IncomeAssure FAQs

How are the premium rates determined?

Rates are determined by a number of factors. These include the state where you work, the industry of your employer, and your salary. Rates are also set based on the coverage plan you choose and a combination of state and national unemployment statistics.

How long will I receive IncomeAssure payments after I lose my job?

IncomeAssure aligns with the state unemployment benefits system, which pays out benefits for 26 weeks. IncomeAssure pays up to 24 weeks of benefits in this 26-week state period, with a mandatory elimination (waiting) period of two weeks for any new claim. IncomeAssure does not pay supplemental benefits after those 24 weeks, even if government benefits are extended.

Can I make a claim right away?

No, there is a six-month initial waiting period from the effective date of your first policy. If you become unemployed during this period, you will not receive any benefits and your policy will be cancelled; however, we will give you a refund of the premiums you have paid, so there is no risk to you.

Can my spouse or partner and I both buy policies?

Yes. As long as you each meet the eligibility requirements on an individual basis, you both may purchase policies. Also, there is no maximum number of adults that may be covered in a single household or extended family.

How does buying IncomeAssure help me?

IncomeAssure can help you achieve financial stability in the event you lose your job. It can be difficult to meet basic living expenses and financial obligations, including education and healthcare, on state unemployment benefits alone. Though state unemployment systems are designed to replace 50% of a worker’s lost income, state benefits are capped at a fixed dollar amount that varies by state. As a result of low caps in most states, state unemployment compensation typically does not replace 50% of the salary of workers earning in excess of $50,000 per year. IncomeAssure closes the gap between state unemployment benefits and your prior salary so that, if you become unemployed, you are still able to meet your short-term financial obligations, without exhausting your personal and retirement savings.

How much is the premium?

On average, premiums are less than 1% of gross annual salary (trailing 12 month salary, bonus and commission) and depend on your work state, industry, salary and the selected coverage. For example, if you make $75,000 per year, your policy could cost less than $50 per month.

What is supplemental unemployment insurance?

Supplemental unemployment insurance provides financial stability by replacing a portion of your salary in the event you lose your job. IncomeAssure is supplemental unemployment insurance. If you lose your job, you will still receive your state benefits plus IncomeAssure benefits.

What is the maximum IncomeAssure benefit period?

IncomeAssure is supplemental to state unemployment systems which generally pay benefits up to a maximum period of 26 weeks. There is a minimum two-week elimination period for any new claim; therefore the maximum IncomeAssure benefit period in most states is 24 weeks. However, you may tailor a shorter benefit period to suit your needs. IncomeAssure does not pay additional supplemental benefits after state benefits have been exhausted, even if you access the federal extended unemployment benefits.

What is the maximum amount of coverage?

Maximum individual state unemployment benefits in the U.S. average approximately $420 per week, but can be as low as $235 in some states. In the event of involuntary unemployment, IncomeAssure benefits will supplement your state unemployment. The maximum salary covered is $1,442 per week. If you earn more than that your maximum amount of coverage and the associated premium will be based on the first $1,442 weekly salary.

Will you contact my employer?

We will not contact your employer regarding your decision to purchase this insurance policy unless a job loss has occurred.  We do research employers and if we determine that your employer has announced layoffs or restructuring right before you bought a policy we have the right to cancel your policy.

 

Are benefits taxable?

If paid, Supplemental Unemployment Benefits are considered accession of wealth and are taxable according to the IRS.  A 1099 MISC will be provided to the insured for the benefits that are paid from this insurance policy.  The premium paid for IncomeAssure policy may be tax deductible, inquire with your tax advisor. 

 

Can I claim wages for multiple employers?

No. If you have multiple employers, you can only insure wages from one employer.  Any income from the other employer(s) should not be considered in annual wages for the first employer.

Who underwrites and administrates IncomeAssure?

IncomeAssure is underwritten by Great American Insurance Company, rated "A+" (Superior) by A.M. Best (last affirmed August, 11 2017).  Great American has been rated "A" (Excellent) or better by A.M. Best for over 100 years and was recognized as one of the 2014 "Ward's 50" top performing insurance companies. IncomeAssure is administered by SterlingRisk, a U.S. top 40, privately held insurance brokerage and services firm.

How do I qualify for IncomeAssure?

It’s quick and easy. First, go to IncomeAssure.com and get a quote in just seconds. If the quote works for you, simply click the “Go” button to proceed to the online application. The application takes just minutes to complete and no supporting documentation is required to purchase a policy.

Key underwriting criteria include:

  • Currently employed
  • Haven't been given notice of unemployment 
  • Recency of unemployment or collection of benefits
  • Minimum salary (varies by state)
  • Currently employed on a full-time (i.e., 30 hours) W-2 basis with current employer for at least six (6) months

** Senior level managers such as; CEO, CFO, COO & CIO or anyone with partial ownership in thier employer are excluded.