Long Term Care:

News from 2009

Five Long-Term Care Insurance Myths

While the number of long-term care policies being sold in Canada is rising, the number of Canadians who are properly insured is still extremely low. In some instances, its due to misunderstanding and myth. The following are five myths surrounding Long Term Care Insurance: "My Family Will Take Care of Me" This would have been more likely years ago, when adult children tended to live closer to their parents and women stayed at home. In today's society, children may live across the ...
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Long-term Care Consumer Report

We are always surveying the latest and greatest insurance plans available in Canada and today we are breaking down the advantages/disadvantages of some of leading long-term care plans in Canada. We do the work, so you don't have to. In 2008, LIMRA, a financial research firm, introduced stats that underscore the importance of getting long-term care insurance early. These include the following: One in five Americans over age 65 will require some form of long-term ...
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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 ...
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Long-Term Care Insurance: The Top 5 Reasons People Claim Benefits

People claim Long-term Care benefits for a variety of reasons, but Life Plans has released the definitive top five reasons the average claimant (about 61.6-years-old) files a claim. The top five reasons that long-term care policy holders go on claim are: 1. Alzheimer's disease or related dementia. (www.alzheimer.ca) 2. Stroke. (www.heartandstroke.on.ca) 3. Injury. 4. Cancer. (www.cancer.ca) 5. Other. For more details on long-term care insurance, policies in ...
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LIMRA’s Long-term Care Statistics

LIMRA's long-term Care statistics for 2008 shows that, while the number of long-term care policies being sold in the United States is rising, the number of Americans who are properly insured is still extremely low. The data they reveal include the following: One in five Americans over age 65 will require some form of long-term assistance. Only 61,000 Americans have long-term care policies. There ...
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Sun Life’s Long-term Care Plan

Many Canadian insurance companies carry a Long-term Care plan, but we know how hard it can be to tell the differences between them all. That is why we have taken the liberty of breaking down three Long-term Care plans from three of Canada's leading insurance providers. First in this series is Sun Life Financial: Pros Rolling five year guarantee (guaranteed to remain the same for five years). Zero elimination period available for facility care. ...
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Manulife Living Care Underwriting Made Easy

The following is a snapshot of Manulife's underwriting requirements on their Long-term Care plan called Living Care. They do have the right to alter those requirements depending on the insured's health history. Age 70 Living Care application Telephone interview Age 71 or older Living Care application Face-to-face interview The insured's doctor will also be contacted to verify additional medical information. As a rule of thumb, Manulife does not ...
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Manulife’s Long-term Care Plan LivingCare

Manulife's Long-term Care plan, called LivingCare, is unique to the industry in that it is available on a single-life basis or a shared coverage option. Additionally, rather than having a set weekly or monthly benefit, Manulife allows the insured to choose a maximum benefit of up to $1,000,000 for single-life coverage or $2,000,000 for shared coverage between couples. The insured then chooses a benefit amount for single-life between 0.5% and 2% and for couples, between 0.25% and 1%. The ...
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Random Facts About Long-term Care Insurance Everyone Needs to Know

There are certain things all potential applicants should know before buying Long-term Care Insurance. It's our hope that the following facts will arm you with the valuable information you need to make the right decision for you and your family: The first individual Long-term Care policies were sold in the U.S. in the early 80s, according to the U.S. Dept. of Labor, with Canada following suit in the early 90s. Only a handful of insurance companies offer ...
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Penncorp Life: One Step Long-term Care

Penncorp Life Insurance specializes in disability insurance for self-employed individuals and small business owners. On Nov. 14, 2008, the company announced the launch of their Long-term Care plan, called One Step Long-Term Care. Other Long-Term Care plans in the Canadian marketplace require that the insured is unable to perform at least two basic activities of daily living. (washing, dressing, feeding, transferring, toileting and continence) With the One Step Long-term Care Plan only ...
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