Effective June 14, 2021, Lincoln Financial introduced product updates to Lincoln MoneyGuard® III, Lincoln MoneyGuard® II, and Lincoln MoneyGuard® II NY.

For MoneyGuard ® III, Lincoln is excited to announce an enhancement to our Transitional Care Assistance Benefit with the introduction of the Flexible Care Cash Amendment. This amendment provides clients additional benefit flexibility with access to receipt-free cash to help cover informal care needs at home. As part of this enhancement, there will now be an opportunity for a spouse to provide the care in addition to the increase of eligible long-term care benefits under this feature.

The product changes for Lincoln MoneyGuard® III, Lincoln MoneyGuard® II, and Lincoln MoneyGuard® II NY will address recent 7702 regulations by providing for updates to the policies’ 7-Pay interest rates and CVAT Factors. It is important to note that these are not pricing related changes (i.e. resulting in increases/decreases).
After a transition period, currently sold MoneyGuard® products will be replaced by the following:

  • Lincoln MoneyGuard® III (2021) will replace currently sold Lincoln MoneyGuard® III (2020) – 06/15/20.
  • Lincoln MoneyGuard® II (2020) – 06/14/21 will replace currently sold Lincoln MoneyGuard® II (2020) – 06/15/20 in the state of California.
  • Lincoln MoneyGuard® II NY – 06/14/21 will replace currently sold Lincoln MoneyGuard® II NY – 06/15/20 in the state of New York.

Availability and Transition Guidelines
Subject to state and firm approvals, applications for Lincoln MoneyGuard® III (2021), Lincoln MoneyGuard® II (2020) – 06/14/21, and Lincoln MoneyGuard® II NY – 06/14/21 will be accepted beginning on June 14, 2021. Please see below for important information associated with availability and transition guidelines.

  • For applications to qualify for the current product offering, 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, June 25, 2021.
  • For pending or issued business, on or after June 14, 2021, Lincoln will accept requests with a revised projection of values to change to new product offerings. Please note the updated MoneyGuard III Long-Term Care Insurance Outline of Coverage should be provided to the client.
  • For placed business, normal internal replacement guidelines apply. Rewrites will not be accepted.
  •  As of June 14, 2021, Lincoln DesignIt and WinFlex have been updated with the new product version. During the transition period, both versions can be run.
  • Ensure that you are appropriately credentialed. Clients of financial professionals who are not properly credentialed to solicit business when the paperwork is submitted will be subject to the product in effect on the date when the financial professional 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 available at that time.
  • New York Reg 187: Please note that effective February 1, 2020, financial professionals are now required to complete two presale training courses prior to soliciting new business or servicing existing business in New York. Specifically, the trainings include:
    1. NY Regulation 187 Best Interests Training; AND
    2. Carrier Specific Product Training

You will not need to retake these trainings if you have already completed them (these changes do not require any additional product training). In accordance with NY Regulation 187, the enhanced documentation and suitability review are still required before policy issue.

Corporate Headquarters:
604 Harper Avenue, Jenkintown, PA 19046 | P: 800.543.5555 / 215.517.4080 | F: 800.343.0804 / 215.517.4087

Miami Office:
3470 NW 82nd Avenue, Suite #670, Doral, FL 33122 | P: 800.683.3077 / 305.908.6700 | F: 800.343.0804

Securities offered through The Leaders Group, Inc. Member FINRA/SIPC 26 W. Dry Creek Circle, Suite 800, Littleton, CO 80120, 303-797-9080.

Premier Brokerage Services is not affiliated with The Leaders Group, Inc.

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