Lincoln Financial Group has launched a new life insurance product designed to cover long term care expenses with no deductible or elimination period.

The product, Lincoln MoneyGuard Reserve Plus solution, is an enhanced version of Lincoln’s MoneyGuard Reserve, a linked-benefit life insurance product product which provides long term care coverage such as nursing home care, home health services, assisted living, and adult day care. The Reserve Plus product features new benefits designed to cover long term care expenses incurred internationally, and features no deductible period or elimination period for all covered benefits.

“Lincoln Financial was one of the first companies to introduce this type of linked-benefit solution, and we are pleased to offer an upgraded product consistent with what people have come to expect from Lincoln MoneyGuard Reserve,” said Michael Burns, senior vice president, Life Product Management, in a press release. “We are confident these changes will improve the overall experience for advisors and their clients.”

While traditional long term care insurance has a “use it or lose it” risk, Lincoln’s MoneyGuard Reserve Plus, as a linked-benefit solution, allows the policyholder’s beneficiaries to collect the entire death benefit income tax-free. Even if the beneficiary needs to use some of the policy to fund long term care expenses, anything that’s left is still paid to the beneficiaries. The product also offers a lifetime money-back guarantee feature.

"At a time when long-term care is increasingly top of mind, linked-benefit offerings can provide a powerful way to maximize assets and help people accomplish more with their existing resources," Burns said.

Instant Insights /

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