How the Family Care Benefit Helps

November 20, 2019
It's a Family Benefit!

November is National Family Caregivers Month! Did you know about 43.5 million Americans provide unpaid care to a child or an adult?1

Family Caregiving

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.

Sales Insights