If she is looking at single premium then it is still worth getting quote to see how much LTC & death benefit that MoneyGuard Reserve offers. I did notice that single premiums offer money back guarantee regardless of issue age, but they do put the age 65 restriction on flexible premiums.
“Lincoln MoneyGuard® Reserve Plus has a money back guarantee, through the Enhanced Surrender Value Endorsement (ESVE) available at issue on all single premium policies and flexible premium policies for ages 35–65. The amount received will be adjusted for any benefits paid and/or any loans and withdrawals, it may have tax implications. See Endorsement for complete terms and conditions.”
Other options are Universal Life or Whole Life Policies with LTC riders on them but the ULs will have little to no cash surrender value in case they needed the cash for other reasons. Hartford, Genworth, John Hancock, Protective, & Nationwide all offer these types of policies. Have agent get quotes from a couple of these carriers also, but my guess is that they won’t offer much more in death benefit & LTC benefit than MoneyGuard and they certainly don’t have the money back guarantee.
You are right that the guarantee is only backed by the insurance company but Lincoln Life has a pretty good history & reputation. She also needs to hurry up and make a decision because all of these only issue to age 80 when using the LTC benefits. Might be smart to start underwriting process with Lincoln National Life to make sure she qualifies, and then she can make decision to go forward or not. No out of pocket costs if she decides not to accept the offer.
