Who Should Consider Long-Term Care Insurance in Canada?

Posted on June 2, 2009 and updated July 8, 2010 in Life Insurance Canada News 2 min read
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It’s very tough for people to envision a future of daily ongoing assistance due to injury illness or old age.

Extensive long-term care costs an average of $5,000/month in provinces where the care isn’t entirely subsidized by the government.

The financial burden can be significant, since extensive long-term care costs an average of $5,000/month in provinces where the care isn’t entirely subsidized by the government. Long-Term Care Insurance can signifcantly lessen the financial blow caused by needing ongoing assistance with daily living. Besides, just because your government may be subsidizing care now, doesn’t mean they will be forever. Government plans and programs are continually scaled back and bills can mount up exponentially.

However, finding the right Long-Term Care Insurance plan can be very challenging. There are various carriers in Canada that provide Long-Term Care policies, but all the bells and whistles of each plan can make selecting one for your needs very intimidating.

Who should seriously consider purchasing Long-Term Care Insurance?

1. People who are concerned that a long-term illness or injury can eat away the value of their estate.

2.  People who don’t want to rely on the government or family members for ongoing assistance, if they ever need it due to illness or injury.

3. People who can afford to pay the premiums. Plans can range anywhere between $50-$1,000 a month. You can get a free quote at our Long-Term Care Instant Quote Page.

4. People who are in stable health. Don’t wait until you no longer qualify. The sooner you investigate your options the better. The premiums can increase significantly just by waiting a few years.

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