Would You Rather Your Kids Be Your Kids or Your Caregivers?
Most Canadians say they want to age in place in their own homes, surrounded by comfort and familiarity. The real question is, how will you pay for it — and who will carry the load if you cannot? Retirement living comes at a steep price. Government long-term care requires an application and in Ontario there are more than 48,000 people already waiting to get in. At the same time, the ratio of working adults to retirees has dropped steadily, from over 7 in the 1970s to about 3 working-age people for every senior today, with projections showing that number will fall even lower in the years ahead. What does that mean for you? It means fewer workers paying taxes to support a growing wave of retirees. It means less money flowing into the healthcare system at the very time demand is going up. In simple terms, there will be more people needing care and fewer people contributing to pay for it. So ask yourself: would you rather your kids stay your kids, or become your caregivers? Would you rather your spouse remain your spouse, or be forced into the role of caregiver? That is the whole idea behind what I call the Family Caregiver Reimbursement Plan. Money you can use twice
The tool behind it is a properly designed cash value life insurance account. It is the only money you can use twice.
- First, while you are alive, to draw from tax free and pay for the care you actually want.
- Then, when you are gone, to replenish itself and leave a legacy for your family.
These are what I call double-duty dollars. They protect your lifestyle now and protect your legacy later.
Control and dignity in your care
With this plan in place, you have the flexibility to hire professional caregivers or even compensate family members who step in to help. That means you get the quality of care you deserve and your loved ones can stay in their roles as spouse, son, or daughter rather than unpaid caregivers forced to sacrifice their own lives. And here is the difference compared to relying on savings. With the Family Caregiver Reimbursement Plan, the money you spend does not disappear. At the end of your life, the account replenishes itself through the insurance benefit, creating a legacy that rewards your family for their support.
The choice is simple
Would you rather control the kind of care you receive and where you receive it, or leave those decisions to a system already under strain? Planning ahead gives you freedom, dignity, and peace of mind. You can secure the care you want, ease the burden on your family, and still leave behind the legacy you worked so hard to build. If you’d like to see what this could look like for you, just get in touch.
Andy Kovacs helps business owners and families achieve financial security. Featured in The Globe and Mail, Cottage Life Magazine, CTV, and Radio 640 Toronto, his expertise stands out. He believes offence makes the highlight reel, but defence wins championships—ensuring you’re ready for life’s financial moments of truth.
He is also President of Moments of Truth Insurance Services, a Sun Life advisor, and proud sponsor of the Markham Board of Trade’s Breakfast Networking Series.
🌐 www.sunlife.ca/andy.kovacs ☎️: (289)-818-1741 📧: andy.kovacs@sunlife.com Andy Kovacs President, Moments of Truth Insurance Services | Sun Life
