Like most people, when you retire, you would like those long-cherished dreams to finally come true. After all, you have been saving up for plenty of years. So when it finally comes time for you to live your 'retirement' dreams, you shouldn’t have to hold back in fear that your savings may be needed in the event of a loss of independence.
Long Term Care Insurance is a product that will boost your retirement income should you run into major health problems that require long-term care. This type of product is not very common yet in Canada, but it provides the means to obtain quality health care without having to sacrifice your dreams.
Please take a moment to watch this brief video on Long Term Care Insurance.
The Independent Living Illustration compares funding expenses related to a loss of independence from your RRSP, other savings, and long term care insurance.
Contact me today by email or phone to request an Independent Living illustration that takes into account your own age and circumstances.
When should you put Long Term Care Insurance in place? Insurance is always easier to qualify for and less expensive the younger you are. Like most financial planning strategies, the best time to put long term care insurance in place was 20 years ago. The second best time is now. See Financial Planning- Competing Financial Priorities
Are you prepared to pay your parents’ long term care expenses?
Do you want be your parents caregiver if they lose their independence? Will you take take time off work to take care of them? Will you have to sacrifice your own retirement.
Read In BC, Caregiving Takes Toll on Finances, Career, Health to see some of the challenges involved in taking care of parents.
Call me to discuss whether Long Term Care insurance for your parents might be an important part of your financial plan.
© 2016 Doug Ransom - Insurance Advisor