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Long term care insurance

What is long term care insurance?

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 may want to consider this coverage if:

  • You’re concerned your retirement income might not last for your lifetime if your health deteriorates and government programs are insufficient to meet your needs
  • You want the financial resources to help you choose the type and level of care that’s right for you if you have an accident or need substantial care later in life as you age
  • You want to protect your wealth and legacy from being eroded by the cost of care

Long term care insurance can help you:

  • Bring care into your home so that you do not need to downsize or move to a facility right away
  • Lessen the burden on care-givers and support your family financially if you are going to live with them if you need care
  • Manage your care and expenses if you have an unexpected severe accident, at any age, that results in your needing substantial assistance from a family member or care-giver

Tools & Resources

Policy change notice

Related products

2 types of long term care insurance to meet your needs:

Sun Long Term Care Insurance

  • Protects against significant healthcare costs in retirement with the added security of protection against the impacts of severe illness or accident that can happen at any time
  • This plan offers a weekly benefit of $150 to $2,300
  • Shorter waiting periods of 90 or 180 days make it possible to begin receiving benefits sooner
  • Provides a first-payment bonus to help with costs incurred during the waiting period

Learn more about Sun Long Term Care Insurance

Sun Retirement Health Assist

  • Protects against the healthcare costs specifically associated with the realities of aging in the later stages of retirement
  • This plan offers a weekly benefit of $500 to $2,300
  • Longer waiting periods of 1 or 2 years for a lower-cost alternative

Learn more about Sun Retirement Health Assist

How will your needs change in retirement?

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.

Learn more about the 5 stages of care

Get long term care insurance

  • Step 2
    Meet with your advisor

    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.

  • Step 3
    Apply for coverage

    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.