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Why you need Long Term Care Insurance

What is Long Term Care Insurance

Jack Bendahan your Toronto Life Insurance Broker discuses the growing need for Long Term Care Insurance in Toronto and how seniors facilities are showing up all over the place. He also discusses how this could impact you and your future and why it important to get this kind of life insurance protection sorted out before it too late. With seniors population growing rapidly the question on how much care they will need has already been answered. The statistic according to stats Canada states that as of 2019 the population will be roughly 20 percent seniors. Will the government be able to offer this care in in 20 years. Will you as as a son or daughter be able to shoulder the expense of having a parent in an old age facility needing round the clock treatment in many instances.

Long Term Care Insurance may seem like a last priority but if your in your 30’s and both your parents are still alive it is time to have a real conversation with them on who will be taking care of their needs when they are no longer able to. We are definitely living a lot longer but are we living better. The Statistics show that we are not, baby boomers will need help, with epidemic increases in cancers, dementia, Alzheimer’s, and the ability of older folks not able to complete 2 out of the regular daily living activities means that not only a facility catered to the elderly might be needed but quite possibly full time nursing might be on the menu. How will their children be able to afford these types of services, that likely will be less sponsored by the Canadian government as the seniors population is forecasted to grow to more then 20 per cent of the population. How will they be able to afford both their own children’s University tuitions which are also increasing along side the well being of their parents. It really is a serious discussion that should be discussed with your parents and even yourself. Long Term Care may not be on the agenda these days but I can almost forecast that their will be a mad rush as baby boomers head into no man’s land.  If none else I would advise learning about this product and how it works. Preparing for these predictable situations can make a huge difference in your quality and the quality of your parents life.

Contact Jack Bendahan for all your long term care need and to obtain a free long term care insurance quote.

 

Posted by Jack Bendahan.