Despite worries of failing health and long-term illness as they get older, most Canadian have never heard of long-term care insurance, says a new survey released today by RBC Insurance.

The survey, conducted by Ipsos-Reid, found that while 47% of Canadians are concerned about becoming a burden to someone when they get older, just half of them — 49% — had heard of long-term care insurance.

Long-term care insurance provides benefits to assist with the payment of health and personal care services for individuals who become unable to care for themselves.

“Our study shows people are aware of the potential health care costs associated with aging, but they haven’t explored the options available to prepare for that possibility,” said Kathryn Giffen, president and COO of the life insurance division of RBC Insurance in a news release. “The important thing is that professional advice and suitable products are available to help ease their worries.”

According to the survey, Quebecers (15%) are most likely to have long-term care insurance, followed by residents of Ontario (14%), Atlantic Canada (13%) Saskatchewan/ Manitoba (11%), Alberta (9%) and British Columbia (6%).

The study also found that women are more likely than men to be concerned about becoming a burden to someone when they get older.

The poll by RBC Insurance/Ipsos-Reid was conducted between May 22 and May 26 and is based on a randomly selected sample of 1,000 adult Canadians.

The survey found that among those who don’t already have long-term care insurance, the interest to know more about it is high. Sixty-two per cent of Canadians who have a financial advisor and don’t already have long-term care insurance think it is important to get advice on the subject.

“Assessing a client’s situation and educating them about long-term care insurance is just as important as advising them about retirement planning and life insurance,” Giffen said.

http://www.newswire.ca/releases/July2002/10/c3730.html