Long-term Care Insurance: Why You Should Buy Now

Long-term care insurance was first sold in the U.S. in 1987, with Canada following in the early 90s, and there is still a limited number of Canadians with long-term care policies. That is why we have seven reasons why you should consider buying long-term care insurance now.

1. Aging population – According to Statistics Canada, one in every seven Canadians is 65 and over.

2. Cost of care increasing in Canada. The Canadian government already spends $3.9 billion on Alzheimer’s and dementia.

3. Many long-term care policies have optional home care service – This is especially important when the average cost of a private room in a nursing home is $74,000/year.

4.  The choice of home care or nursing home care gives the insured independence and control to be cared in a way he or she chooses.

5. This control prevents the insured from being a burden on his or her family.

6. The cost of long-term care coverage increases as people age and the likelihood of qualifying for coverage decreases.

7. The weekly or monthly long-term care benefit received is tax-free.

For more details visit our Long Term Care Quote Page or contact us at 1-866-899-4849.

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  • Justin
    August 6, 2013 at 12:49 am

    Who is the best company for Long Term Crae. Does BMO have a plan I have a life insurance with them

    • LSM Insurance
      August 6, 2013 at 6:49 pm

      The best plan really depends on your date of birth,m, smoking status, the amount of coverage and the type of plan. BMO Insurance does not offer a Long Term Care plan.