1. Product Name: Caregiver Support Insurance
2. Populations it would protect: Family caregivers at risk of underperforming or losing their jobs due to conflict with their caregiving obligations.
3. Impacts this product / service will protect against: Protect caregivers from loss of income or loss of job due to their inability to work or to satisfy the work demands of their employers.
4. Trigger event that would result in a claim: Formal warning notice from an employer of impending job loss, or actual job loss. Or when making alternative caregiving arrangements costs the policyholder more than a set monthly threshold (determined when the policy is written or renewed).
5. Scope and nature of the insurance response: Policy would provide up to $1000 or a suitable amount to cover the costs of arranging alternate caregivers (e.g., professional home aides). Policy would provide a care advocate or manager to help policyholder find reliable and qualified caregivers, e.g., through partner home aide staffing companies.
6. Why this would be a compelling product: Over 50 Million Americans are unpaid caregivers, and their jobs and financial security has been further imperiled by the economic contraction. 70% of working caregivers suffer work-related difficulties due to their dual roles. 6 out of 10 (61%) caregivers experience at least one change in their employment due to caregiving such as cutting back work hours, taking a leave of absence, receiving a warning about performance/attendance, among others. 49% arrive to their place of work late/leave early/take time off, 15% take a leave of absence, 14% reduce their hours/take a demotion, 7% receive a warning about performance/attendance, 5% turn down a promotion, 4% choose early retirement, 3% lose job benefits, and 6% give up working entirely. [National Alliance for Caregiving and AARP. (2015). Caregiving in the U.S.].
The insurance policy writer can leverage economy of scale because of the 50 Million Americans who are unpaid caregivers. It can also partner with companies (Alison, others) that are ramping up home health aide training programs, for a mutually-beneficial relationship.
7. Product could be sold directly to caregivers via online sales or an app. Product could also be provided as an employee benefit through employers. It can also be through a partnership with local government or community organizations. It can be promoted through affinity organizations like the AARP or church groups. When veterans are involved, the Veterans Administration can be a partner and a funder.