Sun Life Financial Canada is enhancing its long term care offering. The insurer says it is expanding its Long Term Care Insurance (LTCI) specialist distribution channel from 130 to 200 specialists by the end of 2005, and introducing LTCI sales manager and training manager roles to provide further support to specialists.

It is also investing in technology to automate LTCI application, policy issue and administration systems.

“As the population ages, Canadians are increasingly concerned with protecting their retirement savings and ensuring they can afford the kind of care they desire,” said Mark DeTora, Sun Life Financial Canada’s senior vp, individual insurance and investments, in a release. “We continue to invest in the Specialist distribution model that has been so successful in helping Canadians address their future needs for care.”

Sun Life Financial Canada ended 2004 with 71% market share of new Canadian sales for LTCI, according to newly released LIMRA survey results. The insurer attributes its success to the combination of its unique LTCI product and its Long Term Care Insurance Specialist distribution channel.

Sun Life Financial says it is the only company in Canada offering an LTCI product that provides an income stream allowing the insured to choose the amount and quality of care, whether the money is used to cover the cost of staying in a long term care facility, hiring in-home nursing care, or compensating a family member for providing care.

Sun Life Financial’s Clarica sales force refers clients to the Company’s LTCI specialists, and Sun Life Financial also has a referral agreement in place with Investors Group, enabling its consultants to refer clients to LTCI Specialists across Canada. The specialists provide expertise on health care issues, the range of private and public care options available in their region, and the features and benefits of LTCI.

“Long term care insurance is a critical aspect of protecting savings and meeting financial needs for our clients, since the cost of care can quickly erode retirement savings,” said Darlene Normandeau, VP of Investors Group Insurance Services. “This product has been successful because the Specialists really understand long term care, and because the income stream it provides makes it the only product in Canada that offers such flexibility in care options. Clients appreciate that flexibility.”

“Clarica Advisors value working with the specialists, because the specialists have demonstrated their expertise in the way they work with clients and allow advisors to focus on their core businesses,” said DeTora. “The partnership is mutually beneficial and the product is top-notch. That’s a powerful combination.”