Long-term care insurance (LTC or LTCI), an insurance product sold in Canada, helps provide for the cost of long-term care beyond a predetermined period. Long-term care insurance covers care generally not covered by health insurance.
Individuals who require long-term care are generally not sick in the traditional sense, but instead, are unable to perform the basic activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking.
Generally there are two types plans that cover payment either in a long term care facility or payment while you recieve care, continuing to live in your own home. You may also buy combined coverage.
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Non-Cancellable Policy: A health insurance contract provision where the insurance company can neither cancel coverage nor vary the premium rate specified in the contract. Policies specify, at the time of purchase, the length of time the coverage is non-cancellable and guaranteed renewable.