Lincoln: Pricing improvements for Lincoln MoneyGuard Fixed Advantage®
01-22-2024
Effective January 22, 2024, Lincoln is implementing pricing decreases to Lincoln MoneyGuard Fixed Advantage, which improve competitive positioning. There are no pricing increases as a result of this update. MoneyGuard Fixed Advantage, a universal life insurance policy with a rider that reimburses for qualified long-term care expense, is designed to meet clients’ evolving care needs. Following a transition period, Lincoln MoneyGuard Fixed Advantage® – 01/22/24 will replace currently sold Lincoln MoneyGuard Fixed Advantage® - 09/11/23.
- Pricing improvements for Issue Ages 40-70 - Pricing improvements range from 0-22%, with an average discount of 15% where pricing changes occurred
- No changes for Issue Ages 70 and above as well as No Inflation and 3-year duration benefit designs
- No pricing increases as part of product update
Availability and Transition Guidelines
Pending firm approval, applications for Lincoln MoneyGuard Fixed Advantage®– 01/22/24 are being accepted beginning January 22, 2024.
- For applications to qualify for Lincoln MoneyGuard Fixed Advantage® - 09/11/23 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, February 23, 2024.
- For pending or issued business on or after January 22, 2024, Lincoln will accept requests with a revised projection of values to change to MoneyGuard Fixed Advantage® – 01/22/24.
- For placed business, normal internal replacement guidelines apply. Rewrites will not be accepted
- As of January 22, 2024, Lincoln DesignItSM and WinFlex will be 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 version 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 version available at that time