As a leader in the market, Lincoln has a long-standing commitment of helping protect client wealth from the risk of long-term care expenses.
Effective immediately – for a limited time only – Lincoln is pleased to announce expanded underwriting consideration for Lincoln MoneyGuard® II applications submitted and received at Lincoln by November 1, 2019 and placed with premium by December 31, 2019. This new opportunity will offer underwriting up to Table 8 for mortality risk, providing coverage for individuals who may not have previously qualified for Lincoln MoneyGuard II.
Lincoln MoneyGuard II
Underwriting Expansion up to Table 8
Available for applications submitted, effectively immediately through November 1, 2019
| Product eligibility |
• Lincoln MoneyGuard® II • Cases in New York are not eligible |
|
Underwriting Guidelines |
• Underwriting consideration will be expanded from Table 4 up to Table 8 for mortality risk only • All pending cases will automatically be reviewed by Lincoln Underwriting and assessed for eligibility • For any decline decision that was rendered for a Lincoln MoneyGuard II submission on or after April 1, 2019: – Underwriting will automatically re-review each case to determine if the case may be eligible for reconsideration under the new mortality guidelines – Any offer will be subject to any changes in medical health since the PHI was completed – You will be contacted if your case is eligible for reconsideration |
| Case submission and placement deadline |
• Applications must be received by Lincoln by close of business on November 1, 2019 • Pending cases must be placed in-force with premium no later than December 31, 2019 • There will be no exceptions to the placement deadline. Lincoln MoneyGuard II is not compliant with the 2017 CSO/PBR life insurance regulation and all pending cases must be placed in-force with premium by December 31, 2019 to meet regulatory requirements
|
| Issue ages and classes |
• Subject to standard product guidelines: – Ages 40-79 (age last birthday) – Male/Female – Couples discount, standard |
| Amount of Coverage |
• Subject to standard product guidelines: – Minimum specified amount: $50,000 – Maximum specified amount: – $500,000 (with 2-year LTC Acceleration of Benefits Rider) – $750,000 (with 3-year LTC Acceleration of Benefits Rider)
|
| Premiums |
• May be paid as a single premium or as flexible premiums • All premiums must be received, and cases placed in-force by December 31, 2019 |
| Exclusions |
• Underwriting offer expansion is not available in New York • Long-Term Care/Morbidity Underwriting is excluded |
Frequently Asked Questions
What is the Lincoln MoneyGuard® II underwriting expansion program?
For a limited time only, Lincoln is expanding underwriting consideration up to Table 8 for mortality risk, for Lincoln MoneyGuard II applications submitted and received by Lincoln on or before November 1, 2019 and placed with premium by December 31, 2019. This opportunity will offer coverage to individuals who may not have previously qualified for Lincoln MoneyGuard II.
What products are eligible in the program?
Lincoln MoneyGuard II only. Cases in New York are not eligible.
What types of cases will have the potential of underwriting approval up to Table 8 for mortality risk?
Cases with the greatest potential of securing approval within the expanded underwriting program would include:
• Highly rated impairments, such as coronary artery disease and diabetes
• Cases with more than one rated medical impairment, such as diabetes plus asthma or coronary disease plus diabetes with combined risks of Table 8 or better
NOTE: Lincoln’s process of underwriting morbidity risk will not be impacted by this program.
Are there age or coverage amount restrictions for the program?
All submissions will be subject to standard product guidelines.
My case was declined after April 1, 2019, how do I request a reconsideration of the case?
No action is required by you for a case reconsideration. Lincoln Underwriting and New Business will automatically review all cases that were declined on or after April 1, 2019 to determine if the case may be eligible for reconsideration under the new mortality guidelines up to Table 8. If your case is eligible under this program, you will be contacted and advised of next steps. Note: Subject to Firm Requirements.
My case was declined prior to April 1, 2019, can I request a reconsideration of the case?
Yes. If the case was declined prior to April 1, 2019, you must first reach out to your wholesaler, who will work with underwriting, to determine if the case may be eligible for reconsideration up to Table 8 under the mortality guidelines. If determination is made that your client may now be eligible for Lincoln MoneyGuard II, they must reapply with new application paperwork and a new PHI will be required.
Please note that any final underwriting decision will be based on detailed history provided in the new PHI and any recommendation to reapply does not guarantee that the case will be approved.
Are 1035 exchanges eligible for the underwriting expansion?
Yes, and the 1035 exchange must be initiated within 90 days of the PHI. All funds must be received, and the policy placed in-force by December 31, 2019.
What will happen if my case is pending but not placed by December 31, 2019?
Lincoln MoneyGuard II is not PBR / 2017 CSO compliant and any pending policies must be approved and placed in-force with premium no later than Tuesday, December 31, 2019, to comply with the CSO and PBR life insurance regulation updates. If the policy is not placed in-force with premium by the deadline, your client must select a product that meets the updated regulatory standards.
The Underwriting and New Business team will proactively contact producers to remind them that any pending business must be placed in-force with premiums by December 31, 2019.