The Canadian Association for the Fifty-Plus (CARP), formerly known as the Canadian Association of Retired Persons, offers a Long-term Care insurance program to its members that is underwritten by Desjardins.
The program offers essentially the same features and pricing as the plan offered by Desjardins independent brokers. The plan’s premiums are guaranteed within the first five policy years and then subsequent premiums can go up on a class slide basis. The CARP Long-term Care program is also subject to a full underwriting. Although there are no discounts for non-smokers, there is a 10% discount when both husband and wife apply at the same time.
Additionally, the Desjardins policy allows the applicant to select both their benefit period and their monthly benefit elimination period, giving them full control over their own financial destiny. The insured will receive their monthly benefit tax-free once they are either diagnosed with a cognative impairment, such as Alzheimer’s Disease, or can no longer perform two or more of the six activities for daily living listed below:
Bathing
Dressing
Toileting
Transfering
Continence
Eating
The following is a sample pricing scenario for a 70-year-old female: *(Remember, pricing is the same for smokers and non-smokers.)
A $2,000/month benefit, with a lifetime benefit period and a 90-day elimination period, is priced at $350.35/month.
If Long-term Care insurance seems to fit your needs feel free to visit our non-obligation, free, Long-term Care Instant Quote Page. If you’re interested in more quotes from Desjardins, or other Long-term Care insurance carriers, please don’t hesitate to call us at 1-866-899-4849.
