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Long-Term Care Insurance
 
  • What is long-term care insurance?


  • Should I consider it as one method to help fund my care-years?


  • What to ask when considering purchasing a long-term care insurance policy?


  • Which companies in our country offer this product?


  • Are there other resources one can turn to for further information?
 

Take a moment pour yourself a cup of coffee and watch Patty's video interview, 1.54 minutes, with a Canadian woman on why she purchased long-term care insurance


 

LIVING BENEFIT INSURANCE AS PART OF YOUR CARE-YEARS PLANNING COMPARISONS
Special note from P. Randall
*Always check with your Financial Advisor and/or Independent Insurance Broker  

  DISABILITY INCOME

CRITICAL ILLNESS

LONG TERM CARE

When are benefits paid?

When the individual is totally or partially disabled and unable to work as a result of an accident or a sickness.

When an individual suffers a specified Critical Conditions (listed in the contract) and survives that condition for a period of generally 30 days.

When an individual is unable to perform two or more activities of daily living and/or requires continual supervision due to a cognitive impairment.

How are benefits paid?

Monthly for as long as individual is disabled.

In one lump sum

Paid on a daily, weekly, or monthly basis as long as individual is unable to perform two activities of daily living and/or requires continual supervision due to a cognitive impairment.

What happens if the individual recovers?

Claims benefits either end or taper off. Coverage continues and the waived premiums resume.

Once a claim has been paid, coverage terminates.

If individual recovers, contract continues for the duration of the contract.   Premiums waived during the claim

Who can buy?

People working at least 20 hours weekly.  Coverage amount and cost is based on the individual’s occupation and earned income.

Anyone within the Insurance Company’s guidelines.

Anyone who meets the Insurance Company’s guidelines.

To what age?

Generally between the ages of 18 to 60. (If covered by a Group Plan, refer to your Group Plan)

Generally between the ages of 18 to 65. Children’s plans are also available from ages 30 days onwards

Generally between the ages of 18 to 80.

Amount of benefit

Coverage amount is based on persons’ reported income and occupational class and how much they buy.

Generally sold in amounts from $10,000 to $2,000,000.

Based on ability to pay. Benefits range from $20 to $400 per day. The current monthly maximum is $10,000.

From Combined Insurance: Continuing Education on the Web, Feb 2010
 Revised and updated by P. Randall, Author and Speaker, Aging and Care-Years Planning in Today’s Canada;
T. McKee, Certified Health Insurance Specialist and A. Snow, Living Benefits Specialist, May 2013.

Read and/or download the following useful guide-booklets from Canadian Health and Life Insurance Association
 

 
A Guide to Long-Term Care Insurance

 
A Guide to Disability Insurance

 
A Guide to Travel Health Insurance

 
A Guide to Supplementary Health Insurance

 
A Guide to Life Insurance

 
A Guide to the Coordination of Benefits

 
Questions About Life Annuities
 



What is long-term care insurance?

Should I consider it a care-years planning option?

How does it work to help fund my care-years?



Learn more... click here

 





What to ask when considering purchasing a long-term care insurance policy?




Learn more... click here

 





Which companies in our country offer this product?




Learn more... click here

 





Are there other resources one can turn to for further information?




Learn more... click here