Red Bull insurance

Have you ever watched extreme sports on You Tube or TV? Have you ever seen them get hurt? They may be candidates for long term care insurance (LTC). Most people’s reaction is to automatically assume the discussion is about caring for the elderly. In this article I will explore more about what it is and where it may fit.

LTC insurance pays a monthly benefit to an insured who is unable to perform at least two of the six activities of daily living without assistance. The activities of daily living are bathing, dressing, toileting, transferring (bed to chair or vice-versa), continence and eating. It also pays a benefit in the case of cognitive impairment. Anyone who has been in a serious accident, taken a bad fall on the ski slopes, or suffered a debilitating illness or condition could probably have received a benefit from an LTC insurance policy if the condition lasted longer than the waiting period of the contract.

LTC contracts are similar to disability income policies in that they pay a regular benefit if an individual is disabled. While we are working, many of us rely on disability insurance either through an individual policy or an employee benefit program to protect us in the event we cannot earn income if we become disabled. There are limitations on the qualifications and maximum limits that you may purchase. A popular strategy is to top up personal disability coverage with long term care coverage. It is also important to note that the amount of LTC coverage one qualifies for is not based on earned income.

LTC coverage is very reasonably priced at younger ages and with 20 pay options available the policy can be fully funded before the age when many people’s thoughts turn to this type of insurance. LTC coverage is easier to obtain when younger and coverage continues beyond the average lifespan of a long term disability plan, making it a good protection vehicle for your entire lifetime.

Why should a person between the ages of 30 and 50 consider LTC? If you are an active person into extreme sports such as skiing or snowmobiling and have a serious accident, it is possible you will be recuperating for several months and needing assistance to do the activities of daily living, you may be eligible for claim.

Locally, there is an adventure race called the Medicine Hat Massacre on May 13. It combines hiking, mountain biking and kayaking in an eight-hour race. I have done the race a couple of times and know that in those conditions and intensity, injuries can occur. I wish everyone the best and hope that nobody has to kick in their long term care insurance.