Showcase the Family Care Benefit

October 27, 2021
Family Reading

This November, National Family Caregivers Month shines a light on the 53 million Americans providing unpaid caregiving. It’s a perfect time to talk to clients about Platinum Advantage’s Family Care Benefit. Exclusive to The Standard, it pays benefits if they must take time off work, and lose earnings, to care for a family member with a serious health condition.

The Statistics1 on Caregiving

 

These numbers show that family caregiving is widespread. And that caring for a seriously ill or injured loved one can be stressful.

  • 53 million U.S. adults provide unpaid caregiving
  • 61% of family caregivers also work
  • 38% report experiencing financial strain due to caregiving
  • 3 in 5 people say caregiving caused emotional stress

Your Clients Could Be at Risk

Your clients in the “sandwich generation” could be especially at risk. Often Millennials and Gen Xers are in the prime of their careers. At the same time, they’re more likely to be pulled from work by needing to care for children or aging parents — or both. In fact, one-third of parents with kids ages eight to 14 are dual caregivers responsible for an aging family member.2 And with the U.S. population older than age 65 expected to grow from 56 million in 2020 to over 70 million by 2030, the number of clients needing to care for elderly parents will only increase.3

Here’s How the Family Care Benefit Works

Imagine an executive’s spouse has terminal cancer. Or a marketing director’s child suffers serious injuries in a car accident, requiring an extended hospital stay.

In situations like these, many people would choose to spend time caring for their loved one regardless of the impact on their finances. However, a policy that provides benefits can help relieve the additional financial stress of income loss and medical expenses that might occur.

Here’s how the Family Care Benefit works. It:

  • Provides a benefit to the insured individual to replace income lost while caring for a family member with a serious health condition and working at least 20% fewer hours and earning at least 20% less income
  • Pays part of the basic monthly benefit, proportional to the loss of income
  • May be paid up to two times during the life of the policy for a maximum payout equal to six basic monthly benefits

Start the Conversation With These Tools

Illness or accidents can strike your clients or their loved ones at any time. Help provide your clients peace of mind with the Family Care Benefit. They’d know that if the unimaginable happened, they could focus on what matters most — caring for their families during a tough time.

Share the Family Care Benefit flyer or video to start the conversation.

1 National Alliance for Caregiving (NAC) and AARP Public Policy Institute. Caregiving in the U.S. 2020, based on data collected in late 2019 https://www.caregiving.org/wp-content/uploads/2020/06/AARP1316_RPT_CaregivingintheUS_WEB.pdf

2 Parents, Kids & Money Survey, T. Rowe Price, Jan. 2019, moneyconfidentkids.com/content/money-confident-kids/en/us/media/research/2019-parents-kids-money-survey-results.html

3 United States Census Bureau, 2017 National Population Projections Tables: Main Series, Accessed Oct. 4, 2021

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