Lincoln Financial Group has launched a new life insuranceproduct designed to cover long term care expenses with nodeductible or elimination period.

The product, Lincoln MoneyGuard Reserve Plus solution, is anenhanced version of Lincoln’s MoneyGuard Reserve, a linked-benefitlife insurance product product which provides long term carecoverage such as nursing home care, home health services, assistedliving, and adult day care. The Reserve Plus product features newbenefits designed to cover long term care expenses incurredinternationally, and features no deductible period or eliminationperiod for all covered benefits.

“Lincoln Financial was one of the first companies to introducethis type of linked-benefit solution, and we are pleased to offeran upgraded product consistent with what people have come to expectfrom Lincoln MoneyGuard Reserve,” said Michael Burns, senior vicepresident, Life Product Management, in a press release. “We areconfident these changes will improve the overall experience foradvisors 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 deathbenefit income tax-free. Even if the beneficiary needs to use someof the policy to fund long term care expenses, anything that’s leftis still paid to the beneficiaries. The product also offers alifetime 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 maximizeassets and help people accomplish more with their existingresources," Burns said.