There are differences between the policy language and benefits between companies that offer Long-Term Care Insurance although the major benefit options are often similar. However, key differences do exist. It is important to know and understand the differences between Lincoln Financial and other major companies.
The Lincoln MoneyGuard II policy is a Combination of Life and Long-Term Care (asset-based policy referred to as a “hybrid” policy). It provides comprehensive long-term care benefits with a death benefit.
With hybrid policies the policyholder is guaranteed to be able to get money from the policy in three ways:
You need long-term care services and supports – Just like any tax-qualified long-term care policy, you receive tax-free benefits when you meet the benefit triggers – two of six activities of daily living or supervision due to cognitive impairment.
You die – Like any life insurance policy, when you pass away your beneficiaries will receive the tax-free death benefit.
You change your mind – If for any reason you need money you can receive the cash surrender value. While very few people will ever consider doing that, it gives many people additional peace-of-mind knowing you have access to the money in the policy.
Lincoln MoneyGuard II combines long-term care coverage with a life insurance policy. Single premium or guaranteed premium which can NEVER increase
Lincoln MoneyGuard II does not qualify as a partnership long-term care policy in any state.
Learn more about the federal/state partnership program here: https://mccannltc.net/resources/faq/state-partnership-program
There are significant premium differences between companies for the exact same benefits. Premiums are based on the amount of benefits you wish to have along with your AGE, HEALTH and specific discounts you might qualify for.
Underwriting criteria – which health conditions you have today that might be insurable will vary between companies. Matt McCann understands the underwriting guidelines for Lincoln and all the major companies in order to match you with the best and most affordable option.
Discover the differences and compare. Matt, with his years of experience (since 1998) will help you determine if coverage is suitable for you if your health qualifies for coverage and then recommend appropriate benefits and options.
Features, benefits and additional options can vary from company to company. Some options like shared care benefits are options Matt McCann recommends often and other options might not be in your best interest. Premium differences exist between this plan and others. This is why you should seek the assistance of a qualified Long-Term Care Specialist to compare features, benefits, and costs.
As a nationally recognized Long-Term Care specialist, Matt McCann works with all the major companies in the industry and can compare features and benefits as well as the costs between the plans. Plus, his claims assistance can help you design an appropriate plan which fits your needs and budget.
Long-Term Care Insurance is custom designed specific to you. Matt’s general philosophy is to design an affordable plan with the best company available (based on your current age and health) so you can take a catastrophic situation and make it manageable. The idea: Safeguard your retirement funds (401(k) IRA 403(b) while reducing the tremendous burdens that are placed on your family when you have an aging or health issue and need extended care.
State variations may apply.
Long-Term Care Insurance is Easy and Affordable Asset Protection. Most people are surprised how affordable a plan can be especially if you obtain coverage before you retire when you are in good health.