Long Term Care Insurance
Long Term Care Insurance (LTCI) is for financial assistance in the event that you need personal care because of a physical limitation or cognitive impairment (such as alzheimer’s). There are several types of Long Term Care policies in Canada. Why buy Long Term Care Insurance? The key reasons you should consider a Long Term Care policy include: - Having enough money so you do not have to rely on family and friends for help if you need personal care. Do you want your children bathing you?
- Ensuring that you maintain your dignity even if you need help with your personal care
- Ensuring that a healthy spouse maintains their quality of life while providing for the spouse requiring care.
- Ensuring high quality care – you can purchase care rather than rely on government care
- Being able to enjoy retirement while not worrying about funding future LTC costs
- Preserving your Estate by ensuring that not all savings are depleted by Long Term Care costs
The earlier an LTCI policy is purchased the more affordable it will be. Long Term Care policies can be purchased as early as age 30. LTC should be strongly considered by age 50 – 60. LTC Insurance is growing in popularity as the baby boom generation recognizes that they will live a long life and that some years are likely to be difficult to do declining health. Learn more about Canada Long Term Care Insurance
Note: Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. Canada Insurance Source is a free information source. So use this site to gain a general understanding of insurance with your own area and situation in mind. This insurance information is general in nature and the policy wordings always take precedence. Make sure you review the "please read" page. |
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