| Eldercare Solutions |
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The majority of the Canadian population will soon be over 50 years old. This will increase the need for two specialized types of insurance: Critical Illness and Long Term Care. Demographic studies indicate that the majority of the Canadian populace will soon be over the age of 50, thus creating a need for the following two types of insurance: Critical Illness Insurance protects your dependant(s) in the event that one suffers a disability due to a major illness such as heart attack, coronary by-pass surgery, stroke, terminal cancer, blindness, paralysis, or kidney failure. It pays out a tax-free lump-sum benefit. Outstanding debts such as the mortgage can be paid, perhaps making it affordable to finance home renovations to meet changed living access needs, or pay for specialized medical treatments not covered under your health insurance such as certain chiropractor or masseur fees. There are no restrictions on how you use the lump sum benefit. It is not based on the annuitant's ability to work, even if they fully recover. Collecting the benefit will require a doctor's statement regarding one's health, and confirming that an elder has survived a critical illness, generally for at least 30 days. Long Term Care Insurance will pay for the cost of long-term care associated with a disability or chronic illness. It covers relocation to a long-term care facility or in-home caregiver assistance. Usually, the available benefit consists of a fixed tax-free amount from $20 to $300 per day to pay for long-term or other healthcare. As the policy's issue age for the coverage increases, the premiums for this insurance also increase. Look for policies renewable for life that will include coverage for skilled care, intermediate care, rehabilitation centres and nursing homes. Ask if conditions such as Alzheimer's are covered and if extended care at home is an option.
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Critical Illness and Long-Term Care—two great solutions