Life & Health Insurance
Critical illness | Long term care | Disability insurance | Term Life Ins. | Health & welfare trust
Long Term Care Insurance
Long Term Care Insurance protects the insured against care costs that arise when they can no longer care for themselves. These contracts can provide a daily benefit ($10-$300) to cover care-costs incurred in the Insured's home or in a government or private facility.
LTC insurance pays out only when the insured requires care which is judged based on their inability to perform a predetermined number of activities of daily living (i.e transferring, bathing, eating etc) Most contracts will pay if care is required due to either physical or cognitive impairment.
The daily benefit is paid out after a predetermined elimination period and is payable for a predetermined length of time called a benefit period (1 year, 2 years or lifetime).