Life insurance at any age is important, but
the older we get, having the right coverage grows in importance. Financial
protection for later-life health concerns gets increasingly significant as time
passes, and so making sure that you have plans in place to help you cover these
expenses is crucial. The best way to ensure that you will not suffer from a
lack of financial security as health issues arise later in life is through long
term care insurance.
What is long term care insurance? Long term
care insurance is a type of insurance product which protects you in the event
that you require medical care or assistance later in life. This assistance may include: in-home nursing
care, rehabilitation or therapy, personal care or in-home services such as
cooking and cleaning, or having another person there to watch over you and help
you when needed.
Maintaining your independence is an
important part of the aging process, and with long term care insurance you can
be sure that this independence remains intact. If you suffer from an illness or
medical condition that necessitates assistance, being able to manage it on your
own is vital. Long term care assures that you do not become dependent on your
family members and instead can use the money from your long term care insurance
to pay for the services you want or need. The money may also be used to move
into a long term care facility, thereby giving you the freedom and flexibility
to keep your independence.
Long term care insurance benefits become
payable when you become unable to perform two or more daily activities because
of a decline in either a mental or physical capacity. These tasks include
things like bathing and dressing, transferring (ex. from the bed or a chair) or
feeding. If you require assistance with
these tasks, your long term care insurance policy can cover the costs.
As with any insurance product, long term
life insurance plans differ, both depending on the insurance provider and based
upon your own wants/needs. These differences may include the amount of coverage
or the length of that coverage. In order to ensure that your individual plan is
best suited to you, the best route to take when researching plans is to speak
with an experienced insurance advisor. They will be able to walk you through
all of the different benefits and plan options to make sure that you are
granted the best protection to last.
For more information about long term care
insurance and how it will protect you in the future, please contact Independent
Financial Concepts Group by calling 416-849-1653 or visit us online at www.wecoveryou.ca
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