Long-term Care Insurance: Why You Should Buy Now

Posted on November 30, 2009 and updated November 1, 2010 in Life Insurance Canada News, Long Term Care 2 min read

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.


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

LSM Insurance
LSM Insurance

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.