Long-term-care insurance a flop

Canada’s insurers face an uphill battle selling long-term-care insurance, and they’ll have to try harder to persuade me.We all know there’s a chance we will eventually need help to perform normal activities of daily living.But the cost of insurance to pay for someone to help us bathe, eat, dress, use the washroom or move from bed to a chair is high.We would have to be incapable of doing two of those things for more than three months before we would collect a cent from one of these insurance policies.And I have yet to see a private insurer provide the detailed analysis it would take to persuade me that my wife and I should fork out nearly $5,500 a year from our pension income to maintain such coverage.Manulife Financial has recently announced what it says is a unique shared-coverage option with the company’s LivingCare policy that would save couples money compared with two separate policies, but only about 10 per cent.

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