Long-Term Care Insurance

Long-term care insurance helps to cover the cost of long-term care. This may be for reasons of age or early onset of debilitating illnesses. 

Long-term care insurance provides a weekly payment if you are unable to perform two of the six basic daily-living functions: bathing, dressing, toileting, transferring, continence and feeding.  Owning long-term care insurance is a way to have some or all of the costs associated with long-term care covered for a period of time, or for life.

Long-term care has some overlap with long-term disability insurance. The latter may provide ongoing income if you are unable to work, but it ends when you retire. Long-term care provides extra money at the time when expenses may rise due to the need for additional care, including at end of life.


  • As with all insurance products, you need to purchase it before you require it.
  • The premium rates are higher for older people.
  • Purchasing it at a younger age with a limited pay period will reduce the cost of the premiums.
  • Do you have sufficient income or assets to pay for home care, institutional care or private nursing? Or, do you want a supplementary source of income to cover these expenses?
  • Options exist to prepay (such as, prior to retirement)