I am in the industry and in general the Lincoln MoneyGuard product has been a good option for many individuals because the insured has the ability of money back guarantee, death benefit, and/or LTC benefits. Its not a “use it or lose it” LTC policy. They either use LTC benefits during lifetime or beneficiary gets a death benefit.
Unfortunately, I think your parents waited too long to address LTC and won’t get much (if any) bang for their buck. MoneyGuard only issues to age 80 and this Reserve product only offers the money back guarantee if issued by age 65. An example for a 65yo female in good health putting $100k single premium into the product is as follows.
$100,000 money back guarantee,or
$166,339 death benefit, or
$499,017 in reimbursment LTC benefits (max $6,931 a month)
Much more fine print to the product but that is the basic premise. They would also have to be healthy enough to get it issued
