(Image source: IIR.)
Transamerica (Cedar Rapids, Iowa) is expanding its relationship with Empathy (New York) to make Empathy Caregiving Support available to eligible policyholders and beneficiaries.
Ron Gura, Co-Founder and CEO, Empathy.
The offering is designed to help individuals and families manage caregiving decisions, coordinate family responsibilities, access services and resources, and navigate practical and emotional challenges while caring for a loved one, according to an Empathy statement.
Transamerica will be the first insurance carrier to offer Empathy Caregiving Support, which is expected to launch this fall. The service will complement Empathy LifeVault, Empathy Loss Support and Empathy Connect, which Transamerica made available earlier this year.
“Caregiving rarely announces itself,” comments Ron Gura, Co-Founder and CEO, Empathy. “It often arrives gradually, leaving families to navigate new responsibilities while managing everything else life demands of them.”
Gura says Empathy’s work with Transamerica is intended to support families before, during and after difficult life events, with Caregiving Support extending that assistance earlier in the process.
Support Before and After Loss
Empathy Caregiving Support combines technology-enabled guidance with human support to help caregivers access information, coordinate responsibilities and connect with services during the caregiving process.
The companies cite research from AARP and the National Alliance for Caregiving that more than 63 million Americans serve as unpaid caregivers, with caregiving responsibilities lasting an average of five years. They also cite the U.S. Department of Health and Human Services’ Administration for Community Living for the statistic that nearly 70 percent of people turning 65 will need some form of long-term care.
Andrew DeMarco, Head of Life Solutions, Transamerica.
“Support should be available across a range of life events, not only after a loss has occurred,” comments Andrew DeMarco, Head of Life Solutions, Transamerica. “Adding Caregiving Support to our work with Empathy builds on the family-focused resources already available through Transamerica and helps address the realities many caregivers face every day.”
The expanded relationship also supports Transamerica financial professionals through Empathy Connect, which is designed to help advisors support families before, during and after difficult life events.
Caregiving Support will be available to Transamerica Long Term Care policyholders, as well as Transamerica Financial Foundation IUL policyholders in California, according to the statement.
Empathy provides technology and human support for bereavement, estate management, legacy planning, caregiving, leaves of absence and related life events. The company says it serves more than 50 million policyholders across the U.S., Canada and the U.K.
Transamerica provides life insurance, retirement and investment products and services. The company is part of the Aegon group of companies.