Lincoln to Lower Pricing on MoneyGuard Fixed Advantage & MoneyGuard II
Effective Sept. 12, 2022, Lincoln Financial Group will be implementing pricing decreases to Lincoln MoneyGuard Fixed Advantage and Lincoln MoneyGuard II, which will improve competitive positioning, and provide additional benefit design opportunities. There will be no pricing increases as a result of this update. After a transition period, currently sold MoneyGuard products will be replaced by the following:
MoneyGuard Fixed Advantage – 09/12/22 will replace currently sold MoneyGuard Fixed Advantage in all states.
MoneyGuard II (2020) – 09/12/22 will replace currently sold MoneyGuard II (2020) – 01/10/22 in the state of California.
MoneyGuard Fixed Advantage Pricing Improvements & Product Updates
Pricing improvements range from 0 - 21%, with an average discount of 8%
issue Ages 60 and above improved the most:
Average discount for Issue Ages 60 and above equals 10%
Average discount for Issue Ages less than 60 equals 3%
The 6-year 5% inflation benefit design option has been added to the product
MoneyGuard II Pricing Improvements & Product Updates
Pricing improvements range from 0-18%, with an average discount of 6%
The 6-year 5% inflation benefit design option has been added to the product
Availability and Transition Guidelines
Applications for Lincoln MoneyGuard Fixed Advantage – 09/12/22 and Lincoln MoneyGuard II (2020) – 09/12/22 will be accepted beginning on Sept. 12, 2022.
For applications to qualify for the current MoneyGuard Fixed Advantage or MoneyGuard II (2020) – 01/10/22 pricing, a projection of values and the completed Part 1 must be signed, dated, and received in-good-order by Lincoln’s home office by Friday, Oct. 14, 2022.
For pending or issued business on or after Sept. 12, 2022, Lincoln will accept requests with a revised projection of values to change to Lincoln MoneyGuard Fixed Advantage – 09/12/22 or Lincoln MoneyGuard II (2020) – 09/12/22
For placed business, normal internal replacement guidelines apply. Rewrites will not be accepted.
As of Sept. 12, 2022, Lincoln DesignIt and WinFlex will be updated with the new product versions. During the transition period both versions 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 version 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 version available at that time.