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ExtendCare Rider Differences |
West Coast Life LifeTime
Platinum III with ExtendCare Rider |
Lincoln MoneyGuard Reserve Plus
(a Linked Life/LTC product) | | Indemnity Payment Method | YES - Benefit Payments are paid directly to the policyowner with no receipts required | NO - Lincoln MoneyGuard Reserve Plus uses a Reimbursement benefit payment method | | No Medical Receipts Required | YES - The ExtendCare Rider pays a monthly tax free benefit without having to provide proof of care, bills or receipts | NO - Proof of care is required to reimburse expenses for qualifying long-term care services | | Benefit Payments Used For Any Purpose | YES - After qualifying, benefit payments can be used for any medical or non-medical expenses | NO - Benefit payments will only cover qualifying long-term care costs actually incurred | | Premium Payment Flexibility | YES - The client has the option to pay a single premium or pay up to lifetime | YES - However, premium payment options are limited to 1,3,5,7 and 10-pay | | Expanded Risk Class Availability | YES - All Underwriting Classes are available with the ExtendCare Rider | NO - Only two Underwriting Classes are available, Smoker and Non-Smoker | | Substandard Ratings Available | YES - The ExtendCare Rider can be issued up to Table 4 | NO - Substandard Ratings are Not Available with Lincoln MoneyGuard Reserve Plus | | High Maximum Face Amounts Offered | YES - The Maximum Face Amount available on ExtendCare is up to $5M | NO - The maximum face amount available is limited to $750,000 | | No Health License or additional CE Requirement | A Health License is not required to sell the ExtendCare Rider | Lincoln MoneyGuard Reserve Plus does require a health license and any additional state required CE training |
How Does our LifeTime Platinum III with "ExtendCare" Stack Up
vs. Lincoln's MoneyGuard Reserve Plus?
Let's Look at a Typical Case Example:
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Male 60, $100,000 Single Premium, Solve for the Maximum Monthly Benefit Amount* | | Company Risk Class | Lifetime Guaranteed Death Benefit | Death Benefit % Difference vs. Moneyguard | Total Benefit Available | Maximum Monthly Benefit Amount (MMBA)* | Benefit Payment Duration | | West Coast Life Super Preferred NT | $406,371 | 141% | $406,371 | $8,500 | 3.9 years | | West Coast Life Preferred NT | $375,610 | 123% | $375,610 | $8,500 | 3.6 years | | West Coast Life Standard NT | $312,530 | 85% | $312,530 | $8,500 | 3.0 years | Lincoln
Standard NT** | $168,229 | - | $336,458* | $7,010 | 4 years |
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Female 60, $100,000 Single Premium, Solve for the Maximum Monthly Benefit Amount* | | Company Risk Class | Lifetime Guaranteed Death Benefit | Death Benefit % Difference vs. Moneyguard | Total Benefit Available | Maximum Monthly Benefit Amount (MMBA)* | Benefit Payment Duration | | West Coast Life Super Preferred NT | $437,957 | 123% | $437,957 | $8,500 | 4.2 years | | West Coast Life Preferred NT | $410,766 | 109% | $410,766 | $8,500 | 4 years | | West Coast Life Standard NT | $358,398 | 82% | $358,398 | $8,500 | 3.5 years | Lincoln
Standard NT** | $196,116 | - | $392,232* | $8,172 | 4 years |
* Lincoln MMBA assumes a 4-year LTC Benefit Payment Period and 0-Day Elimination Period. West Coast Life assumes the specified maximum Benefit Payment Amount of $8,500/month and 90-Day Elimination Period.
** Lincoln MoneyGuard Reserve Plus offers only Standard Non-Tobacco and Tobacco Risk Classes.
Data in this comparison is based on information available from the companies and is believed to be current as of 5/23/11, but is subject to change. The contents of this flyer are for illustration purposes only. Individual situations will be different based on age, sex, and health status of your clients. For current information, please use our WinFlex software.
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