Lincoln National Long Term Care Insurance
Lincoln National Life Insurance was founded in 1905 by a group of businessmen looking to create a life insurance company dedicated to service and reliability. The company had the distinction of being officially endorsed by Robert Todd Lincoln, Abraham Lincoln’s son. It continues to flourish to this day, now part of the larger corporation known as the Lincoln Financial Group. Lincoln serves individuals and employers alike and offers a wide range of products including life insurance, annuities, and retirement planning.
Life Insurance with a Long-Term Care Rider
While there are still plenty of traditional long-term care insurance policies out there, recent years have seen a rise in the sale of what are known as hybrid policies. Lincoln was the first to offer such a hybrid, debuting their original MoneyGuard policy in 1987. An updated version of this policy, called Lincoln MoneyGuard II, is still available today. This is a universal life insurance policy with an optional long-term care benefit rider. Hybrid policies like this one are designed with flexibility in mind, allowing the policyholder to put a portion of their death benefit towards long-term care while he or she is still alive. Any funds not used for this purpose will then go to their heirs as usual once the policyholder passes away. While a hybrid strategy such as this will often cost more than traditional long-term care insurance, it also helps to ensure that policyholders are getting the most out of their investment. Additionally, unlike traditional LTC insurance plans, the cost of Lincoln’s MoneyGuard II policy is set from the beginning and will not increase so long as the policyholder pays their premiums on time.
A Lincoln MoneyGuard II policy can be further improved with the addition of optional extras such as inflation protection. The policy also includes international benefits, so you can remain covered even if you decide to move abroad.
Reputation and Financial Strength
Lincoln National Life Insurance has been awarded good ratings and a solid financial outlook from all of the major independent ratings agencies: A.M. Best and Fitch Ratings both gave the company an A+ (superior), Moody’s Investors Service gave them an A1 (good), and Standard and Poor’s gave them an AA- (very strong). These ratings are important because a company’s financial strength helps to determine its ability to pay out claims in the future. Lincoln has a reasonably good reputation with its customers as well, and fewer complaints have been lodged against it than many companies of comparable size, though some people do report difficulties when it comes to getting claims approved and receiving their benefits in a timely manner.
Be sure to take a look at our other articles to learn more about the various companies offering LTC insurance and LTC/life insurance hybrids. You can find further information on the benefits and drawbacks of hybrid policies in our first article on alternatives to traditional long-term care insurance. Remember – these policies and the companies that issue them can differ greatly, so it really does pay to do your research and shop around.
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