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Oct 16, 2009 10:53 pm

Thanks, I’ll check into that.

Oct 16, 2009 11:03 pm

[quote=voltmoie]Thanks, I’ll check into that.
[/quote]

Check on the tax-consequences of 1035ing an annuity or life that has a gain into this thing as well.

Oct 17, 2009 12:33 am

[quote=BerkshireBull]

[quote=voltmoie]Thanks, I’ll check into that.
[/quote]

Check on the tax-consequences of 1035ing an annuity or life that has a gain into this thing as well.
[/quote]

Can I also get you a cup of coffee, sir?

Oct 17, 2009 1:34 am

[quote=voltmoie]

[quote=BerkshireBull]

[quote=voltmoie]Thanks, I’ll check into that.
[/quote]

Check on the tax-consequences of 1035ing an annuity or life that has a gain into this thing as well.
[/quote]

Can I also get you a cup of coffee, sir?
[/quote]

I was just kidding, to be honest I was actually going to have some friends over next Saturday to barbecue and have some drinks and I was wondering, if you wern’t busy, if you wanted to come over…





















- and wash my car

Oct 17, 2009 6:06 pm
AGEMAN:

[quote=BerkshireBull] [quote=voltmoie]Thanks, I’ll check into that. [/quote]

Check on the tax-consequences of 1035ing an annuity or life that has a gain into this thing as well.

It is quite sad that you have a life insurance license--- No tax consequences from life insurance to life insurance, but you can't go directly from annuity to life insurance on a 1035 exchange.[/quote]

Thanks, Ace.  I thought Moneyguard was an annuity with LTC benefits.  Color me corrected.

You also (conveniently) never answered the question as to whether LTC Benefits received under this policy would be subject to tax if funding for the policy came in the form of a life policy with a gain.

Additionally you had better check your facts before making blanket statements about tax consequences of 1035 exchanges.  If there is a loan on a life policy with cash value in excess of it's basis and it's 1035ed, it can be taxable to the extent of the gain on the policy, it's called the boot, but you already knew that.
Oct 18, 2009 12:01 am

[quote=AGEMAN]LTC benefits are not taxable in Moneyguard

  This info is directly from the company brochure.  Sorry I was harsh with you!

Be tax smart about long-term care — income tax-free benefits

The money you receive from MoneyGuard Reserve to reimburse long-term care costs

is income tax free. And if you never need the benefits for long-term care, they are passed

to your family through an income tax-free death benefit. Any money borrowed or

withdrawn from the policy will reduce the death benefit and may have tax implications

[/quote]


Thanks!  Hope I didn't come off as a jackass.  Now I need to figure out how to sell a traditional LTC policy against one of these things, I'm in a competitive situation...
Oct 18, 2009 1:09 am

Berk, I think there might be a similar genworth policy that offers a possibility to increase the cash value.  

Oct 18, 2009 3:47 pm

[quote=voltmoie]Berk, I think there might be a similar genworth policy that offers a possibility to increase the cash value.  
[/quote]

Good stuff!  Do you know the name of it?

Oct 18, 2009 4:01 pm
BerkshireBull:

[quote=voltmoie]Berk, I think there might be a similar genworth policy that offers a possibility to increase the cash value.   [/quote]

Good stuff!  Do you know the name of it?

  It's called Genworth TLC.  Through an insurance brokerage we use, they said that the Lincoln product is a better product than Genworth's product.  They didn't give specifics and I didn't have the time to compare.  I just took their word for it because it was a 3rd party. 
Oct 18, 2009 6:13 pm
army13A:

[quote=BerkshireBull] [quote=voltmoie]Berk, I think there might be a similar genworth policy that offers a possibility to increase the cash value.   [/quote]

Good stuff!  Do you know the name of it?

  It's called Genworth TLC.  Through an insurance brokerage we use, they said that the Lincoln product is a better product than Genworth's product.  They didn't give specifics and I didn't have the time to compare.  I just took their word for it because it was a 3rd party.  [/quote]   Never take someone's word for this stuff.   It can be as simple as them getting compensated more for selling the Lincoln product.  Typically, one product isn't better than another.  It is about the specifics of the case.
Oct 21, 2009 1:19 pm

After setting up a Moneyguard policy, how long does the client have to wait to draw on the LTC benefits ?  I assume this can be used to pay for monthly assisted living expenses, correct ?

  Thanks-   
Oct 23, 2009 1:20 am
anonymous:

[quote=army13A][quote=BerkshireBull] [quote=voltmoie]Berk, I think there might be a similar genworth policy that offers a possibility to increase the cash value.   [/quote]

Good stuff!  Do you know the name of it?

  It's called Genworth TLC.  Through an insurance brokerage we use, they said that the Lincoln product is a better product than Genworth's product.  They didn't give specifics and I didn't have the time to compare.  I just took their word for it because it was a 3rd party.  [/quote]   Never take someone's word for this stuff.   It can be as simple as them getting compensated more for selling the Lincoln product.  Typically, one product isn't better than another.  It is about the specifics of the case.[/quote]

Good point, didn't think about that. 
Oct 23, 2009 1:21 am

[quote=exUBS]After setting up a Moneyguard policy, how long does the client have to wait to draw on the LTC benefits ?  I assume this can be used to pay for monthly assisted living expenses, correct ?

  Thanks-    [/quote]

It's like a regular LTC policy; the client will have to satisfy the elimination period (30/60/90/180 days) before the policy will pay.   
Jul 2, 2010 2:13 am

I use MoneyGuard for single pay situations, otherwise Hartford Guaranteed UL with LifeAccess rider.  Easy sell.

Oct 14, 2010 3:58 pm

Older post, but I have been selling a lot of Moneyguard lately and wondered if anyone else was doing the same. I really like the product. It is such an easy sell for someone self-insuring and the only backlash that I have gotten is the discussion about state partnership programs.

Dec 13, 2010 10:13 pm

My John Hancock LTC guy likes to harp on the partnership program as a reason to sell traditional LTC.  I think it's an incredibly rare case when a client will actually use up all of their LTC dollars AND have to start liquidating all of their other assets.  If your parent is that sick for that long, the last thing you're probably thinking about is your inheritance. 

Jul 16, 2011 3:23 pm

this group is missing a few things:

one. One America has similar product

two: Use FIA 5-7 yr term for annuity, then melt it into 10pay LI/LTC product.

three: medamerica cash benefit LTC is great for caregiver situations.

can i get a whoop whoop!

Aug 26, 2011 5:40 pm

[quote=boss77]Anyone have any experience with Lincoln's Moneyguard for LTC?  I have heard mixed things and was interested in some feedback? [/quote]

I paid cash for my Lincoln MoneyGuard so my kids will not have to deal with me and my terminal death time. I paid cash because I did not want to squander away the funds.  I feel very happy and secure with the policy and knowing my kids will not be changing my diapers!

Aug 26, 2011 5:40 pm

[quote=boss77]Anyone have any experience with Lincoln's Moneyguard for LTC?  I have heard mixed things and was interested in some feedback? [/quote]

I paid cash for my Lincoln MoneyGuard so my kids will not have to deal with me and my terminal death time. I paid cash because I did not want to squander away the funds.  I feel very happy and secure with the policy and knowing my kids will not be changing my diapers!

Aug 26, 2011 5:43 pm

[quote=RealWorld]

Older post, but I have been selling a lot of Moneyguard lately and wondered if anyone else was doing the same. I really like the product. It is such an easy sell for someone self-insuring and the only backlash that I have gotten is the discussion about state partnership programs.

[/quote]Please explain "self-insuring".  Another post said it is "impossible"...Does it mean the insured bought the policy herself? If not, then what?