Now Available – Lincoln MoneyGuard® II NY
Announcing new MoneyGuard® offering for the state of New York
Effective January 13, 2020, the Lincoln Life & Annuity Company of New York is pleased to announce the newest linked-benefit product in the Lincoln MoneyGuard® Solutions suite, Lincoln MoneyGuard® II NY. Lincoln MoneyGuard® II NY is a single or flexible premium, universal life insurance product that provides a death benefit and long-term care (LTC) coverage through policy riders.
Illustration capability was made available on December 16, 2019, applications can begin to be submitted starting on January 13, 2020.
Lincoln MoneyGuard® II NY provides a 0-day elimination period on all services allowing clients to access long-term care benefits sooner. The introduction of a new couples’ discount on extension benefits, compound inflation options, no-lapse protection design and return of premium elections with all payment options adds an additional layer of security.
In addition, Lincoln MoneyGuard® II NY will be expanding our return of premium and payment options to provide more financial flexibility to clients.
Product Highlights
| Added Simplicity | More Flexibility |
| No-Lapse Protection Policy design includes a No-Lapse Premium Test using a Monthly No-Lapse Premium. Couples discount Available on the Long-Term Care Extension of Benefits Rider (LEBR) only. Reduced barriers Return of premium elections available on single pay and flex pay premium options Duration options Both riders are available to all ages (40–79); Long-Term Care Acceleration of Benefits Rider (LABR) and Long-Term Care Extension of Benefits Rider (LEBR). Benefits abroad International benefits are available for care received in a nursing home or assisted living facility. | 0-day elimination Once qualified, no waiting period for any covered services. Flex pay options Flexible premiums available to be paid up to the greater of 10 years or age 65; could be lower for higher issue ages. Additional compound inflation option 3% or 5% compound inflation available on the LEBR. Terminal Illness Rider (TIR) Lump sum between 25% to 75% of the specified amount if diagnosed as terminally ill. Residual Death Benefit If your death benefit has been exhausted to pay for long-term care expenses, your beneficiaries still receive a residual death benefit. |
Enhanced Application Process
Lincoln MoneyGuard® II NY will leverage a similar enhanced application submission process introduced nationwide in 2018. There will be new forms to replace the ticket. The new forms package will create a more efficient application process and a better client experience by reducing the redundancy of questions asked during the interview process.
The new application and forms will be made available on Monday, January 13th and will include:
- Application Part I
- Medical LTC Supplement
- Application Part II
There will also be a customized experience to complete forms. Based on preference, clients can choose to complete the Medical LTC Supplement and Part II Application over the phone with a Lincoln representative, or by completing the paper forms with their agent. An electronic option will not be made available at launch in New York.
Illustrations
Since December 16, 2019, Lincoln DesignItSM illustration system and WinFlex have been updated with the new product. If you need to download the Lincoln DesignItSM illustration system, it is available on the Lincoln producer websites or from Field Office Technicians.
Reference Materials
The following reference materials are available from the Lincoln Producer websites, Lincoln MoneyGuard® II product details tab, or click on the names of the piece below.
| Product Reference Guide |
| Lincoln MoneyGuard® II NY Product Reference Guide |
| Product Comparison |
| Lincoln MoneyGuard® II NY vs Lincoln MoneyGuard® Reserve |
| Specimen Contracts |
| Lincoln MoneyGuard® II NY |
Marketing Materials
Marketing materials for this product are available for viewing on the various Lincoln websites and for order from the Lincoln Literature Fulfillment Center. Materials will be updated and available on November 11, 2019 or shortly thereafter.
| Lincoln MoneyGuard® II NY Materials | Audience | Order Code |
| Product Pieces | ||
| Lincoln MoneyGuard® II NY Client Flier | Client | MG-NY-BRC002 |
| Lincoln MoneyGuard® II NY Fact Sheet | Client | MG-NY-FST001 |
| Lincoln MoneyGuard® II NY Single Pay Case Study | Client | MG-NY-FL001 |
| Lincoln MoneyGuard® II NY Flex Pay Case Study | Client | MG-NY-FL002 |
| Lincoln MoneyGuard® II NY Financial Professional Seminar | Agent/Broker | MG-NY-PPT002 |
| Lincoln MoneyGuard® II NY Client Seminar | Client | MG-NY-PPT001 |
| Underwriting Pieces | ||
| Lincoln MoneyGuard® II NY Process FAQ | Agent/Broker | MG-FAQ-BRC001 |
| Lincoln MoneyGuard® II NY Agent Guide | Agent/Broker | MG-NY-FLI004 |
| Lincoln MoneyGuard® II NY Process Guide | Agent/Broker | MG-NY-BRC004 |
| PHI Worksheet – National | Client | MG-PHI2-FLI002 |
| Pre-submission Underwriting Tool – National | Client | MG-QUA2-FLI001 |
| Underwriting at a Glance | Agent/Broker | MG-ADV2-BRC001 |
New York Regulation 187
Please note that effective February 1, 2020, producers are required to complete two pre-sale training courses prior to soliciting new business or servicing existing business in New York. Specifically, the trainings include:
- NY Regulation Best Interests Training
- Carrier-specific Product Training
Lincoln’s product training module for Lincoln MoneyGuard® were made available December 17, 2019 through approved vendors
Prior to policy issue, enhanced documentation and suitability review is also required. The suitability review must be conducted and approved for all cases prior to policy issue. Check with your back office to determine if your Broker-Dealer/Agency or Lincoln will be conducting the suitability review.
For more information about New York Regulation 187 please visit www.LFG.com/Reg187
New York Regulation 60
As per New York Regulation 60, it is required that any Lincoln MoneyGuard® II NY policies that involve a Replacement include the Policy Expense Analysis Report as part of the Projection of Values submitted for the case.
If the Policy Expense Analysis Report is not included with the Projection of Values then the case will be identified as Not-In-Good-Order (NIGO) and will need to have the Policy Expense Analysis Report provided in order to Issue the policy.
If you have any questions regarding the Projection of Values, please contact the MoneyGuard Sales Desk. For other Regulation 60 process questions, please contact your dedicated Lincoln Underwriting and New Business team.
Available Riders
The following riders are available on Lincoln MoneyGuard® II NY (LN880a);
- Long-Term Care Acceleration of Benefits Rider: (LR881a)
- Long-Term Care Extension of Benefits Rider: (LR882a)
- Value Protection Rider: (LR880a Rev)
- Terminal Illness Acceleration of Death Benefit Rider: (LR883a)
- Nonforfeiture Benefit Rider: (LR885a)
This product is a life insurance policy with a rider that accelerates the death benefit for qualified long-term care services and is not a health insurance policy providing long-term care insurance subject to the minimum requirements of New York Law, does not qualify for the New York State Long Term Care Partnership Program and is not a Medicare supplement policy.