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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 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 will likely require care in retirement, to some degree, as you age and your health changes. The level of healthcare and personal assistance you need – and the cost to meet those needs – typically increase over time and go through 5 stages. Understanding these stages and how they change over time can help you plan for the future.
To get the most out of the meeting with your advisor, take some time beforehand to think carefully about what you want to achieve. And because your advisor will need additional information to help recommend the policy that’s right for you, get together some basic information about your income, assets and liabilities.
Your advisor will handle the paperwork for you. You’ll need to submit an application for a policy that will be evaluated by the insurance company. This may include answering a personal history questionnaire and, depending on your age, completing a telephone or face-to-face interview including a memory exercise.