Disability Insurance is designed to protect against income loss due to an insured’s injury or sickness. But what happens if they need to take time off work to care for a loved one who is seriously ill — such as a child, spouse or parent?
More than 65 million U.S. adults provide care for a loved one – and many of these caregivers must strive to balance their commitment to helping those they hold dear with work responsibilities.
The Compassionate Family Care Benefit included with a DI Protection Plan is designed to help pay the bills if income is reduced due to missing work while coping with a loved one’s serious health condition. And it’s available with an Individual DI policy – at no extra cost.
Remember the 20/20 Guideline – the insurance carrier will pay the Family Care Benefit (after the benefit waiting period) if your client works 20% fewer hours, resulting in an income loss of 20% or more.
For more details, contact your Disability Income Specialist.
i. The lost income must be the result of taking time off work to care for a family member who has a serious health condition caused by injury or sickness. The benefit waiting period will begin on the first day of the family member’s serious health condition.
ii. Insureds don’t have to work fewer hours or lose income during this period. Family member includes a parent, spouse, domestic partner or child (including an adopted child, stepchild and child of a domestic partner). Qualifying for the benefit requires documentation of insured’s income and employment – and will need to show that a family member has an eligible serious health condition and is experiencing one of these situations: receiving inpatient care in a hospital, hospice or residential medical care facility, requires substantial supervision due to severe cognitive impairment, is unable to perform two or more activities of daily living without hands-on or standby assistance or is terminally ill with a condition that is reasonably expected to result in a death within 12 months.
iii. The serious Health Condition must be caused by an injury or sickness that first occurs or manifests itself after the Policy Effective Date and before the Termination Date
iiii. Not available in all states
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