Here are some very important dates to know for MoneyGuard. This is a good opportunity to take advantage of current MG pricing. Based on dates outlined below, our current version of MoneyGuard® II (MG2) will sunset at the end of Q4.
Formal announcements for the MoneyGuard® III (MG3) roll out, new product features and pricing have not been released. Please note application requirements, suggested submission dates and hard deadlines for new applications, final funding and delivery are below:
MoneyGuard® II Sunset Dates and Deadlines
- October 1, 2019 - Lincoln suggests applications be submitted on all cases with 1035 Exchanges to ensure adequate time to receive funding and return delivery requirements
- November 1, 2019 - Formal Application Submission Deadline to apply for MG2
- December 27, 2019 - Lincoln suggests all premium(s) and delivery requirements are received in-good-order before hard deadline
- December 31, 2019 - IMPORTANT: Hard cut off on placement of all cases with premium and delivery requirements returned. No exceptions – this is not a Lincoln requirement, it is mandated by new PBR and CSO standards. No rewrites allowed.
Recommendations and Tips:
- Take advantage of the current pricing
- Revisit conversations and illustrations run in the last few years that clients chose to wait or to self-fund
- Prepare for Increase in processing time with increase in submitted business: With the upcoming deadlines, the anticipated influx of business may lengthen turn-around times. The sooner the application is submitted, the shorter the turn-around on the new business process.
- Double check State LTC Training Requirements and Appointment for MoneyGuard®: Be sure that you have completed original State required ltc training and/ or refresher (every 2 years) and that your appointment is up to date and good order prior to submission of new application or first submission.