Long Term Care Insurance

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Long Term Care Insurance

Normally, the term life insurance option in Canada helps such individuals to cover the cost of home care, assisted living, adult daycare, respite care, hospice care, nursing home and Alzheimer's facilities. An individual also has option to buy home care coverage to meet the cost of home care right from the first day. The insurer will further pay for a visiting or live-in caregiver, companion, housekeeper, therapist or private duty nurse. Based on the maximum policy benefit, the insured can avail the facilities 24 hours a days and 7 days a week.

Distinct benefits of Long-term Care insurance:

  • Many individuals want to avail the required long-term care without depending on their family members. The term life insurance plan will help such individuals to cover out-of-pocket expense. The insurance coverage will further help them in availing long-term care beyond a predetermined period without depleting the individual’s or family’s savings.
  • The amount paid by an individual towards term life insurance premiums is further eligible for income tax deduction. However, the amount of income tax deduction will vary based on the age of the covered person. Generally, premiums paid under long-term care contract are eligible for full income tax deductions.
  • Like individuals, a business can also avail term life insurance. However, the premiums eligible for business deduction will be determined based on the nature and type of the business. If the employer is paying insurance premium for an employee, the amount 100% deductible if the same is not included in the employee's taxable income.

Custom Benefit Solutions is at your services 24 hours for 365 days. We have our offices in different provinces of Canada. If you can't get in touch through our local number, give us a call on Toll Free number and our representative will guide you to provide the best possible Insurance at lowest possible premiums. Thank you for visiting Custom Benefit Solutions website and searching our contact address. Nobody likes to think about Life Insurance yet its one of the most important thing you should get in your life. Life Insurance will provide a lump sum payment equal to the policy limit upon the death of the person whose life is insured. Payment of the life insurance proceeds is made to the policy beneficiary. The beneficiary of the life insurance policy may be the spouse, children, employer or estate of the insured person, or some other designated person or organization.