Long-term care is one of the largest uninsured risks in a Canadian retirement plan. Government programs cover some care, but the level and location most people want often comes at a cost that can erode a lifetime of saving. Long-term care insurance is the tool designed to protect both the person receiving care and the family around them.
What it covers
Long-term care insurance pays a monthly benefit if you can no longer perform a set number of daily activities — bathing, dressing, eating, mobility — or if cognitive impairment requires supervision. The benefit helps fund in-home care, assisted living, or a facility, on your terms, without forcing the family to provide it unpaid or the estate to absorb the full cost.
Why it's a family decision
The financial burden of unpaid caregiving falls most often on adult children and spouses — time away from work, lost earnings, and physical strain. Long-term care coverage isn't only about the person who may need care; it's about protecting the people who'd otherwise provide it. That makes the conversation a family one, not just an individual one.
When to buy it
Premiums rise sharply with age and health decline, so the product is far more affordable bought in your 50s or early 60s than later. Like all insurance, it's cheapest when you least need it and most expensive — or unavailable — when you do. We help families assess whether long-term care coverage fits their plan and, if so, structure it before age and health narrow the options.
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