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The next big thing in living benefits is…?

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Life Health Professional | 27 Jul 2015, 12:00 PM Agree 0
Provincial health care doesn't cover it yet growing demand for that coverage translates into the single biggest opportunity for newbie advisors, according to one seasoned pro.
  • Peter | 27 Jul 2015, 01:17 PM Agree 0
    LTC will have a difficult time catching on in Canada for a number of reasons ......
    1. There are very few employees working in insurance companies who have the technical expertise and marketing capabilities to properly train insurance advisors and these same companies are very reluctant to contract this training to outside experts.
    2. The mentality in Canada is that the gov't will look after people needing LTC
    3. By the time a person realizes at a later age that they need to buy LTC coverge the premiums are very expensive
    4. Premiums cannot be used as a tax deduction as in the US
    5. Premiums are guaranteed for only the 1st 5 years of the policy. Chance are 15 to 25 years down the line, when an individual may really need the policy, the premiums will be unaffordable to keep the policy inforce for people on a fixed retirement income.
    6. Middle class Canadians simply cannot afford LTC after they already purchased home insurance, car insurance, life insurance, disability insurance, critical illness insurance, business overhead insurance, partnership buy-out insurance, etc. Not ot mention pay the mortgage, buy groceries, clothing, kid's activities and university tuition. Where is the money to buy LTC?
    7. Underwriting is extremely picky even for people in the mid 40's to late 50's
    Not sure where the growing demand is from the consumers. The banks and insurance companies are the ones trying to unsuccessfully create the demand.
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