Lincoln Lowers Price on MoneyGuard Market Advantage
Lincoln MoneyGuard Market Advantage (2022) will be available effective August 15, 2022, subject to state approvals.
This innovative rider provides beneficiaries the option to leverage some or all their death benefit proceeds to enhance their own benefits on an existing MoneyGuard Fixed Advantage or MoneyGuard Market Advantage policy, all with no additional underwriting requirements. Additionally, the Flexible Care Cash (FCC) benefits are extending to seven days a week (previously five) providing clients greater flexibility and access to cash for informal care needs.
Availability and Transition Rules
Applications for Lincoln MoneyGuard Market Advantage (2022) will be accepted beginning on August 15, 2022 in all approved states.
For applications to qualify for the current MoneyGuard Market Advantage, an illustration and the completed Part 1 must be signed, dated, and received in-good-order by Lincoln’s home office by Friday, September 16, 2022.
For pending or issued MoneyGuard Market Advantage business on or after August 15, 2022, Lincoln will accept requests with a revised illustration to change to MoneyGuard Market Advantage (2022). Please note the updated Long-Term Care Insurance Outline of Coverage should be provided to the client.
For placed business, normal internal replacement guidelines apply. Rewrites will not be accepted.
As of August 15, 2022, Lincoln DesignIt and WinFlex will be updated with the new product. During the transition period both products can be run.
Ensure that you are appropriately credentialed. Clients of advisors who are not properly credentialed to solicit business when the paperwork is submitted will be subject to the product in effect on the date when the advisor becomes properly credentialed and resubmits the paperwork.
Remember that once an application 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 Part 1 must be submitted, and the case will be subject to the product available at that time.
Illustration Capabilities
Lincoln’s DesignIt and WinFlex illustration systems will be updated with illustration capability effective August 15, 2022. Illustration capability will include the availability of a Benefit Transfer Rider additional report.