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Long Term Care Insurance |
| What is LTC Insurance? |
Typically
policies pay benfits when an Insured can no longer care for
himself/herself and requires assistance to perform routine Activities
of Daily Living (ADLs). |
| What Conditions Trigger Benfits? |
Cognitive
impairment, such as Alzheimer's disease or other dementia, as well as
when the Insured requires assistance to perform 2 or more ADLs, such as
bathing, eating, dressing, toileting, transferring, bladder and bowel
continence. |
| Where are Care Services Provided? |
Care is provided in a Facility or in the Insured's own Home or both. |
| What Type of Plans are Available? |
Indemnity
or Reimbursement plans. An Indemnity plan pays a daily benfit, once the
requirements of the policy are satisfied. A Reimbursement plan, upon
satisfying requirements, will reimburse covered expenses to a maximum
outlined in the policy. |
| How Long Do Benefits Continue? |
Benefits payments periods can be 1, 2, 5 years or unlimited (lifetime). |
| Are Premiums Guaranteed? |
Premiums
are not Guaranteed, however they will only be increased on a class
basis. They will not increase due to any individual's age or health
changes. |
| Are There Limitation on Renewing? |
Almost all policies are guaranteed renewable and cannot be cancelled. |
| What is the Purchasing Period? |
Generally from ages 20 to 80 for individual policies and 20 to 75 for Group plans. |
| How's the Premium Experience? |
LTC insurance is relatively new in Canada and doesn't have a significant track record.
In the United States where LTC has been evolving for over 3 decades,
individual policies from some carriers, have experienced very
significant increases. The only exceptions have been two large group
plans that haven't raised permiums in over 15 years. |
| Free Report for more details: |
Refer to Free Report section to request a Free Report on Long Term Care. |
| Free Quote: |
To request a Free Quote refer to Quotes section. |
