Lincoln Financial launched the next generation of their Hybrid Long Term Care Insurance product called Lincoln MoneyGuard III, launched in late 2019 and updated with new rates in June 2020.
Lincoln MoneyGuard III Hybrid Long Term Care Insurance product will pay a monthly benefit for home health care, assisted living facility, adult day care or nursing home care. If care is never needed then the plan pays a tax free life insurance benefit to the beneficiary at death equal to about 20% more than what you put in.
The plan is the only Hybrid Long Term Care Insurance policy out there that does not have a waiting period or elimination period. Lincoln however, will give you less long term care benefits for the premium dollar put in in most cases.
A few of the other highlights of the Lincoln MoneyGuard III are:
Home Health Care:
Should you prefer to have assistance in their home the Lincoln MoneyGuard III product will pay for the care.
Lets you access funds to help smoothly transition from informal to formal care.
If your clients choose to downsize or prefer a social atmosphere they can use their Lincoln Money Guard III for assisted living care.
Caregiver training and care planning services:
Lincoln Money Guard III will pay for a person you feel comfortable with such as a friend to be trained and also hire people to plan the care that will be best for you.
Nursing Home Care:
Lincoln Money Guard III will of course pay for nursing home care if it comes to that.