Review of Lincoln MoneyGuard Reserve Plus Long Term Care Insurance

Life insurance is a well accepted financial product to provide family protection.  Almost everyone will own life insurance at some point in their life.

Long term care insurance, by contrast, is owned by only 7% of Americans.

Why is this?

Everyone knows the importance of having long term care insurance to pay for your costs of long term care in your home or in assisted living or in a nursing home if you are unable to perform activities of daily living.

The cost of long term care care is expensive, currently averaging over $87,000 annually nationwide.

Without long term care insurance, you can easily spend through a lifetime of savings and end up on Medicaid.  Buying long term care insurance enables you to receive your care in the setting of your choosing and eliminates the burden of providing care upon your family.

So, why doesn't everyone buy long term care insurance?

Typically, I receive 2 basic objections.

1. What if I never need long term care?
2. What if the long term care insurance company raises my premiums and I can't afford my coverage when I'm older?

Several large life insurance companies have recognized and addressed these objections with insurance policies that combine guaranteed long term care insurance benefits with a guaranteed life insurance benefit for a guaranteed premium .  The most popular linked benefit long term care insurance and  life insurance policy is Lincoln Moneyguard Reserve Plus.

So, How Does Lincoln MoneyGuard Reserve Long Term Care plus Life Insurance Work?

Lincoln MoneyGuard Reserve Plus provides long term care insurance if you need it, life insurance benefits for your heirs if you don't; and your money back returned in-full if you change your mind.  These benefits are guaranteed and fixed for the life of the contract.

Take for example a 65 year old female that repositions an asset of $100,000 into Lincoln MoneyGuard Reserve Plus.  A deposit of $100,000 will immediately guarantee almost $500,000 of tax-free long term care insurance benefits---$6900/month for 6 years---- if long term care is needed.  If long term care is not needed, a tax-free life insurance benefit of $165,000 is paid out.  If the policyowner changes her mind, the $100,000 is immediately returned with no penalty.

Is Lincoln MoneyGuard Reserve Plus Long Term Care Life Insurance Right For Me?

Linked benefit long term care life insurance policies such as Lincoln MoneyGuard Reserve Plus can make sense for many individuals. 

If you would like to protect your retirement assets from the high costs of long term care and do have liquid assets not needed for your retirement income, then it might make perfect sense to re-position these  assets into a combined life insurance/long term care insurance policy.

How do I qualify for Lincoln Moneyguard?

Please contact us at 1-800-891-5824 to review your health history to see if you can qualify for a linked benefit long-term care insurance policy.

We find it is sometimes easier to qualify healthwise for linked-benefit long term care life insurance policies than qualifying for a traditional stand alone long-term care insurance policy. 

Even if your prior long term care insurance application has been turned down, you might still qualify for a linked benefit policy.

We can help you fully explore your long term care planning options.  We are an independent agency and have served consumers nationwide since 1998.  We will help you sort through your options and answer your long term care insurance questions. 

To receive and compare long term care insurance quotes and linked-benefit illustrations from the leading companies such as Genworth, John Hancock, Transamerica, Mass Mutual, Mutual of Omaha, Lincoln Financial, Pacific Life and more please contact us at 1-800-891-5824 or complete our quote request form.  We thank you for reading our LTC insurance blog.

Jack Lenenberg, President, LTC Partner