Long-term insurance can help protect your property and give you peace of mind as you get older.
When a client had a stroke and another was told they had cancer, the broker started telling his clients to get long-term care insurance. Long-term care insurance pays for the costs of day-to-day care for people who are sick or disabled for a long time. Many policies only cover care in a nursing home, but people can now choose policies that also cover care at home, in a hospice, or in an assisted living facility. Competition on the market has given customers more things to choose from.
Why should everyone have long-term care?
Many people buy long-term coverage to protect their assets, but they also choose these policies because they don't want to be a burden on their families and they want to make sure they get the best care for their money.
Long-term care can cost anywhere from $35,000 to $75,000 a year in Canada. This is a big range. Long-term care policies cost between $1,800 and $6,000 a year, depending on the applicant's age, level of coverage, and health. Obviously, where you live has a lot to do with these numbers. In the country, a long-term care home will cost less than in the city.
But do I actually need care for a long time?
What would happen to your family if you had an accident while you were working and became unable to move? Or, if your family isn't reliable or lives far away, who will take care of you?
About 3% of Canadians have insurance for long-term care, but a lot more need it. People who are getting close to retirement or who have a variety of illnesses usually think about getting this coverage because they don't want to rely on government care.
When is the right time to buy long-term care?
But if a family has a history of medical problems, it is best for them to buy insurance when they are healthy and the policies are cheaper. Some people also buy policies for their parents or other family members to maybe make their own lives easier.
Most brokers recommend long-term insurance to all of their clients, but most of them turn down the idea because of how much it costs. People who don't have much money saved think that Medicare will take care of them. Some people think that their families will take care of them for the long term.
People who don't want to believe they could get sick need to see it for themselves.
As you get older, the cost of your insurance goes up, so now is a good time to talk to your broker about Long-term Care Insurance.
