Traditional Long Term Care Insurance


  • A full application and phone interview with cognitive screening is required in order to qualify. Additional medicals could be required.
  • Provides a tax- free monthly benefit if unable to perform 2 out of 6 activities of daily living (ADL) or suffer a cognitive impairment (referred to as dependency).
  • Option to choose a benefit period of 2,5 years or lifetime.
  • Choice of 30, 90 or 180 day waiting period before benefits are payable.
  • Pays a benefit regardless of whether care is received in a facility or in the home.
  • No need to submit receipts while on claim.
  • Premiums are age based when the policy is taken out and remain level for the life of the contract. Premiums are discounted 10% as part of the Lerners Retirement Wellness Plan.
  • Premiums are payable for life. You can also select a 20 year payment period, where no further payment is required after 20 years and the policy remains in force for life.
  • Premiums are guaranteed for the first 5 years. The LTC policy is “guaranteed renewable” which means the premium can change but only if applied to all policies within the class.
  • “Paid up at Reduced Duration” available after the 10th policy anniversary, meaning that premiums can be discontinued and the monthly benefit remains the same but it is paid out over a shorter benefit period.
  • Premiums are waived if on claim.
  • Premiums are discounted 10% if coverage on a spouse is taken out at the same time.
  • Ability to add Return of Premium at Death and a Cost of Living rider in which the monthly benefit is increased every 3 years to age 80, without evidence of health, by the CPI to maximum of 3%.

This summary serves as a guide only.   See the contract for full details.


Additional Resources:

Life Pay Rate Card

20 Pay Rate Card

Plan Highlights

Sample Contract