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Showcase the Family Care Benefit
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.
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
Confidence and Compassion
A Note from Greg Ness, Chairman, President and CEO
At The Standard, we’ve been helping people achieve financial well-being and peace of mind since 1906. As the global health crisis continues to disrupt lives, communities and the economy, I am confident we’ll continue helping people when they need us the most. Our company has been through hard times and market volatility before and we will navigate through this challenge as well. As our customers face tremendous stress and uncertainty, we will continue providing support and stability to those who rely on our products and services.
This pandemic is tough on everyone. Our communities are hurting, our families and friends are distressed and some of our most vulnerable neighbors are at risk.
The crisis and the way we collectively respond to it will define a generation. We are rising to the challenge. I know every single employee at our company — along with staying focused on keeping our business running and serving our customers — is looking for ways to make a difference for those most affected by this pandemic. That’s proving true in businesses and homes across the community, the country and around the world.
Part of the tragedy of this disease is that even as we come together to help those most in need, the unique nature of COVID-19 is forcing us apart. We all understand the importance of —social distancing— to slow the spread, but we should remember that’s just physical distancing. I encourage you to find ways to safely connect with those in your neighborhood who may require extra help and with groups in your community that are making a difference and support them however you can. And now is the perfect time to reach out to friends and others and just check in.
To our health care providers, first responders and everyone selflessly setting aside their own fears and concerns to help others during this time — thank you hardly seems enough. These people are true heroes. This crisis reinforces how reliant we are on the many essential services we too often take for granted. We are grateful to so many for continuing to show up with focus and commitment.
We will get through this, especially if we are sustained by the examples of those who make us the proudest right now — family, friends, neighbors and colleagues working together — rather than allowing our fears to guide us. No matter how unsettled we may feel, remember we are not alone. There are so many people in this world trying their level best to help others. And I am certain we will get through this — together.
In times of crisis, we are defined by how we react. Let’s continue to be defined by compassion.
And to our customers, thank you for putting your trust in The Standard. What we sell is a promise to be there when you need us, and that promise is unwavering.
Be safe and well, and stay connected.
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.
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