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THE DANGERS OF MORTGAGE LIFE INSURANCE!!!
Signing up for the Mortgage Insurance offered by your bank or mortgage broker may be the worst financial decision you ever make!
SAY NO TO YOUR BANKS MORTGAGE INSURANCE!.. Make sure you watch the disturbing investigation on CBC'S MARKETPLACE to find out why!
LONG TERM CARE:
Interesting Myths & Facts
5 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 country or, further still, across continents. Obviously, many women are now active in the workforce, with less time to fulfill the traditional caregiver role. Even if this is a feasible solution, many seniors prefer to have control over their care and don’t want to burden their families.
Provincial Health Care Plans Will Cover My Bills – Provincial health have experienced major cutbacks in recent years. The last federal budget was focused on tax cuts, not health care, forcing provinces like BC to cut over 6,000 surgeries. Worse, the trend seems to be on rise.
Long-term Care Insurance is too expensive – Long-term Care Insurance premiums are lower, when younger you are. So, it makes sense to purchase coverage when you are younger and when premiums are more affordable. The monthly premium if you purchase coverage at age 45 can be as low as $50 a month. Whereas, the same plan for a 55-year-old would be over a $100 a month and for a 65-year-old would be over $200 a month.
Long-term Care Is to Hard to Qualify For - Underwriting requirements for long-term Care Insurance are very different from life or Disability Insurance. In most instances, coverage can be obtained without having to complete medical tests.
I’m Too Young – A lot of us think that only senior citizens need to worry about Long-term Care, so we put off preparing for the possibility. The fact is accidents or illnesses can strike at any age. People of all ages can develop serious conditions that require them to need assistance with routine daily activities for an extended period of time and the cost of care can be significant. Long-term Care Insurance can help cover the cost of the care associated with these illnesses and injuries while protecting your assets.
RANDOM FACTS ABOUT LONG TERM CARE:
1. There are certain things all potential applicants should know before buying Long-term Care Insurance. It’s our hope that the following facts will arm you with the valuable information you need to make the right decision for you and your family:
2. The first individual Long-term Care policies were sold in the U.S. in the early 80s, according to the U.S. Dept. of Labor, with Canada following suit in the early 90s.
3. Only a handful of insurance companies offer Long-term Care Insurance in Canada and the plan features are not standardized. Therefore, it’s a difficult product for brokers to deal with and not many do. Your best bet is to work with a broker who specializes in Long-term Care insurance.
4. Long-term Care plans generally offer a daily or weekly benefit when the insured can no longer perform two or more of the following six basic activities of daily living: Bathing, Dressing, Toileting, Transferring, continence and eating, or is diagnosed with a cognitive impairment, such as Alzheimer’s Disease. Penncorp is the only company in Canada that only requires the insured to no longer perform one of the basic living activities.
5. Most Long-term Care policies in Canada have a five-year premium guarantee, after which time premiums can be adjusted on a class-wide basis. RBC Insurance is one of the companies to have a maximum premium after the fifth year.
6. Long-term Care plans usually pay on a receipt basis, i.e. they reimburse the insured for expenses incurred while requiring assistance. Desjardins is unique, in that it allows the insured to spend the proceeds however they wish. This can be of value if the insured wants a family member or someone other than a qualified healthcare professional looking after them.
7. Unlike life insurance, most Long-term Care plans do not offer a discount to non-smokers, i.e. they price smokers and non-smokers at the same rate. Some carriers even price males and females at the same rate. The latter provides a good value for males, but a poor value for females. Given the average female lives longer and is more likely to be on claim for a longer period of time than a male.
At F1RST CHO1CE Insurance Solutions were passionate about sharing our knowledge, experience and unbiased opinions with families and individuals that are looking for a trusted advisor to help them with their Long Term Care Insurance options.
ANY QUESTIONS?…Contact a Licensed Insurance Advisor today!