Lincoln Financial Group Long-Term Care Insurance Review

Highest Issue Ages 

Lincoln Financial offers two hybrid long-term care policies with flexible benefit amounts and no elimination period. Many seniors who may not be able to obtain coverage elsewhere turn to Lincoln Financial because it offers the highest issue ages in the industry. Both plans are universal life policies that can gain value over time, and enrollees have the option of paying a monthly premium or investing a single lump sum. The way each plan gains value differs, as the MoneyGuard Market Advantage plan is tied to the stock market.  

Overview of Lincoln Financial 

Lincoln Financial has been in business since 1905 and offers a variety of insurance and financial products. In addition to annuities and life insurance, Lincoln Financial sells two hybrid long-term care policies for people concerned about the expense of home health care or nursing care later in life. Its high issue ages make the company stand out against its competition.  

How Much Does Lincoln Financial Charge for Long-Term Care Insurance? 

Premiums and benefits vary based on the individual’s age and health at the time the policy is issued. Both the MoneyGuard III and MoneyGuard Market Advantage plans have coverage options between $50,000 and $500,000, and the cost of a policy is dependent on the maximum lifetime benefit. Enrollees can choose to pay a single premium upfront for a policy or to make monthly payments over time. 

Enrollees can customize their policies with a wide variety of riders, which may impact the price. These riders include an acceleration of the death benefit and protections against the lapse of the policy if the policyholder is no longer able to pay due to illness.  

Eligibility, Plan Details & Other Information 

Lincoln Financial offers coverage options for people starting at 30 years of age, and the MoneyGuard III plan allows people to enroll before turning 80 years old as long as they’re in good health and pass other underwriting requirements. The administrative fees for Lincoln Financial’s policies are higher than the industry standard, but enrollees can take advantage of discounts to offset these fees. If an enrollee moves abroad, they retain coverage for up to 36 months. 

Coverage Limits 

Lincoln Financial offers up to $500,000 in lifetime benefits and may have daily maximums. Most long-term care policies have an elimination period where beneficiaries must cover their care expenses on their own before the policy pays out, but Lincoln Financial provides benefits immediately if the policyholder can confirm they’re in need of long-term care.  

Underwriting Requirements 

While it’s possible for individuals up to 80 years old to be approved for a policy, there are some requirements in place. Applicants can’t have any known underlying health conditions. This can make it difficult for people who have pre-existing conditions to obtain coverage if they’re in an older age bracket. 

Payment and Asset Growth Options 

Applicants can choose a single premium payment option using a lump sum that grows over time. They may also pay a monthly premium. Riders, such as the Value Protection Endorsement or inflation protection, can increase the value of their policy over time. The MoneyGuard Market Advantage plan is linked to the stock market, so it may grow in value if the market performs well, but growth isn’t guaranteed. 

The Value Protection Endorsement protects the value of plans by covering policy lapses in the event of an emergency. The MoneyGuard III plan has a 3% or 5% compound growth rider that increases the value of the plan to cover for inflation.  

Who Should Consider Lincoln Financial? 

Older Individuals in Good Health 

Retirees concerned about the rising cost of home health care and assisted living communities can still obtain long-term care coverage through Lincoln Financial even if they’re older. Lincoln Financial offers the highest issue ages in the industry but does have conditions applicants need to meet.  

Married Individuals 

Lincoln Financial offers a couples discount, and applicants may receive the discount regardless of whether one or both of them apply for coverage.  

Those Who Can’t Afford an Elimination Period 

Elimination periods could force people to pay for their care for up to 90 days before they receive benefits, but Lincoln Financial has no elimination period at all. If a beneficiary can support the need for coverage, the policy pays out immediately.  

What Are People Saying About Lincoln Financial? 

While there are some complaints about how Lincoln Financial handles policy claims, the majority of them aren’t connected to individual policies, such as long-term care plans. Enrollees enjoy the accessibility of products due to high issue ages and being able to access benefits immediately when they need them. The number of riders that applicants can add to a policy gives people the chance to control their premiums and customize their policies based on what they feel they need the most.  

With plans that offer up to $500,000 in lifetime benefits, people feel they can obtain adequate coverage in case they need to pay for home health care or a skilled nursing facility at some point in their lives. They’re also pleased with the ability to pay in a single premium or over time. 

Frequently Asked Questions