Long Term Care
Life insurance in Planning
It has been said that the fear of dying too soon has been replaced by the consequences of living too long.
Long term care provides a tax-free benefit for our clients to live with dignity and not worry about being a financial burden on their family or a drain on their assets.
Choosing to maintain the comfort of their independence and receive care through services such as visiting nurses, therapists, etc. is uniquely important. 19% of people receiving long term care services are working age adults.
Caring individuals may own a contract on an insured for the benefits listed., thus providing confidence and peace of mind for both parties.
All benefits are paid tax free. Clients ages 40-80 may apply. Benefits range from $20-$300 per day available to the care provider. Benefit periods range from 750 days coverage to lifetime unlimited.
Coverage commences once two or more activities of daily living cannot be performed without assistance. Activities of daily living include; bathing, eating, dressing, toileting, continence, transferring.
Inflation options help to keep a more realistic approach to the amounts paid.
Return of premium benefit graded from 10-20 years allows for a refund to the estate if someone dies without realizing at least some of the benefits of the plan.
Medical advances have greatly increased the probability of living a very long time. This wonderful benefit has two levels of cost. One cost is for active treatment and research. The other cost is for long term care after treatment. It is this, the second cost, which governments are already downloading to the individuals and families. One month of long term care varies in cost by province. One of the lowest is rated at $792.00 per month with the highest being $5,220.00 per month. Three provinces have passed laws necessitating that the person use their personal assets first and only then the government benefits follow. The balance of the provinces are expected to follow with similar legislation.
Wouldn't it be nice to provide $20 - $300/day to the person caring for you? That approved person might be son, daughter, physiotherapist, nurse, even a friend.
Underwriting long term care contracts is done on a whole person approach. Health history, current physical activities are all considered important. Much like the proverbial parachute, this product will be impossible to go back and get once it is needed. Personal interview, telephone and or attending physicians report will be used in most cases to underwrite for approval.
Critical illness coverage is available for those between the ages of 18-60.
Lump sum payments to be used by the owner as they see fit in the event of any of the following:
- Heart attack
- Life-threatening cancer
- Alzheimer's disease
- Aortic surgery
- Benign brain tumor
- Coronary artery bypass
- Heart valve replacement
- Kidney failure
- Loss of limbs
- Loss of speech
- Major organ transplant
- Motor neuron disease
- Multiple sclerosis
- Occupational HIV infection
- Parkinson's disease
- Severe burns
Return of up to 100% of premium paid at specified ages if no qualifying critical illness is claimed.