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Long-Term Care Insurance
Pays for care when you need help with daily living
β οΈ No active Long-Term Care Insurance policy found in your records
π¬ What is it?
When you're older and can't fully care for yourself β bathing, dressing, eating, getting around β long-term care insurance pays for home care aides or a nursing home so your family doesn't have to choose between their lives and caring for you.
π¨π¦ Why do Canadians need it?
Average long-term care costs $4,000β$8,000/month in Canada. Government programs cover basic care only. Without insurance, your retirement savings can be drained in just a few years.
Coverage Details
π° Typical Cost
$150β$500/month (premiums rise significantly with age at purchase)
π‘οΈ Coverage Range
$2,000β$10,000/month benefit
Available Types
Reimbursement-basedIndemnity-basedHybrid Life + LTC
Key Factors to Compare When Shopping
- β Elimination period (90 days is typical)
- β Benefit period (2 years vs. unlimited)
- β Inflation protection rider
- β Triggers for benefits (ADL-based vs. cognitive)
- β Home care vs. facility coverage
Top Canadian Providers
Manulife
Sun Life Financial
Canada Life
Industrial Alliance
Desjardins
Co-operators
RBC Insurance
Empire Life
BMO Insurance
Equitable Life