Long term Care

RRSP
What is Long-Term Care insurance? Like other types of insurance, long-term care insurance requires insured to pay a premium on a regular basis so that he/she does not have to pay a lump sum in the future in the event of a catastrophic illness or condition. Long-Term Care Insurance benefits can start as early as the first day in the event that you lose the ability to take care of yourself. It provides a daily benefit to the insured while the dependency on long term care facilities or home care is required. In addition, two generations can be protected; parents and children. It helps parents maintain their lifestyle and financial security by providing the resources needed to remain independent, even in the face of a serious health problem that may require one spouse to care for the other. At the same time, it gives children an alternative to providing their parents with the care themselves.