RBC Insurance has introduced an industry first with its new Family Compassionate Care Rider (FCCR), an option offered with select disability plans.
The rider was developed as a solution to an unaddressed need. In a recent poll of working Canadians, RBC Insurance found that two in 10 have had to take time off work to provide care for a loved one; only one in three said they could comfortably absorb the loss of income were they to take three months off work to act as a caregiver.
“Finding out that your spouse or child has been diagnosed with a terminal illness is devastating and the last thing you want to worry about is your finances," said Maria Winslow, senior director for Life & Health at RBC Insurance. “And while many Canadians have ways to protect their income in the event that they were to personally become sick, there has been no option for taking time off work to care for a loved one.”
With the FCCR, those insured under certain disability plans receive a monthly benefit, allowing them the flexibility to either take time off work completely or reduce their working hours. With that allowance, they will be able to support a spouse or child who is terminally ill or injured.
“The idea for this option actually came about after a colleague, who found out her child had cancer, needed to be home with her for an extended period to manage the care and treatment schedule,” Winslow explained.
“We've seen people unable to work or even manage their daily activities as they struggle to cope with their loved ones' diagnosis, and we wanted to develop a solution that helps alleviate some of that stress,” she said.