Calgary-based managing general agency (MGA) National Best Financial Network has launched a new website that lets Canadians compare quotes on long-term care (LTC) insurance.
The new comparison service, Canadian LTCi (www.canadianltci.ca), aims to help Canadians conduct objective research on LTC coverage before applying for a policy.
“This [service] is the first of its kind,” says Alex Stojanoff, vice president of sales and marketing with National Best Financial Network. “We are affiliated with all of the companies, therefore we can be unbiased. We work for the client, but we represent the carriers. So, this online portal was created to be a reflection of that unbiased nature.”
Individuals who visit the Canadian LTCi website must provide various details, such as their age, gender and postal code, to generate a detailed comparison of available policies. The comparison includes a review of each carrier’s financial strength, an analysis of each policy’s provisions and personalized premium estimates.
So far, the tool provides quotes from two of the country’s biggest LTC insurance providers: Toronto-based Sun Life Assurance Co. of Canada and Lévis, Que.-based Desjardins Financial Security Life Assurance Co. Canadian LTCi is in the process of adding other carriers.
If clients have questions or if they decide to proceed with an application, they can call the MGA to get in touch with a licensed insurance advisor.
“The idea is to provide an information portal, and then if they’re wanting to take the next step, then they would go to an advisor,” Stojanoff says. “It’s designed to be a low-pressure scenario just to support the Canadian consumer.”
Although demand for LTC insurance in Canada has been limited so far, Stojanoff says he expects that as the population ages and life expectancy increases, the product will become more popular.
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