A new platform lets users evaluate policies from different high-quality carriers
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Canadians can now explore and evaluate different options for long-term care insurance, thanks to a new comparison service.
A first-of-its-kind service, Canadian LTCi runs a free online database that lets people across Canada compare features and pricing of top long-term care insurance policies offered by leading carriers. The one-stop comparison platform lets Canadians more easily shop for a quality private long-term care insurance plan that fits their needs.
People in Canada are expected to live longer. In the 1920s, the average was life expectancy was 58 years, but today’s Canadians are expected to push past 80 on average. The increased life expectancy brings increased risk of illness or injury, which could require long-term care.
Among Canadians over 65 at present, four in 10 will need long-term care. Facilities providing such care could charge between $30,000 and $65,000 yearly; home care could be even more expensive. Those costs could be devastating for most Canadians.
“Canadian LTCi monitors only insurers who hold high ratings from the most respected rating agencies such as Standard & Poor's, Moody's and Fitch,” said Chief Operating Officer Fred Wing. “Plus, our analysis focuses on important policy features such as benefit triggers, benefit payments and inflation protection.”
By definition, long-term care has to be provided over an extended period. The exact moment when benefits are needed is also uncertain; even for 60-year-olds, it could be years or decades before they would actually require long-term care. Therefore, one has to be sure that the provider is solid and sustainable.
“Don't buy long-term care coverage based on price alone,” said Alex Stojanoff, vice president for sales and marketing. “You need to be comfortable with the financial stability and experience of the insurer, the benefits offered and the policy language.”
The Canadian LTCi website considers each user’s age, gender, marital status, and province to automatically compile a thorough comparison of top policies. The consumers also receive a review of each carrier’s financial strength, side-by-side analyses of each policy’s terms, and personalized premium estimates.
“Best of all, we're not tied to a specific insurance company or policy,” Wing said. “This independence gives us the freedom to search out and select the absolute best value for each consumer.”
Related stories:
Life insurers no longer a laggard of the digital age
iA Financial Group announces quicker applications process
A first-of-its-kind service, Canadian LTCi runs a free online database that lets people across Canada compare features and pricing of top long-term care insurance policies offered by leading carriers. The one-stop comparison platform lets Canadians more easily shop for a quality private long-term care insurance plan that fits their needs.
People in Canada are expected to live longer. In the 1920s, the average was life expectancy was 58 years, but today’s Canadians are expected to push past 80 on average. The increased life expectancy brings increased risk of illness or injury, which could require long-term care.
Among Canadians over 65 at present, four in 10 will need long-term care. Facilities providing such care could charge between $30,000 and $65,000 yearly; home care could be even more expensive. Those costs could be devastating for most Canadians.
“Canadian LTCi monitors only insurers who hold high ratings from the most respected rating agencies such as Standard & Poor's, Moody's and Fitch,” said Chief Operating Officer Fred Wing. “Plus, our analysis focuses on important policy features such as benefit triggers, benefit payments and inflation protection.”
By definition, long-term care has to be provided over an extended period. The exact moment when benefits are needed is also uncertain; even for 60-year-olds, it could be years or decades before they would actually require long-term care. Therefore, one has to be sure that the provider is solid and sustainable.
“Don't buy long-term care coverage based on price alone,” said Alex Stojanoff, vice president for sales and marketing. “You need to be comfortable with the financial stability and experience of the insurer, the benefits offered and the policy language.”
The Canadian LTCi website considers each user’s age, gender, marital status, and province to automatically compile a thorough comparison of top policies. The consumers also receive a review of each carrier’s financial strength, side-by-side analyses of each policy’s terms, and personalized premium estimates.
“Best of all, we're not tied to a specific insurance company or policy,” Wing said. “This independence gives us the freedom to search out and select the absolute best value for each consumer.”
Related stories:
Life insurers no longer a laggard of the digital age
iA Financial Group announces quicker applications process
