Long Term Care Insurance Case Study
From: Aadit Sheth, Leading Life Insurance Company
Subject: Long Term Care Insurance
I am writing to inform you about a new insurance product which I learnt about at the conference I attended last week, as a representative from our firm. The insurance product is actually very innovative and I was amazed at how useful this product would be for our firm as it could enable us to attract a great number of customers. The product is called ‘Long Term Care Insurance’ and as the name suggests, this insurance product protects a person’s financial resources if something happens to their health in retirement. This product basically aids the elderly should they face any form of health disorder …show more content…
Also, last week I came across this statistic, which illustrated that Canada’s life expectancy in 2015 is 81.76 years at birth compared to 77.32 years at birth in 1992; this implies Canadians are adopting healthier lifestyles which shall allow them to live longer. As people tend to live longer, they tend to acquire some form of age-related medical issue which would then need to be funded as they would fall short in performing all six activities of daily living. Hence, I feel through the long term care insurance one can be aided through the services mentioned above.
Moreover, by obtaining the policy one is refrained from seeking assistance from family and friends, which could be an obligation. Family and friends could aid up to a certain amount, however there is a limit. Visits to the nursing homes, assisted living-centres and home care are quite expensive and one can not predict their stay at one of the above places. Long stays and usage of the services at these places is very costly and through our new product we can alleviate the mental stress one would face regarding their future