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Long Term Care Insurance

Life Insurance

Prepare for the unexpected & plan for your long term care!

What is Long Term Care Insurance?

Long term care insurance is designed to provide financial coverage for individuals who become unable to perform activities of daily living and require assistance in managing their daily routines. This type of insurance can be crucial for individuals who need long-term care, regardless of age. It can cover some or all of the costs of a care facility or caregiver at home following an accident or illness.

Public funding often covers long term care facilities and home-care services, but co-payments or extra fees for additional services are usually required. To be eligible for benefits, most plans require you to be incapable of performing two or more activities of daily living by yourself, such as bathing, dressing or eating. Benefits can be obtained by either being reimbursed for eligible expenses up to a predetermined maximum, or receiving pre-determined monthly payments. However, most plans require a waiting period of 30 to 90 days after becoming disabled before benefits can be received, and additional conditions and restrictions may apply.

Long term care insurance is an important investment for individuals who may require assistance with daily activities in the future, regardless of age. With a variety of benefits and options available, it's important to choose a plan that fits your unique needs and situation.

Types of Long-Term Care Insurance in Canada

Long-term care insurance is a type of policy designed to provide financial protection for individuals who are unable to care for themselves due to chronic illness, disability, cognitive impairment, or age-related impairments. Depending on the level of coverage, it can cover a portion or all of the expenses associated with accessing care, including stays in nursing homes, chronic care facilities, or the services of a caregiver at home.

In Canada, there are two main types of long-term care insurance:

Reimbursement-style Long-term Care Insurance

This type of insurance reimburses you for eligible care expenses outlined in the policy, up to a capped amount.

Income-style Long-term Care Insurance

This type of insurance pays out a predetermined benefit each month for a set period, usually two years. The funds can be used for any needed support for care.

Most long-term care insurance plans have a waiting period of 30 to 90 days before coverage begins. It's important to note that long-term care insurance benefits in Canada are tax-free. Understanding the different types of long-term care insurance available can help you choose a policy that meets your needs rightly.

Product Highlights

Product Highlights

Widespread Coverage

Widespread Coverage

Long-term care insurance in Canada provides coverage for individuals who are unable to care for themselves due to chronic illness, disability, cognitive impairment, or age-related impairments. It covers expenses associated with accessing care, including stays in nursing homes, chronic care facilities, or the services of a caregiver in the home.

Flexible Payment Options

Flexible Payment Options

Long-term care insurance in Canada offers flexible payment options that allow individuals to choose the payment plan that best suits their budget and needs. Some plans offer premium payments for a specific period, while others offer lifetime payments.

Waiting Periods

Waiting Periods

Most long-term care insurance plans in Canada have waiting periods. This is the set time that must pass before coverage comes into effect. Waiting periods typically range from 30 to 90 days.

Tax-free Benefits

Tax-free Benefits

Long-term care insurance benefits are tax-free in Canada, which means that policyholders can receive their benefits without worrying about taxes.

Multiple Policy Options

Multiple Policy Options

Long-term care insurance in Canada offers multiple policy options that cater to the unique needs of individuals. Some policies offer coverage for stays in nursing homes or chronic care facilities, while others provide coverage for in-home care services. 

These features help potential clients better understand the value of long-term care insurance and make informed decisions about whether to invest in it.


Benefits of Long Term Care Insurance

  • Provides protection in the event of a catastrophic illness or injury that requires long-term care.
  • Serves as a logical addition to an overall risk protection plan, helping to safeguard against unexpected expenses.
  • Allows the insured to maintain their independence and dignity by providing access to professional care services.
  • Helps the insured maintain control over their life and estate by enabling them to make choices about the type and level of care they receive.
  • Reduces the insured's reliance on family members or loved ones to provide care, which can be emotionally and physically taxing.
  • Helps the insured afford the level and type of care they need or desire, which can alleviate financial stress.
  • Premiums are typically easier to budget for than the unpredictable and potentially significant costs associated with long-term care expenses.

What Long-term Care Insurance Does for You?

Expenses are unavoidable but still when it comes to old age, the need to take care of it without thrusting financial burden on our loved ones becomes necessary. Long-Term Care Insurance can cover such expenses in the following ways:

  • You will get care by a certified nursing assistant with basic care and fulfilling your daily needs.
  • If you need to regain physical or mental strength, rehabilitation and therapy can be helpful. These treatments are provided by experts in their respective fields and can assist you in your recovery.
  • Giving you personal care & home care services in assistance with daily activities such as bathing, dressing, cooking, cleaning, toileting, transferring and continence (the ability to control urinary and bowel movements).
  • You can also be monitored and overseen by another person to ensure that tasks or activities are performed correctly & safely.
Demystifying Long-Term Care Insurance

Coverage for Canadians of All Ages

Long-term care insurance is often associated with senior citizens, but in reality, people of all ages may require assistance with daily tasks due to illness or injury. In Canada, long-term care insurance provides coverage for Canadians of all ages to help offset the substantial costs of long-term care.

If you're wondering how this type of insurance works, what benefits it offers, and whether it's a worthwhile investment, we @ MyLegacy Insurance Services have answers to these questions and more. Our team of experts will assist you in seeking information on long-term care insurance in Canada.

Get Started

01 Step

Get a Personalized Quote

You can contact MyLegacy Insurance Services to receive a customised quote for your long term care insurance. We will provide you with a monthly rate and options for coverage.

02 Step

Apply for Coverage

Choose the plan that meets your needs and apply for coverage. You may need to provide medical information or undergo a physical exam.

03 Step

Sit Back and Relax

Your advisor will handle the rest, including all the paperwork. Once your application is processed and approved, you'll be covered in case of any long term care you need.


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