Long Term Care:

Latest posts

Assisted living costs in Canada

How Much Does Assisted Living Cost?

Assisted living has become increasingly popular with seniors who want to maintain an independent lifestyle while getting some help with daily life activities and reassurance that help is available round the clock, if required. For those planning for their future, a retirement community is a great option for when you need additional help and don’t want burden your loved ones. However, as assisted living arrangements are not covered under provincial health insurance plan, many people are ...
Continue reading

Insurance Horror Stories: Bill Mantlo, Co-creator of Rocket Raccoon in ‘Guardians of the Galaxy’

If you've already seen Marvel's latest summer blockbuster, Guardians of the Galaxy, or even if you've just watched the trailer, one thing becomes immediately clear: the scene stealer for the entire movie is an anthropomorphic, trigger-happy raccoon voiced by Bradley Cooper. This is Rocket Raccoon, and he was co-created for Marvel Comics in 1976 by writer Bill Mantlo. In the '70s and '80s, Bill was one of the top writers for Marvel Comics. He could turn out scripts at a breakneck pace, ...
Continue reading

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 ...
Continue reading

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 ...
Continue reading

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 ...
Continue reading

In a Fight With an Insurance Company: What Are Your Options?

When you're in a dispute with an insurance company, what you do first should depend entirely on the type of claim you have. This could be a personal injury claim, a contractual claim, a long-term disability claim, or a property claim. They all lead back to the insurance contract, but there are different resolutions depending on the type of claim you have. Property Damage Probably the most common type of claim is property damage claims. "Your first line of resolution ispresenting the ...
Continue reading

Comparing the Four Types of Living Benefits Insurance

Living benefits are health-related insurance plans. Living benefit insurance is very different from life insurance because it pays out if the insured develops a type of injury or illness. Living benefit insurance policies generally come in four distinct types: Disability Insurance, Critical Illness Insurance, Long-term Care Insurance, and Health and Dental Insurance. For your benefit, we've provided a summary of each coverage category. 1. Disability Insurance:This living benefit ...
Continue reading
old-man-stop-hand-motion

Titan of Social Justice Could’ve Been Helped by Long-term Care Insurance

Dan Heap is now a shadow of his former self. According to the Toronto Star, the man who once advocated for refugee and workers' rights is now ailing in a retirement home following a heart attack and a 2005 Alzheimer's diagnosis. He is now on a waiting list for long-term care and since the retirement residence he was living in told his wife they could no longer meet the couple's needs last December, his family now keeps a 24/7 vigil just to help Heap execute the basics of daily ...
Continue reading

Long-Term Care Insurance: An Under-Served Market

Recent statistics compiled by the Life Insurance Marketing Research Association [LIMRA], and published in the January 2010 issue of the Insurance Journal, have shown that there were only 7,847 long-term care policies sold in 2008 - marking a decline compared to the previous year. In total, there were only 60,000 long-term care policies in-force in Canada at the end of 2008, accounting for $80 million in annual premiums. Since there are 85,000 advisors licensed to sell ...
Continue reading

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 ...
Continue reading