Living to be 100 without even trying
(NC) Guess what, the Canadian population is aging and there's nothing we can do to stop it. In fact by 2056, Canada will be host to more than 64,000 centenarians. Stats Canada predicts that babies born in 2013 can expect to live to be over 100. As a result of this major demographic shift which is changing the landscape of the life insurance industry, Desjardins Insurance was inspired to create a product that is among the most flexible in Canada: A life insurance policy that offers additional income for insureds who require certain kinds of care.
Desjardins recognized that caregivers today are trying to juggle several important and sometimes conflicting responsibilities: their career, raising their family and caring for elderly parents. As they look ahead to their retirement and beyond, they want to make sure that their family isn't put through the same kind of stress. The new product combines life insurance with long-term care (LTC) support. This means that the life portion of the contract pays their estate a life insurance benefit and the LTC option provides a monthly benefit to insureds that require long-term or home care.
"People understand what life insurance is. But aging is something people are reluctant to talk about. That's why we chose to develop a product that would make sure insureds could afford the care they need while still leaving something to their loved ones," said Nathalie Tremblay, Health Products Manager at Desjardins Insurance.
Adapting to the changing cycles of life
"We all want to live to a ripe old age — mind you a healthy age. But even though we're living longer than we were fifty years ago, chances are most people will struggle with illness at some point in their lives," said Ms. Tremblay. “People's needs are changing along with changing life cycles. And while everybody talks about the aging population, the issues of loss of independence, home care and long-term care remain taboo.
Here are two samples of premiums for male and female non-smokers, aged 50 with no known medical conditions. Permanent life insurance of $50,000. With the Life/LTC option:
Permanent life insurance of $100,000.
For more information about this new product, speak to your insurance advisor. Or for more immediate answers, contact Desjardins Insurance through its website, www.desjardinslifeinsurance.com.
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