From today’s copy of the Lincoln Leader newsletter: https://lincolnfinancial.dmplocal.com/main/?p=dsc.get&id=OIMj4vTPaRo
New Lincoln MoneyGuard® II Enhanced Application Submission Process effective September 10, 2018
On July 9, 2018, Lincoln Underwriting and New Business launched a new application forms package that will improve efficiency and the overall Lincoln MoneyGuard® II submission process for both agents and clients. The benefits of the new forms package include reducing the redundancy of questions and leveraging technology to create a more efficient submission process.
As previously communicated, effective September 10, 2018, the Application Part I and all point-of-sale forms will be required; tickets will no longer be accepted. Please review the complete details and transition guidelines below.
What we are doing
New forms 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 forms include:
- Application Part I
- Medical LTC Supplement
- Application Part II
- 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.
- Leverage technology to reduce turnaround time. Lincoln will leverage technology to capture application information, reducing the time to acknowledge receipt of the business.
Important Information
- Lincoln MoneyGuard® Coversheet – Includes basic information including primary case contact, where the policy should be sent, and the completion method of the Medical LTC Supplement and Application Part II ─ via paper or phone. Paper submission is subject to firm approval.
- Application Part I – Will be completed by the agent and includes all non-medical information from the ticket, plus six additional categories, including: Insured Information, Billing Information, Client and Agent Replacement Questions, Inflation Protection Check Box, Contact Information. This information is currently requested from the client, which often causes confusion and redundancy of questions being asked.
- Medical LTC Supplement – Will be required for all clients to determine initial underwriting eligibility for Lincoln MoneyGuard II.
- Application Part II – Includes all detailed medical questions and will only be required for clients who are determined to be eligible for Lincoln MoneyGuard II, based on answers provided on the Medical LTC Supplement.
The Medical LTC Supplement and Application Part II can be completed based on the preference of the client – over phone with a Lincoln representative or on paper with their agent.
- If the completion method is paper, the Application Part I and Medical LTC supplement must be submitted with the required point-of-sale forms. The Application Part II may be submitted via paper with the required point-of-sale forms or via phone during the personal history interview. If a cognitive screening is required, a Lincoln representative will call the client to complete the cognitive screening.
- If the completion method is phone, the Application Part I must be must be submitted with the required point-of-sale forms. The Medical LTC Supplement and Application Part II will be completed by the client over the phone with a Lincoln representative during the personal history interview. If a cognitive screening is required, it will be conducted during the interview.
- Replacement Form(s) – Will only be required for policies being replaced and/or in-force insurance in an NAIC State.
- No longer needed – Receipt of Required Notice, Lincoln’s Position Regarding Marijuana and Important Notice forms have been incorporated into the Application Part I and will no longer be required.
What You Need to Know
- Beginning on July 9, 2018, the new forms will be available on the Lincoln Forms Tool and all supported forms vendor websites.
- When accessing forms on the Lincoln Forms tool, the new forms will be packaged into bundles to make access easier.
- For each case, reference and review the Lincoln MoneyGuard® Application Checklist – Form MG11718 to ensure that all form requirements are being met.
- Regarding state approvals:
-
-
- California and Virgin Islands are pending approval of the new process and will continue to follow their current workflow until approved.
- New York will follow their current workflow for Lincoln MoneyGuard® Reserve and requires full interview by the vendor. Lincoln MoneyGuard® II is not approved in New York.
-
-
Transition Period
- There will be a 60-day transition period from July 9, 2018, to September 7, 2018.
- Completed ticket and one other required point-of-sale form must be signed, dated, and received in good order by the Lincoln Home Office by September 7, 2018, 11:59 pm ET to flow through the ticket process.
- Effective September 10, 2018, the Application Part I and all point-of-sale forms will be required. Tickets will no longer be accepted.
- If a ticket has been submitted to Lincoln prior to September 10, 2018, 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. If a case is reopened, a new application package must be submitted.
- Please ensure that you are appropriately credentialed prior to submitting an application.