Understanding Long Term Care Insurance (LTC)

Understanding Long Term Care Insurance (LTC)

Long term care insurance (LTC) is an insurance policy that pays a tax-free monthly payment, if you lose your independence due to the ability to perform two (2) of the following six (6) activities of daily living i.e Bathing, Dressing, Toileting, Transferring, Eating, Continence or suffer from a cognitive impairment that endangers your health or safety (e.g. Alzheimer’s disease).

Below is a short video produced by Sun Life (one of the insurance carrier’s I represent) which gives a good overview of Long Term Care insurance.



What I Offer as a Financial Planner

Long Term Care (LTC) falls into the Risk Management category of a written financial plan. The cost of a long term care insurance policy could more than offset the cost of having to dip into your retirement savings when needed most.

Situations to consider  might include the following.

  • Both spouses are alive but one needs to go to a long term care facility for adequate care. Can you afford financially to manage the costs of maintaining two homes?
  • You are single or widowed?  Your children are unable to attend to your needs due to work restrictions, their competency or where they live.

As a financial planner. I guide clients through the features and benefits of LTC policies available from Canada’s largest life insurance companies. I can implement policies from carriers such as Blue Cross, Desjardins Financial Security, La Capitale, Manulife Financial, Sun Life and RBC.

Owning a long term care (LTC) policy helps gives you more choices on the type of care you want.

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