Lincoln Financial announces updates to the MoneyGuard Suite


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

Lincoln is excited to announce an enhancement to their Transitional Care Assistance Benefit with the introduction of the Flexible Care Cash Amendment for Lincoln MoneyGuard III. This amendment provides clients additional benefit flexibility with access to receiptfree 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.

All three products will also have updated rates to address the recent 7702 regulatory updates. These are not pricing changes and thus long-term care benefits will remain the same after the updates.

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.

How this update impacts your business

  • For applications to qualify for the current product offering, a projection of values and the completed application 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.
  • For placed business, normal internal replacement guidelines apply. Rewrites will not be accepted.
  • As of June 14, 2021, Lincoln DesignIt and WinFlex will be updated to reflect the new product versions. During the transition period both current and new versions can be run.

Standard MoneyGuard rules apply during this transition

  • 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 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 (this rate change does not require any additional product training). In accordance with NY Regulation 187, the enhanced documentation and suitability review are still required before policy issue.

Please give us a call at 1-800-792-6795 if you have any questions about these updates.