No one likes to think about getting older, but it is exactly that attitude that brings individuals to retirement age financially unprepared. Many Canadians do consider investing in retirement savings, and even life insurance, but fewer think about how they will fund long-term care if they get to a point where they just can’t live independently, whether it’s due to aging or illness.
For some seniors, long-term care is a requirement as their mobility begins to decline with age. For others, a serious illness results in a loss of independence because regular daily tasks are just too challenging or unsafe.
Benefits can be paid as a lump sum at set intervals, or paid out like income, providing only what you need to live, to better conserve your benefits as long as possible.
If Long Term Care Insurance is an option for you, contact us to learn more.