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Life with Long-term care advance

In the case of death, a tax-free benefit will be paid to the beneficiary.

In the case of loss of independence as of age 65 or 10 years after the contract is issued, whichever is later, Long-term Care Advance pays a monthly benefit equivalent to 1% of the life insurance amount up to a maximum of $2,500. This monthly benefit is tax-free and is payable 1 month after a 90 day waiting period.

The life insurance amount is reduced by the Long-term Care Advance benefit amount. If the life insurance amount is $250,000 or less and the Long-term Care Advance benefit has been paid, the insured's beneficiary will never receive less than 25% of the initial insurance amount. Consequently, the maximum amount payable is 125% of the initial insurance amount. If the life insurance amount is over $250,000, the insured's beneficiary will receive a minimum of 25% of the first $250,000 and all insurance in excess of that amount.

Therefore, the life insurance with Long-term Care Advance is two permanent plans in one, under the same contract.

Features

Main features


 Whole Life Guaranteed 20 Pay + Long-term Care Advance
Life insurance amount The life insurance amount is reduced as monthly amounts are paid to the client.
Monthly amount Payable after the 90-day waiting period.
Complimentary assistance services

Based on their insurance coverage, complimentary assistance services are available at any time for your clients and their loved ones:

  • They can use them when times are good, or when times are bad.
  • 24/7 phone assistance service is also available.

* The assistance services are not a contractual obligation of Desjardins Insurance.

Competitive advantage

  1. This product is unique on the Canadian market; a competitor could hardly offer a better solution.
  2. You enable your clients to benefit from 100% of their life insurance coverage through their lifetime. These amounts can truly make a difference should they ever need daily care.
  3. Premiums are guaranteed.
  4. The underwriting for this product is no more complicated than life insurance. Clients accepted standard in life insurance will automatically qualify for Long-term Care Advance.

    Product description

    Basic life insurance coverage

    Long-term Care Advance is combined with Whole Life Guaranteed Pay 20

    Issue age (nearest birthday)

    • 0 to 59

    Monthly amount

    • 1% of life insurance amount
    • Minimum: $250 / month
    • Maximum: $2,500 / month
    • The monthly amount is guaranteed.

    Rate bands

    Monthly amount

    • $250 - $499,99
    • $500 - $999,99
    • $1,000 - $2,499.99
    • $2,500

    Coverage duration

    • Lifetime

    Premium

    • Level and guaranteed for lifetime and payable in 20 years

    Waiver of premium

    • As long as a monthly amount is paid, the premiums are waived on the Long-term Care Advance and on the first $250,000 of life insurance coverage. As this amount is 1% up to $2,500 per month, it is only linked with the first $250,000 of life insurance coverage. Consequently, only the premiums related to the first $250,000 could be waived.
    • If the client still requires long-term care after a period of 100 consecutive months, the premiums continue to be waived if the contract is not already paid-up.

    End of coverage

    When the first of the following occurs:

    • Death of the insured
    • Cancellation of either the life insurance or the Long-term Care Advance coverage

    Coverage option

    • Individual only

    Waiting period

    • 90 days

    Benefit period

    • The monthly amount is payable for a maximum of 100 months

    Underwriting

    • Individual consideration according to the conditions(s) disclosed by the insured. If the insured is not rated in life insurance, Long-term Care Advance will generally be accepted.

    Loss of independence definition

    The monthly amount is payable when the insured suffers a loss of independence and is unable to perform 2 of the following 6 activities of daily living without the help of another person:

    • bathing
    • dressing
    • toileting:
    • continence
    • transferring
    • eating

    or

    If the insured is suffering from a cognitive impairment that is endangering his/ her health or safety such as Alzheimer’s disease and other types of permanent senile dementia.

    Sales material

    To order, complete and submit the marketing supply requisition form.