Lévis, Que.-based Desjardins Insurance launched its Life LTC Advance product on Thursday. The product is the first life insurance policy to include a monthly home and long-term care benefit, according to Desjardins.
The new product will pay out the insureds life insurance benefit upon death as well as providing a monthly benefit should the individual require long-term or home care.
Desjardins says it developed the product to meet the needs of a Canadian population that can expect to live longer. By 2056 there will be 64,000 centenarians living in Canada, according to Statistics Canada, a statistic that Desjardins says is changing the landscape of the life insurance industry.
“People understand what life insurance is. But aging is something people are reluctant to talk about,” said Nathalie Tremblay, health products manager, Desjardins Insurance, in a release. “That’s why we chose to develop a product that would make sure insureds could afford the care they need while still leaving something to their loved ones.”
Life LTC Advance is distributed by Desjardins Insurance’s independent network. It is also available through the Desjardins caisse network as the Vision Accelerated Independence Option.