Effective May 30, 2017, Lincoln MoneyGuard® II will be introducing expanded payment options and pricing changes for new sales of the product in the states of Florida, Indiana, North Dakota and Virgin Islands. On April 24, 2017, the Lincoln DesignIT (version 36.0F) and WinFlex Illustration systems will be updated with the capability to run both the current and new rates however no tickets may be received until the launch date (on May 30, 2017).
Background
Lincoln has a long-standing commitment to helping you protect client wealth from long-term care expenses with innovative solutions appropriately priced for market conditions. Upholding this commitment means creating new opportunities for our partners to grow their business and reach new customers. It also requires is to proactively manage business in today’s persistently low interest rate owners, partners and shareholders, and operate responsibly for the long-term.
Market conditions have been challenging, yet Lincoln MoneyGuard® continues to grow. This is because we are committed to being able to offer your client a flexible product that offers benefit and payment options that fit their specific needs.
Product Change Highlights
Expanded Payment Options
Due to customer demand, we are expanding our payment options to provide more financial flexibility to clients. Our new expanded payment options will give clients greater flexibility to purchase a policy at an earlier age and spread their payments over a longer period of time.
Listed below is the availability for the new expanded payments options;
- Clients ages 40 to 54 will now have the option to find up to age 65, potentially for as long as 25 years.
- Clients between the ages 55 and 72 will have a new schedule of payment options up to 10 years.
- Clients between the ages of 73 and 79 will have a new schedule of payment options. Starting at age 73, clients can choose options up to 0 years, grading down by one year at each subsequent age, to 3 years of payments at age 79.
Single premium payment options are still available.
Transition Guidelines
Reflected below are the Transition Guidelines for the states of Florida, Indiana, North Dakota and Virgin Islands:
- For applications to qualify for the current Lincoln MoneyGuard® II (2015) pricing, the completed ticket and one other required point of sale form for Lincoln MoneyGuard® (2015) must be signed, dated, and received in good order by Lincoln’s home office by May 26, 2017 by 6:00pm EST.
- For pending business, after May 26, 2017 Lincoln will accept a written request and a revised projection to change to Lincoln MoneyGuard® (2017),
- For issued or placed business, normal internal replacement guidelines apply. Rewrites will not be accepted.
As a reminder, the standard MoneyGuard® Rules are:
- Once a ticket is submitted, the Personal History Interview (PHI) must be completed within 60 days of submission. In addition, the case must be placed within 90 days of the PHI. If these conditions, are not met, the case will be closed out. If a case is reopened, a new ticket must be submitted, and the case will be subject to the premium rates in effect at that time.
- Advisors who are not properly credentialed (licensing/appointment/etc.) to solicit business when the paperwork is submitted will be subject to the premium rates in effect on the date when the advisor becomes properly credentialed and resubmits the paperwork.
Illustration Availability
As of April 24, 2017, the Lincoln DesignIt (version 36.0 F) and Win Flex Illustration systems will be updated to reflect the new rates can be run. However, no tickets for Lincoln MoneyGuard® II (2017) may be received in Florida, Indiana, North Dakota or Virgin Islands prior to May 30, 2017.