Statistically, those of us who live into old age would require some type of prolonged care during our lifetime. And in light of the ever rising costs of care, getting one in every of the best long-term care insurance policies could enable you to safeguard your assets and savings. These policies may make sure you’re sorted in line with your specifications, whether you favor care in-home or in a professional institution.
Lincoln MoneyGuard is a hybrid long-term care insurance policy that mixes the advantages of long-term coverage with life insurance protection. Hybrid life and long-term care insurance could possibly be value buying in the event you desire a profit that can pay out no matter whether you require care (and might afford the upper premiums).
For more on Lincoln Financial’s universal life with long-term care policy, read on.
Best long-term care insurance with international advantages
Several corporations sell long-term care insurance, but few of them offer international advantages. Lincoln MoneyGuard products, including the favored MoneyGuard II policy, allow you to keep your advantages even in the event you move out of the U.S. You may utilize your full long-term care profit abroad, provided you receive care in a nursing home or residential care facility.
Lincoln Financial long-term insurance pros and cons
- No elimination period
- Inflation protection available
- Offers concierge care coordination
- Low customer satisfaction rating on latest J.D. Power study
- Limited customer support hours
- No pricing information online
Pros explained
No elimination period
Lincoln MoneyGuard II has no elimination periods — for any style of care. Meaning you possibly can access your long-term care advantages as soon as you would like them.
Inflation protection available
Like all the things else, the prices of medical services and long-term care proceed to rise year-over-year. For a further cost, you possibly can protect your MoneyGuard long-term care advantages against inflation. For those who add inflation protection to your policy, your monthly profit limits will compound annually on the policy anniversary by 3% or 5%.
Concierge care coordination
Even with long-term care insurance, finding the appropriate services and providers at the bottom cost is difficult. Whenever you purchase a Lincoln MoneyGuard policy, you will get immediate access to concierge care coordination services, which enable you to:
- File claims
- Find providers
- Compare the prices of care
- Explore services by location
- Obtain resources to enable you to communicate with caregivers and family members
Cons explained
Low customer satisfaction
There are relatively few customer reviews for Lincoln Financial across third-party review sites. As of the date of this review, Lincoln Financial Group received a complete of 103 complaints over the past three years and only 25, mostly negative, reviews on the Higher Business Bureau. Nevertheless, most complaints are in regards to the company’s short term disability product.
In the most recent J.D. Power U.S. Individual Life Insurance Study, Lincoln Financial scored 764 on a 1,000 point scale for overall customer satisfaction, 10 points below the industry average.
Limited customer support hours
Lincoln Financial’s customer support is accessible by phone Monday through Friday, 8 a.m. through 6 p.m., with no weekend or night phone support. Claims can only be filed by phone Monday through Friday, 8 a.m. through 5 p.m.
No pricing information online
Like most, if not all, long-term care insurance firms, Lincoln doesn’t offer quotes online. Meaning you’ll need to call an agent to get a quote or learn more about pricing.
Lincoln Financial long-term care insurance offerings
Lincoln offers a set of hybrid life insurance and long-term care policies generally known as MoneyGuard. MoneyGuard Market Advantage is a variable universal life insurance plan that permits you to construct your individual investment portfolio or use a model portfolio. It features a rider to pay for qualified long-term care expenses.
MoneyGuard Fixed Advantage is a universal life insurance policy with a long-term care rider. Unlike MoneyGuard Market Advantage, it just isn’t subject to market risk, so advantages are guaranteed. Nevertheless, there’s also no potential for market growth. The policy features a Profit Transfer Rider that lets beneficiaries make a choice from taking the death profit or increasing their very own policy with Lincoln.
Lincoln MoneyGuard II
Lincoln MoneyGuard II is a universal life insurance policy. As such, it provides everlasting coverage that does not expire so long as you proceed to pay the premiums. Like MoneyGuard Fixed Advantage, MoneyGuard II has a no-lapse guarantee. Because of this, so long as you make sufficient premium payments, your policy will remain in force even in case your money value is not enough to fund policy charges (similar to the associated fee of riders).
This policy routinely features a long-term care acceleration of advantages rider, which pays out a monthly profit to cover long-term care costs. For those who develop a chronic or terminal illness while your policy is in force, a portion of your death profit may be used to pay for long-term care costs for either two or three years.
Covered services include:
- Adult daycare
- Hospice services
- Assisted living facilities
- Home health care
- Nursing home care
- Alternate care services
For an added cost, you can even modify your policy with two optional riders: extension of advantages and inflation protection. The extension of advantages rider that permits you to proceed receiving monthly payments for long-term look after a further two or 4 years after your policy’s long-term care advantages are exhausted. You can even purchase 3% or 5% inflation protection so your profit grows over time. The fee of those riders is deducted from the policy’s money value.
All MoneyGuard II policies routinely include a basic return of premium profit. With this profit, Lincoln will return 80% of your paid premiums in the event you give up your policy after making all premium payments. There’s also a vested return of premium rider available for a further cost. This selection pays back a percentage (as much as 100%) of paid premiums based on the variety of years the policy was energetic.
For those who die without using long-term care advantages or borrowing against the policy, your beneficiaries will receive the policy’s full death profit. For those who use the long-term care advantages during your lifetime, your beneficiaries will receive a reduced residual death profit if you die. Upon issuance, the residual death profit is the same as 5% of the desired coverage amount or $10,000, whichever is less.
Other advantages of the Lincoln MoneyGuard II plan include:
- No medical exams or lab tests required
- Tax-free long-term care reimbursement and death profit
- Choice to pay in full upfront or over time
- No waiting periods for care
- Couples discount
Lincoln Financial long-term care insurance pricing
Lincoln doesn’t offer quotes or pricing information on its webpage. To get a quote, you will need to work with a Lincoln Financial skilled at a partner company.
A few of Lincoln’s partner corporations include:
- Merrill Lynch
- UBS
- Wells Fargo Asset Management
- Cambridge
- Ameriprise Financial
Lincoln offers flexible premiums payment options, allowing clients to make lump sum payments or pay over a period of 1 to 10 years. Premiums are based on aspects like:
- Age
- Medical history
- Coverage amount and duration
A reduction is accessible for couples when each partners purchase MoneyGuard II policies. The discount applies to traditional marriages, civil unions, domestic partnerships and common-law marriages.
Lincoln Financial long-term care insurance financial stability
Lincoln Financial Group is a financially stable company founded in 1905. As of May of 2023, The Lincoln National Life Insurance Company received the next financial strength rankings:
- AM Best: A
- Fitch: A+
- Moody’s: A1
- Standard and Poor’s: A+
These rankings indicate Lincoln’s financial strength and claims-paying are amongst one of the best within the industry. Nevertheless, all credit standing agencies besides Standard and Poor’s give Lincoln a negative market segment outlook. This implies the long-term care insurance segment could also be negatively affected by market trends over the subsequent yr.
Lincoln Financial long-term care insurance accessibility
We reviewed Lincoln Financial insurance for long-term care accessibility based on its contact information, user experience and availability by location.
Availability
Lincoln MoneyGuard II is accessible in all U.S. states except Recent York. Sales of latest MoneyGuard products were suspended in Recent York in March 2022.
MoneyGuard II can be available in Puerto Rico and the Virgin Islands. And advantages may be used for qualifying services outside of the U.S. and its territories.
MoneyGuard II is accessible for people aged 40-79.
Contact information
Lincoln Financial Insurance lists its contact information under the corporate directory on its website. You may reach the company call center at 877-275-5462. The mailing address is:
Lincoln National Corporation
150 North Radnor-Chester Road
Radnor, PA 19087
You can even contact Long-Term Care support in the next ways:
- By phone at 800-487-1485
- By fax at 800-819-1987
- By email at CustServSupportTeam@LFG.com
- By mail at Lincoln Financial Group, P.O. Box 21008, Greensboro, NC 27401
User experience
MoneyGuard doesn’t offer online quotes, and you will need to work with a Lincoln Financial skilled to buy a policy.
Whenever you purchase a plan, you possibly can arrange direct billing so that you simply never miss a payment. You may file claims online or by phone and arrange direct deposit to access funds or get reimbursed. You furthermore mght have the choice of arranging for service providers to bill Lincoln directly.
Lincoln Financial long-term care insurance customer satisfaction
There are few customer reviews about Lincoln’s long-term care products across third-party sites. Nevertheless, a lot of the reviews available report negative experiences when filing claims for reimbursement for long-term care services. Some customers report having to repeatedly request payment before it’s made.
On the Higher Business Bureau website, Lincoln Financial Group has a mean rating of 1.04 out of 5 stars based on just 24 customer reviews. The corporate has responded to all 103 complaints filed against it over the past three years, yet most complaints seem like for the corporate’s short-term disability product.
In J.D. Power’s 2022 U.S. Individual Life Insurance Study, Lincoln Financial Group scored 764 out of a possible 1,000 points for customer satisfaction, about 10 points under the industry average.
Nevertheless, Lincoln ranked second within the 2022 J.D. Power U.S. Group Life Insurance Study, scoring 815 out of 1,000 possible points based on responses from over 2,000 customers. The study measured customer satisfaction with life insurance providers based on:
- Application and orientation
- Communication
- Interaction
- Price
- Product offerings
- Statements
Lincoln Financial Long-Term Care Insurance FAQs
How does Lincoln MoneyGuard work?
The policy can pay for long-term care services for a period of either two or three years. For an added cost, you possibly can extend advantages for an additional two to 4 years (for a maximum of seven years of long-term care advantages). You may send the long-term care bills to Lincoln for reimbursement or have healthcare providers bill Lincoln directly.
For those who don’t use the long-term care advantages, you possibly can give up the policy (after paying all premiums), and Lincoln will reimburse you 80-100% of the premiums you paid. For those who keep the policy, your beneficiary will receive a death profit if you die.
How do you qualify for long-term care advantages under a MoneyGuard policy?
Eating, Dressing, Transferring, Bathing, Incontinence care, andToileting
Who’s Lincoln Financial Group’s parent company?
Lincoln Financial Group’s parent company is Lincoln National Corporation, which incorporates The Lincoln National Life Insurance Company out of Fort Wayne, IN and Lincoln Life and Annuity Company of Recent York out of Syracuse, NY. It also includes affiliates, similar to Lincoln Financial Advisors, Lincoln Financial Distributors and Lincoln Financial Securities Corporation.
How we evaluated Lincoln Financial long-term care insurance
We evaluated Lincoln Financial’s long-term care insurance offering based aspects similar to:
- Policy features: We evaluated policy features like inflation protection, concierge care coordination and international advantages.
- Availability: We took under consideration the provision of policies, each by location and customer age.
- Customer support: We considered different methods available for contacting Lincoln’s long-term care customer support. We also checked out the hours of phone support available.
- User experience: We factored within the user experience, including the convenience of applying for a policy and filing claims.
- Customer satisfaction: We combed through reviews from actual customers across multiple third-party rating sites to grasp their experiences and satisfaction with Lincoln Financial Group and Lincoln MoneyGuard. We also considered the corporate’s customer satisfaction rankings in the most recent J.D. Power U.S. Individual Life Insurance Study and U.S. Group Life Insurance Study.
Summary of Money’s Lincoln Financial Long-Term Care Insurance review
Lincoln Financial’s long-term care insurance products offer life insurance and long-term care advantages under one policy. Lincoln MoneyGuard II features no waiting periods for care, optional protection against inflation, a built-in profit that pays you back your premiums in the event you give up your policy and customised tools to enable you to find the care you would like.
Optional policy riders allow you to extend advantages and protect your investment against inflation, and versatile premiums can help you pay for the policy in a way that matches your budget. Across third-party review sites, customer satisfaction with Lincoln appears to be low, but the corporate scored highly in J.D. Power’s 2022 U.S. Group Life Insurance Study.