The Standard is a marketing name for Standard Insurance Company (Portland, Oregon), licensed in all states except New York, and The Standard Life Insurance Company of New York (White Plains, New York), licensed only in New York. Products and availability vary by state and are solely the responsibility of the applicable insurance company.
How the Family Care Benefit Helps
November is National Family Caregivers Month! Did you know about 43.5 million Americans provide unpaid care to a child or an adult?1
What are the chances your clients will need to take time away from work to care for a loved one? Consider these statistics:
- 16% of Americans age 15 and older provide unpaid care to an elderly person. Of these caregivers, 20% also have children they care for.2
- 14.6 million Americans are balancing full-time jobs with their caregiving responsibilities.1
- 60% of working caregivers must cut back hours or find some sort of work accommodation.1
The “Sandwich Generation” is More at Risk
Do you have clients in the “sandwich generation” — those who have both children and aging parents?
These clients face the possibility of caregiving obligations for both. They need income protection that will kick in if they take time from work to care for a loved one with a serious health condition.
How the Family Care Benefit Helps
The Family Care Benefit3 pays a benefit when the policyowner reduces work hours — and income — to care for a spouse, parent or child with a serious health condition. This benefit is exclusive to The Standard.
Imagine these scenarios:
- A chief financial officer learns his wife has been diagnosed with terminal cancer. The executive reduces his hours and pay for a period of time to care for his wife — and to spend as much time as possible with her.
- A marketing manager’s teenage son suffers serious injuries from a car accident, resulting in an extended hospital stay. She cuts her work hours and pay so that she can be by her son’s side as he recovers.
In situations like these, many people would choose to spend time caring for their loved one regardless of the impact on their finances. Caring for a seriously ill or injured loved one can be stressful enough. The Family Care Benefit can help relieve the financial stress of taking time away from work to help care for a loved one.
Share the Family Care Benefit video with your clients to highlight the importance of income protection.
1 Caregiving in the U.S. 2015, National Alliance for Caregiving and AARP Public Policy Institute.
2 Unpaid Eldercare in the United States, Bureau of Labor Statistics, Sept. 20, 2017.
3 The Family Care Benefit is not available in Connecticut or New York.
Jared's Story: Time for Family
Age: 36 - Occupation: pediatrician - Married, one child
How the Family Care Benefit provided the ability to care for a loved one
Jared's daughter was born with a heart defect. They visited multiple specialists to diagnose the condition and determine the appropriate treatment. Then his daughter underwent surgeries, hospital stays and months of follow-up appointments. Benefits from Jared’s Platinum Advantage policy helped make up for the income lost when Jared spent time away from work to attend physician appointments and to be with his daughter in the hospital and throughout her extended recovery — providing peace of mind during a trying time.
Supportive Office Equipment
Age: 42 - Occupation: accountant - Married, no children
Assistance on the road to recovery through a rehabilitation program
Jody's role as an accountant at a small firm requires a lot of computer work. After sustaining a serious back injury from a car accident, Jody was totally disabled under her Platinum Advantage policy. Jody’s doctor recommended she purchase assistive equipment to help her work comfortably at her desk without aggravating her condition. She was able to return to work full time after participating in a rehabilitation program in which expenses for a sitstand desk and other ergonomic accommodations were paid for under her Platinum Advantage policy. These modifications helped ensure she could return to work safely, without hindering her recovery.
David's Story: Starting a Medical Career
Age: 33 - Occupation: dermatology physician - Single, no children
Benefits that match career growth through the Benefit Increase Rider
David is completing his dermatology residency and just accepted an offer at a private practice. Before the end of his residency, he purchased a Platinum Advantage policy that included the Benefit Increase Rider, knowing his income will rise significantly after he starts his first post-residency job. The benefit also will allow his policy to grow with him as he progresses in his career and receives additional salary increases. David values the fact that his coverage going forward will match his developing career.
Jason's Story: Accidents Happen
Age: 35 • Occupation: orthopedic surgeon • Married, two children
Finding work in a new occupation with the Own Occupation Rider
Jason injured his right hand in an accident and was unable to return to his job as an orthopedic surgeon because he couldn't perform surgery. Due to his medical training, he was able to return to work as a family medicine physician. Jason was considered totally disabled in his regular occupation as an orthopedic surgeon — even though he earns an income from another occupation as a family medicine physician — because of the own occupation definition of total disability included in his Platinum Advantage policy. Because of this, he receives the policy's full basic monthly benefit, in addition to the income he receives in his new position.