose.  Long term care coverage will continue as long as you remain eligible or until your entire long term care benefit is exhausted.

Income Tax-Free Death Benefit: If you never need long term care and all planned premiums are paid to keep your policy in-force, a death benefit is paid to your beneficiaries, income tax-free under Internal Revenue Code Section 101(a)(1).

Are Your Lincoln Moneyguard III Premiums Tax Deductible?

No. Unfortunately Lincoln Moneyguard III is not structured to offer any long term care insurance tax deductions of its premiums.  There are, however, a few top hybrid long term care insurance policies that are structured to offer you tax deductions for long term care insurance premiums.  OneAmerica Asset Care, Nationwide CareMatters II, and Securian SecureCare will allow the tax deduction of tax-qualified long term care insurance premiums.

Lincoln Moneyguard Financial Ratings - Is Lincoln Financial Group a Strong Company?

Yes.  Lincoln Financial Group has very strong financial ratings.  Lincoln Moneyguard is underwritten by Lincoln National Life Insurance Company.  The insurance company is domiciled in Indiana and was established in 1905.  The Moneyguard policy was first introduced by First Penn Pacific (Lincoln) in 1987.

Lincoln National Life Insurance Company holds the following ratings by the major rating agencies.

  • AM Best:  A+
  • Standard and Poor's: AA-
  • Moody's:  A1
  • Fitch A+
  • Weiss: B
  • Comdex Ranking: 91/100

How does Lincoln Moneyguard III Work?

Let's take a look at a sample Lincoln Moneyguard case study for a Male age 60, Couples Discount included.  

Single Premium Payment: $100,000, 6 year benefit period, 3% compound inflation protection, Basic 70% Return of Premium

LTC Benefits If You Need Care

Year 1: Maximum Monthly LTC Benefit $4979 Month, Total LTC Benefit: $386,484

Age 80: Maximum Monthly LTC Benefit $8993 Month, Total LTC Benefit $698,046

Life Insurance Benefit If Care Is Not Needed

Specified Amount of Death Benefit $129,457

Return of Premium Benefit If You Change Your Mind

$70,000

So, you can see that a 60 year old married male can leverage a $100,000 premium deposit into an income tax-free 6-1 payout ratio at age 80.

Here is the Lincoln Illustration.

If you want to contribute premiums over 2-10 years, rather than making a single premium payment you can elect to do so.  Here is the sample payment schedule options to keep your benefits above exactly the same.  You will see there is a cost for you to stretch out your Lincoln Moneyguard III premiums.

Options Modal Total

1 year $100,000 $100,000

2 years $51,101 $102,202

3 years $34,811  $104,433

4 years $26,675  $106,700

5 years $21,799  $108,995

6 years $18,553  $111,318

7 years $16,240 $113,680

8 years $14,509 $116,072

9 years $13,166  $118,494

10 years $12,094  $120,940

What Is The Underwriting Process Like To Be Approved For Lincoln Moneyguard III?

Like most hybrid long term care insurance policies, Lincoln Moneyguard III has a streamlined underwriting process.  Although Lincoln Moneyguard has an underlying universal life insurance policy, you will not be required to complete a paramed exam, with blood and urine samples that most life insurance applications will require.

Lincoln Moneyguard will require you to complete a telephone health interview only.  Your telephone health interview will last approximately 45 minutes and will consist of a cognitive screening exercise to test your short term memory.  Lincoln will also electronically order a prescription drug report to view your prescribed medications.  Once your interview is completed we will usually receive your underwriting decision within 5 business days.  The process is very quick.  If your application is approved your policy will be issued and mailed to you for your acceptance and premium payment.  If your application is declined you will receive written notification of the reasons for your decline.

You may appeal an unfavorable outcome.

For this reason alone your choice of insurance agent is critical.  You will want to work with an experienced long term care insurance agent (like myself!).  I have overturned numerous declined applications with appeals over the past 23 years.  Most insurance agents do not know how to navigate unfavorable outcomes and will simply give up.

Lincoln Moneyguard III Underwriting Considerations - Should You Submit Your Application?

To be approved for long term care insurance coverage is often a matter of good timing.  If you are currently receiving medical treatment or if you have a medical procedure pending you may want to wait to submit your applications.  Here are a few disqualifying conditions.

If you have received any joint injections in the past 6 months, you should wait 6-12 months before submitting your application.

If you are currently receiving any physical therapy or receiving more than 2x month chiropractic care, you should wait at last 30 days past your last physical therapy treatment and receive a release from care.

If you have any surgery scheduled in the next 6 months, you will need to complete your surgery, be fully recovered, and satisfy a 90 day stability period.

If you are currently being evaluated for a medical condition, you will need to complete all evaluations with a diagnosis.

These situation will often trip up a application due to timing.

Lincoln Moneyguard III Underwriting Disqualifying Conditions

There are a number of medical conditions that will always result in a declined Lincoln Moneyguard application.

Here are a few conditions to keep in mind.  If you have the following health history you should not apply today.

Congestive heart failure, rheumatoid arthritis with steroid use or a prescribed biologic agent; Type I diabetes, organ transplant recipient, collecting disability payments, cardiomyopathy with the past 3 years, TIA within the past 6 month, stroke within the past 12 months, Parkinson's, muscular dystrophy, multiple sclerosis, memory impairment, oxygen use, BMI less than 17 or greater than 42; dialysis or chronic kidney disease; osteoporosis with fractures; history of falls due to dizziness, or multiple falls within past 36 months; implantable defibrillator; cancer within 3 years of completion of treatment (other than skin, breast, colon, prostate, or lung).

Pros and Cons of Lincoln Moneyguard - Should You Buy Lincoln Moneyguard?

Lincoln Moneyguard III is one of a handful of hybrid long term care insurance policy solutions for you to consider reviewing today.  Other highly rated hybrid long term care policies for you to to consider will be OneAmerica Asset Care, Securian SecureCare, Nationwide CareMatters II, and Pacific Life PremierCare.  

Policy costs and health underwriting will vary by company.

Your very best policy solution will depend upon many factors including your age, gender, health history, marital status, state of residence, and the policy features that are important to you.  

Today (April 2021) , Lincoln Moneyguard is priced much higher than alternative LTC policies.

The cost of your policy may be one important factor for you.  Additionally, other features and benefits may be important for you as well.

You may want Unlimited Lifetime LTC benefit periods.  If so, the OneAmerica Asset Care hybrid policy may be attractive to you.  You may want your policy to cover informal care needs and allow your family members to be your caregiver.  If so, you may be highly attracted to the cash indemnity policies through Nationwide or Securian.

Lincoln Moneyguard III Cost Comparison and Review

Find Your Best Hybrid Long Term Care Plan Today

You have many hybrid long term care policy options to consider today including Lincoln Moneyguard III, Nationwide CareMatters II, Pacific Life PremierCare Max, OneAmerica Asset Care, Securian SecureCare, Brighthouse SmartCare, Mass Mutual CareChoice One, NY Life Asset Flex, and Global Atlantic ForeCare.

I will be pleased to answer all of your questions and to help you to find your best long term care policy.  I have specialized in long term care insurance for 23 years and have produced more hybrid long term care insurance premium in my career than any agent in the United States.

To receive your customized illustrations and my personal analysis and advice, call me today direct toll free at (800) 891-5824.  Or complete your online quote request form

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