Effective Sept. 12, 2022, Lincoln Financial Group will be implementing pricing decreases to Lincoln MoneyGuard Fixed Advantage® and Lincoln MoneyGuard® II, which will improve competitive positioning, and provide additional benefit design opportunities. There will be no pricing increases as a result of this update.
After a transition period, currently sold MoneyGuard products will be replaced by the following:
- MoneyGuard Fixed Advantage® – 09/12/22 will replace currently sold MoneyGuard Fixed Advantage ® in all states.
- MoneyGuard® II (2020) – 09/12/22 will replace currently sold MoneyGuard® II (2020) – 01/10/22 in the state of California.
Pricing Improvements
Lincoln MoneyGuard Fixed Advantage® Pricing Improvements
- Pricing improvements range from 0 – 21%, with an average discount of 8%
- Issue Ages 60 and above improved the most:
▪ Average discount for Issue Ages 60 and above equals 10%
▪ Average discount for Issue Ages less than 60 equals 3%
Lincoln MoneyGuard Fixed Advantage® Product Updates
- The 6-year 5% inflation benefit design option has been added to the product
Lincoln MoneyGuard® II Pricing Improvements
- Pricing improvements range from 0-18%, with an average discount of 6%
Lincoln MoneyGuard® II Product Updates
- The 6-year 5% inflation benefit design option has been added to the product
Availability and Transition Guidelines
Applications for Lincoln MoneyGuard Fixed Advantage® – 09/12/22 and Lincoln MoneyGuard® II (2020) – 09/12/22 will be accepted beginning on Sept. 12, 2022.
- For applications to qualify for the current MoneyGuard Fixed Advantage® or MoneyGuard® II (2020) – 01/10/22 pricing, 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, Oct. 14, 2022.
- For pending or issued business on or after Sept. 12, 2022, Lincoln will accept requests with a revised projection of values to change to Lincoln MoneyGuard Fixed Advantage® – 09/12/22 or Lincoln MoneyGuard® II (2020) – 09/12/22
- For placed business, normal internal replacement guidelines apply. Rewrites will not be accepted.
- As of Sept. 12, 2022, Lincoln DesignItSM and WinFlex will be updated with the new product versions. During the transition period both versions can be run.
- Ensure that you are appropriately credentialed. Clients of advisors who are not properly credentialed to solicit business when the paperwork is submitted will be subject to the product version in effect on the date when the advisor 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 version available at that time.