Long-Term Care Insurance

Thanks to modern medicine and our high standard of living, Canadians are living longer. It has been said one of the greatest threats to your wealth is your health. What this means is that as life spans become longer, longer periods of time are being spent in care. This might mean, for example, assisted living at home, or care in retirement homes or nursing homes. The cost of such care is very high, and when coupled with perhaps decades of care, it becomes very easy to see how one’s savings could be depleted.

Long-term care insurance provides insurance against the costs of such care. It is ideally suited to those who do not want to create a financial burden on their family, and women because they live longer than men.

The insurance provides coverage, on a daily, weekly, or monthly basis when an individual is no longer able to care for themselves. Long-term care insurance should be considered when a person is between the ages of 45 and 60, because the premiums are still somewhat reasonable. Those considering long-term care insurance when they already need the coverage will see substantially higher premiums.

Individuals and families should discuss their insurance needs with an experienced life insurance agent.

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