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.
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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:
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Home Health Care:
Should you prefer to have assistance in their home the Lincoln MoneyGuard III product will pay for the care.
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Transitional Care:
Lets you access funds to help smoothly transition from informal to formal care.
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Assisted Living
If your clients choose to downsize or prefer a social atmosphere they can use their Lincoln Money Guard III for assisted living care.
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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.
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Nursing Home Care:
Lincoln Money Guard III will of course pay for nursing home care if it comes to that.