Long Term Care:

News from 2013

Universal life and Long-Term Care Combination Plan

Desjardins Financial recently made available a long-term care advance on its universal life foundation policies. Canada.com reports that Canada's rapidly aging population has led to a 38% increase of seniors living in nursing homes or other collective care facilities over the last ten years. This make sense given thatthe total amount of Canadians aged 65 and over went from about 3.9 million in 2001 to about 4.9 million in 2011, according to Statistics Canada. Of course, such a jump in ...
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Would You Sell Your Life Insurance Policy to a Third Party?

Daniel Kahan is strongly in favour of viatical settlements. Selling your life insurance benefit for cash upfront to a third party is illegal in most provinces in Canada — except Quebec, Saskatchewan, Nova Scotia, and New Brunswick. But proponents like Daniel Kahan say that viatical settlements can be a viable income alternative to those who currently need long-term care or are now suffering from a critical illness and wouldn't qualify for traditional long-term care or critical illness ...
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Why Have Long-Term Care Sales in Canada Stalled?

As reported in the mid-January 2013 issue of the Insurance and Investment Journal, sales of Long-Term Care Insurance in Canada continue to stagnate, and recent events have not helped matters. RBC Insurance withdrew its long-term care products from the market, and historically low interest rates have forced other suppliers to raise their premiums. Further highlighted in the article, consumers are being approached for long-term care insurance at ages too advanced to make it worth their ...
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