Lincoln MoneyGuard Vs Traditional LTC

[crimsontideagent]

I'm working on a case with a client with a traditional LTC and we are looking at freeing up their $350 a month LTC premium by using some unused assets in a MoneyGuard policy.

I'm going through the pros cons of each and wanted to throw it out there and see what you guys come up with to compare.

Some of mine are:

Pro of MG - no premium increases
Con of MG - no lifetime benefit option

 

[Mr_Ed]

I'm working on a case with a client with a traditional LTC and we are looking at freeing up their $350 a month LTC premium by using some unused assets in a MoneyGuard policy.

I'm going through the pros cons of each and wanted to throw it out there and see what you guys come up with to compare.

Some of mine are:

Pro of MG - no premium increases
Con of MG - no lifetime benefit option

this replacement would be in their best interest because......?

 

[crimsontideagent]

this replacement would be in their best interest because......?

May not replace, client hates the idea of not using ltc and using all those premium dollars for all those years. Before there wasn't an option, now there is. That's it.

 

[Mr_Ed]

May not replace, client hates the idea of not using ltc and using all those premium dollars for all those years. Before there wasn't an option, now there is. That's it.

what kind of daily benefit and inflation benefit is in her policy?

 

[CALTCAgent]

I'm working on a case with a client with a traditional LTC and we are looking at freeing up their $350 a month LTC premium by using some unused assets in a MoneyGuard policy.

I'm going through the pros cons of each and wanted to throw it out there and see what you guys come up with to compare.

Some of mine are:

Pro of MG - no premium increases
Con of MG - no lifetime benefit option

Con of MG, use your own money first.

To really compare it would be best to look at the "details" of the current LTC plan versus the "details" of the proposed Money Guard plan.

 

[GreenSky]

If a prospect wants a LTC plan, then they need to buy a LTC plan. If they make the decision to pay for potential LTC costs from saving, then leveraging their money 3-5 times with Moneyguard makes a great deal of sense.

Two different buyers. Two different products.

I believe Nick has done webinars on this at www.iliaa.org.

Rick

 

[TRSecurity]

May not replace, client hates the idea of not using ltc and using all those premium dollars for all those years. Before there wasn't an option, now there is. That's it.

Consider showing the alternative of using a life policy with a living benefits rider. This allows the insured to tap into the death benefit if they run into a critical, chronic, or terminal illness.

This is the product I show for people who disdain the "use it or lose it" mentality of LTC policies.

I don't replace LTC policies with this type of life policy- I augment them. It is particularly good for those who can't qualify for LTC.

 

[VolAgent]

I don't replace LTC policies with this type of life policy- I augment them. It is particularly good for those who can't qualify for LTC.

Can you give an example of someone who would qualify for a linked product (ie MoneyGuard), but not for traditional LTCi?

 

[TRSecurity]

Can you give an example of someone who would qualify for a linked product (ie MoneyGuard), but not for traditional LTCi?

No, I can't. MoneyGuard is not what I am talking about.

The product I am referring to is not a linked product in that sense. It is traditional life insurance with a living benefits rider. So they only have to pass underwriting for traditional life insurance. The rider only applies if they need it.

It's good for people who can go through underwriting for life insurance but not LTC.

 

[Franz Kafka]

Can you give an example of someone who would qualify for a linked product (ie MoneyGuard), but not for traditional LTCi?

You really need to compare the underwriting guides and see what they would qualify for - not only between standalone LTCi and combo but also between different combo products (e.g. Hancock's version of MoneyGuard will pay a lot more than Lincoln's but with more strict underwriting). I've placed several in MG who were either declined or rated by name brand standalone products.