Lincoln National Corporation ( LNC Quick Quote LNC - Free Report) recently introduced a universal life insurance policy integrated with a long-term care rider. Named MoneyGuard Fixed Advantage, the policy not only maintains the basic design features of the MoneyGuard Universal Life product but also incorporates the Benefit Transfer Rider (BTR) without any added expense.
Shares of Lincoln National gained 4.8% on May 17.
Since the new policy includes features of the MoneyGuard Universal Life product, it is quite evident that MoneyGuardFixed Advantage intends to deliver a care strategy for the long haul to effectively plan and address the long-term care expenses of policyholders and their loved ones. Meanwhile, the BTR offers an innovative opportunity to beneficiaries to upgrade long-term care and death benefits within their existing policies by using death claim proceeds from the policy of another person. The benefits, if enhanced via the rider, will certainly not increase the policy charges.
It is worth mentioning that the BTR can be utilized till the age of 121. The scope of the rider has been widened and is not just restricted to benefit married couples but also can be used with parents, siblings, couples, estate planning or anyone named as a beneficiary. However, if one has to avail of the BTR, both the insured and beneficiary must individually hold policies equipped with BTRs and the beneficiary is required to be the insured person on one’s own policy.
Concurrent with the recent launch, the Flexible Care Cash benefits can be availed seven days a week, which was earlier available for five days a week. This cash benefit, payable without receipts, offers increased flexibility and cash availability to take care of the informal care needs of clients. Up to 100% of daily benefits can be reimbursed on those days which require formal care.
With several benefits bundled within a single policy, MoneyGuardFixed Advantage definitely seems alluring for Americans. In fact, the portfolio of MoneyGuard solutions devised by Lincoln National is committed to helping individuals interested in utilizing a long-term care solution for a better financial future. Apart from the recent launch being part of MoneyGuard solutions, the MoneyGuard Market Advantage forms part of the same portfolio and offers a guaranteed minimum level of death and long-term care benefits that hold the potential to grow over time.
The latest policy launch seems to be in line with the efforts of Lincoln National to launch long-term care solutions backed by its 30-year exceeding expertise in developing the same. Unveiling upgraded solutions similar to the latest one is expected to bring in more clients, which in turn might bolster revenues in the days ahead. There is a dire need to gear up for long-term care at an early age amid escalating healthcare expenses, as a result of which their benefits will amplify with time.
Shares of Lincoln National have lost 19.6% in a year compared with the
industry’s decline of 23.1%. LNC currently carries a Zacks Rank #3 (Hold). Image Source: Zacks Investment Research Stocks to Consider
Some better-ranked stocks from the insurance space include
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