What is long term care insurance?
It's easy to take our ability to perform day-to-day activities for granted. But this can change, especially as we age. This is why it’s so important to consider your future healthcare needs as you build and review your retirement savings and income plans.
Long term care insurance from Sun Life Financial provides an income-style benefit if you become unable to care for yourself due to aging, an accident, illness or deteriorated mental abilities. The money is for you and your family to use as you wish – you do not need to submit receipts for reimbursement – giving you more control and choice while helping to protect your savings and income.
You should consider this coverage if:
- You’re concerned your retirement income might not last for your lifetime if your health deteriorates and government programs are insufficient to meet your needs
- You want the financial resources to help you choose the type and level of care that’s right for you if you have an accident or need substantial care later in life as you age
- You want to protect your wealth and legacy from being eroded by the cost of care
Long term care insurance can help you:
- Bring care into your home so that you do not need to downsize or move to a facility right away
- Lessen the burden on care-givers and support your family financially if you are going to live with them if you need care
- Manage your care and expenses if you have an unexpected severe accident, at any age, that results in your needing substantial assistance from a family member or care-giver
2 types of long term care insurance to meet your needs:
Sun Long Term Care Insurance
- Protects against significant healthcare costs in retirement with the added security of protection against the impacts of severe illness or accident that can happen at any time
- This plan offers a weekly benefit of $150 to $2,300
- Shorter waiting periods of 90 or 180 days make it possible to begin receiving benefits sooner
- Provides a first-payment bonus to help with costs incurred during the waiting period
Sun Retirement Health Assist
- Protects against the healthcare costs specifically associated with the realities of aging in the later stages of retirement
- This plan offers a weekly benefit of $500 to $2,300
- Longer waiting periods of 1 or 2 years for a lower-cost alternative
Get long term care insurance
Step 1: Find an advisor
Talk to your advisor or find an advisor near you to help you select the right long term care insurance plan to ensure the best possible retirement. There is no cost to talk to an advisor.