Lincoln MoneyGuard III is a long-term care insurance policy that offers a range of benefits and features. As a replacement for Lincoln MoneyGuard II, which was discontinued in 2019, this policy has a higher cost than other plans currently available in the market. However, its unique features and benefits make it a popular choice among many customers.
One of the benefits of Lincoln MoneyGuard III is its flexibility in terms of policy options. Customers can choose from a variety of policy examples, including a male age 60 with $4,500 a month long-term care benefit for six years with 3% compound inflation and return of premium. The premium for this policy is $13,392 annually or $1,116 per month for 10 years. The policy illustration shows that after 10 years, the policyholder has access to up to $5,872 a month in long-term care benefits, and a total pool of $710,045 by year 25. The policy also includes a death benefit and surrender value that grows over the 10-year premium payment period.
Another example is a male with couples discount, 10-pay of $10,000 annually, age 60 with a six-year long-term care benefit duration, 3% compound inflation, and return of premium basic. The initial $10,000 premium deposit in the first year equates to $305,576 long-term care benefit. By year 80, the policy provides up to $551,914 per year in long-term care benefits. While the 10-pay policy provides higher leverage of upfront coverage compared to a single premium policy, the total benefit amount does not combine as substantially, as the premium is dripped in. Therefore, a single premium policy may be the best option for those seeking maximum long-term care benefits over the long term.
In terms of how Lincoln MoneyGuard III compares to other policies, we can look at the same parameters for premium, benefit period, and percent of the inflation rider. For a male aged 55 with a couples discount and 3% compound inflation protection for a six-year benefit period, the policy offers monthly benefits of $4,083, which is lower than Securian SecureCare and Nationwide CareMatters II policies. However, as the policyholder ages and becomes more likely to need coverage, the Securian SecureCare and Nationwide CareMatters II policies offer higher monthly benefits, making their relative value even higher. Additionally, both Securian SecureCare and Nationwide CareMatters II policies are cash indemnity plans, which means that customers receive a monthly cash stipend that they can spend as they see fit.
Lincoln MoneyGuard III is a type of hybrid long-term care insurance policy that offers the policyholder the ability to access funds for long-term care expenses, while also providing a death benefit to their beneficiaries if the policyholder does not end up needing long-term care. The policy is designed to protect the policyholder’s assets from the potentially devastating costs of long-term care, which can easily exceed $100,000 per year.
Lincoln MoneyGuard III policyholders have a variety of options when it comes to tailoring their coverage to meet their individual needs. They can choose the amount of coverage they want, the duration of their coverage, and the inflation protection they prefer. They can also choose between a single premium payment or a series of premiums paid over a set period of time.
One of the key benefits of Lincoln MoneyGuard III is that it provides flexibility and control to policyholders. If the policyholder never needs long-term care, they can receive a full refund of their premium payments, minus any withdrawals or benefits paid out. Alternatively, if the policyholder does end up needing long-term care, they can access the funds they need to cover their expenses, up to the limits of their policy. This can give policyholders peace of mind, knowing that they will be able to afford quality long-term care if they need it, without having to worry about draining their savings or burdening their loved ones.
Overall, Lincoln MoneyGuard III is a powerful tool for individuals and families who want to protect their financial future and ensure that they have access to quality long-term care if and when they need it. By offering a combination of long-term care coverage and a death benefit, Lincoln MoneyGuard III provides a unique level of flexibility and control that can help policyholders rest easy, knowing that they have a plan in place to protect their assets and their loved ones.