Helpful Processing Tips from Underwriting & New Business – MoneyGuard® Long-Term Care Personal Worksheet
Reprinted in Full from the 3/24/2014 issue of the Lincoln Life Leader
The Long-Term Care Personal Worksheet (MGF10656 and variations) is a required form for all applications on all MoneyGuard® products. The purpose of this form is to assist the agent and his/her client in making the decision (and document) that this product is:
• the best suited solution to meet the client’s needs
• the best suited solution to meet the client’s financial situation
The following two helpful hints can prevent the need for future additional work for the agent, client and Lincoln.
• Within the form, there is a Disclosure Statement section that allows the client to either state that the information completed describes his/her financial situation or that he/she is opting out of completing the form.
o If the client elects to complete the form, all questions on the document need to be fully completed.
o If the client decides to opt out of completing the form, in addition to checking the box on the Personal Worksheet, the client will also need to complete the Confirmation of Personal Worksheet Financial Information Opt Out (LF10581) document.
• There is a statement at the end of the Long-Term Care Personal Worksheet where the client can select the check box, sign and date the form a second time stating that the agent has advised the product is not suitable and the client still intends to proceed. If this is completed, Lincoln will send a Suitability Letter to the client and they must confirm both that the agent has advised that the sale is not suitable for their needs and that they wish to proceed with the product. This extra verification is needed before the interview can be completed. If this section is filled in by error, an updated Long-Term Care Personal Worksheet form will be needed with this section corrected, dated and initialled.
Your assistance in partnering with Lincoln in obtaining this required information will help ensure quick processing of your MoneyGuard® cases.