Desjardins launches first-ever life policy including monthly benefit for home and long-term care

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Living to be 100 without being a burden

Lévis, QC (Sept. 13, 2013) – The population is aging. There’s no getting around it. By 2056, Canada is expected to be home to more than 64,000 centenarians, and studies show that babies born in 2013 can expect to live to be over 100.* This is all changing the landscape of the life insurance industry. It’s also what inspired Desjardins Insurance to develop Canada’s first-ever life insurance policy – Life LTC Advance – that offers additional income for insureds who require certain types of care.

Life LTC Advance provides insureds with financial assistance so they don’t have to worry about becoming a burden to their loved ones. The Life portion of the contract pays their estate a life insurance benefit, and the LTC Advance option provides a monthly benefit to insureds who require long-term or home care.

Today, natural caregivers are finding it hard to juggle all of their responsibilities: working, providing for their children and caring for their aging parents. This cohort doesn’t want to put their families through the same thing and is looking for solutions to end the cycle. Life LTC Advance can help insureds and their loved ones look forward to the future.

Adapting to the changing cycles of life

“We all want to live to a ripe old age, a ripe old healthy age, that is. 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,” says Nathalie Tremblay, Health Products Manager at Desjardins Insurance.

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. “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 Ms. Tremblay.

Life LTC Advance is distributed by Desjardins Insurance’s independent network. It is also available through the Desjardins caisse network as the Vision Accelerated Independence Option.

Sample premiums for male and female non-smokers, aged 50 (when the policy was taken out) with no known medical conditions.

Permanent life insurance of $50,000. With the Life LTC Advance option, an advance of 1% of the life insurance benefit, or $500/month, is paid out for insureds who are unable to care for themselves.

  Life insurance     Life LTC Advance  
Male $63 $70
Female   $53 $61

Permanent life insurance of $100,000. With the Life LTC Advance option, an advance of 1% of the life insurance benefit, or $1,000/month, is paid out for insureds who are unable to care for themselves.

  Life insurance     Life LTC Advance  
Male $107 $120
Female   $92 $108

Notes

* Data from Statistics Canada

About Desjardins Insurance

Desjardins Insurance has been offering a wide range of life and health insurance and retirement savings products to individuals, groups and businesses for more than a century. As one of Canada’s five largest life insurers, they oversee the financial security of over five million Canadians from offices across the country. Desjardins Insurance is part of Desjardins Group, the country’s leading cooperative financial group. Desjardins Insurance refers to Desjardins Financial Security Life Assurance Company.

SOURCE: Foresters