Long-term Care Insurance

Long-term care insurance is a solution for those approaching retirement who want to avoid placing the burden of care on a healthy spouse, their children, or other family members. It is also an important Legacy Planning tool, as LTC expenses can quickly erode the value of an estate.

Adult children may also purchase LTC insurance to ensure that their parents have access to quality long-term care, if needed.

Here are some reasons why you should consider LTC Insurance:

1. Protect your retirement savings
2. Avoid being a financial burden on others
3. Buys you choice and independence
4. Longer life expectancy – 70% chance that seniors (65 +) will need LTC in their lifetime
5. Cost of long term care is increasing
6. Shorter hospital stays and more outpatient care

At Ottawa Asset Management, we help you to decide which type(s) of insurance coverage is best for you and build a customized plan for your needs.

Insurance rates vary from carrier to carrier. As an insurance broker, we work with all the major Canadian providers of Life Insurance to find you the best rates for your policy.

Call us or book online today for a free consultation.

What is Long Term Care Insurance?

Long Term Care insurance provides a benefit to help pay for ongoing care services. You can receive assistance while living at your home, in a retirement home, or in an assisted-living setting or a long-term care facility. These benefits come into effect if you need help to perform routine activities – like bathing, feeding or dressing yourself or if you need supervision because of declined mental ability.

You would choose the benefit period (set number of years, or lifetime). A “Return of Premium” rider can be purchased that provides a death benefit to your heirs if the coverage was never used during lifetime.

Blue Cross has an option to combine the other health insurances, disability and critical illness, along with Long Term Care Insurance.

Our Insurance Partners:
Canada Life | BMO | Equitable Life | Ivari | RBC | SSQ | Empire | Life Sun Life | Manulife | Desjardins | Great West Life

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Roger Crandlemire, CFP | Contact us