Manulife Financial has introduced LivingCare long term care insurance, which includes a Shared Coverage option for couples.

“Canada’s aging population, increased life expectancy and need for elder care all suggest Canadians should account for long term care costs when they’re planning for retirement,” explains Paul Smith, vp of marketing and product development.

“LivingCare provides individuals and/or couples with the money required to help support quality care. Its unique Shared Coverage option for couples (married or common law) helps support quality care for one or both partners. This long term care insurance product provides a monthly income, whether the care is at the insured’s home or within a care facility.”

The person insured under the policy can use the monthly income as they choose to provide the services they need to remain at home. Services could include non-professional or professional in-home care services, home modifications or medical equipment. The monthly income amount doubles when facility-based care is necessary.

Manulife Financial says it consulted with colleagues in its U.S. operations, John Hancock, a company that has years of long term care insurance expertise.

In addition, the company says it focused on a number of key concerns among Canadians in developing the new product.

“We commissioned a survey that found Canadians are worried about long term care, not only for themselves, but also their partners,” adds Smith. “Fifty-seven pe rcent of Canadians between the ages of 35 to 75 reported they’re worried that their partners or they will need long term care and they’re concerned about their ability to pay for it. We developed LivingCare and, in particular, the unique Shared Coverage option for couples, in response to these concerns.”

The research revealed a number of long term care insurance issues that would motivate Canadians to purchase long term care insurance. Topping the list were: not being a burden to family, 82%; the option to choose where to receive care, 80%; and control over care decisions,76%.

Despite concerns about their ability to pay for future care, only 21 per cent of survey respondents said they accounted for long term care when estimating funds needed for retirement.