Lincoln Financial announced changes this week to MoneyGuard Reserve Plus, their hybrid Life + Long Term Care Insurance product.
Changes Meant to Sustain LTCI
The recent adjustments are to the Enhanced Surrender Value Endorsement (ESVE) and will not affect the core benefits of the policy. The changes will go into effect on August 16, 2013 and will affect policies in all applicable states except New York.
In the official press release, the company described the purpose of the the changes in their press release as one to “ensure the strength and sustainability of its long-term care solution through all market environments”.
The adjustments to the policy are as follows:
- The Return of Premium (ROP) feature will now include a 5 year vesting schedule. The schedule still includes 100% return of premium in months 0-6 and after 5 years provided all premiums are paid.
- In addition, the ESVE is now available at the same age regardless of policy funding decision. The maximum issue age for Flexible Premium policies with the ESVE is being increased from age 65 to age 69.
Read the full details of the new 5 year vesting schedule and the transition period in the official press release.
Lincoln Financial Group is a Fortune 500 company that was founded in 1905 and is headquartered in Radnor, PA.
Reviews of each company’s financial stability ratings, claims experience, and size.
A side-by-side comparison of each company’s policy features. We cover the similarities and the differences.
Price comparisons customized to suit your specific needs from top carriers such as Nationwide, Thrivent, New York Life, National Guardian Life, Mutual of Omaha, and more.