Simple Issue Long Term Care

  • Short form application with few qualifying questions that determine eligibility for coverage. Providing that the answers to the questions are all “No”, the policy is approved. No medical exam is required.
  • Provides a tax free monthly benefit for life if unable to perform 2 out of 6 activities of daily living (ADL) or suffer a cognitive impairment (referred to as dependency).
  • Once the policy is issued and in force, the coverage does not take effect until the later of: the policy anniversary date after turning age 65, or the 5th anniversary date (referred to as effective date).
  • Once effective, benefits are payable after satisfying the definition of dependency for 1 year, i.e. unable to perform 2 out of 6 ADL’s or having a cognitive impairment (referred to as waiting period).
  • If an eligible dependency begins before the effective date and continues beyond the effective date, the claim is payable after the effective date and the one year waiting period is satisfied.
  • Pays a benefit regardless of whether care is received in the home or in a facility.
  • No need to submit receipts for care while on claim.
  • Premiums are based on your age when the policy is issued and remain level for life i.e. rates do not increase with age.
  • Premiums are guaranteed for the first 5 policy years and can be changed thereafter on a class basis. If changed, the premiums are guaranteed for a further 5 years.  
  • Premiums are payable for life.
  • Premiums are waived if on claim.
  • Ability to add inflation protection which increases benefit payments by 3% each policy anniversary while on claim.
  • Built in Return of Premium on Death which refunds premiums paid if the insured dies before the effective date of the policy.
  • Ability to add the Optional Return of Premium at Death which refunds premiums paid upon the death of the insured after the effective date. The refund equals premiums paid minus any benefit payments received.

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

Additional Resources:

Rate Card


Sample Contract