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Disability Insurance for Seniors in Victoria, BC
If you have had a long term disability insurance plan either through your work or you purchased a personal policy you’ll know that it probably expires at age 65. No problem, you’re retired now and don’t need it anyway. Your pension and or savings resources are calculated perfectly to allow you just the right amount of income to last out your golden years.
However what would happen if your plans are all of a sudden disrupted by serious illness and you could no longer take care of yourself. A health problem can happen any time and it could seriously change your retirement plans. In fact, according to a Sunlife Canada Health Index just over three in four Canadians say their personal finances would be impacted if they were to develop a chronic health condition and a 2013 report on the health of Canadians, Heart and Stroke Foundation says that the average Canadian will live a decade in sickness, disability and immobility in life.
A Munich Re report in 2011 says the average 65 year old couple has an 82% chance that at least one of them will need long term care in their retirement. I realize this is a lot of statistics to grasp however if you are concerned about the financial challenges that would come about if this were to happen to you it’s time to look at a disability policy for seniors called Long Term Care Insurance.
Like disability insurance the amount you pay for long term care insurance depends on a number of factors.
How much you want – Depending on the plan some pay out a monthly benefit, some pay per day, some pay a lump sum spread out over a period of time.
How long you wait – You can start your payments immediately in some cases or have a 30, 90, or 180 days. Of course the shorter the waiting the more expensive it is.
How long does it last – Some as I indicated pay a lump sum but in most cases your benefit per day or month has a benefit period you choose.
There are other factors as well, depending on whether you want home care or facility care, and some companies will pay the benefit to you regardless. As long as you qualify according to the definition in the contract as being ‘disabled’ you receive the benefits.
The one thing to keep in mind is the reason for having the long term care insurance in the first place is to allow you choices. There are many government facilities, but many have a long waiting list and still ‘cost’ depending on your personal worth. However, is this you want? When you know of someone that has been placed in a public institution more than 250 kilometres away from home, the motivation for this insurance is much greater.
Make a list of the ten most important activities in your life. Imagine that you are 65 years old. Cross off three. Imagine that you are 75 years old. Cross off three more. Imagine that you are 85 years old. Cross off another three. Now imagine your reaction.
SPEAK WITH YOUR ADVISOR
For a thorough evaluation of your insurance needs, please speak with our advisor.