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 50% of your former salary through a combination of your state coverage and IncomeAssure benefits, instead of the smaller amount your state would replace alone.
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 50% of your 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.
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.
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. IncomeAssure is gap coverage designed to replace the difference between 50% of your former salary and the maximum benefit offered in your work state. In the event of involuntary unemployment, IncomeAssure benefits will supplement your state unemployment up to 50% of your former weekly salary. The maximum salary covered is $250,000. If you earn more than $250,000, your maximum amount of coverage and the associated premium will be based on the first $250,000 of your salary.
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.
Who underwrites and administrates IncomeAssure?
IncomeAssure is underwritten by Great American Insurance Company, rated "A+" (Superior) by A.M. Best (last affirmed February 21, 2014). Great American has been rated "A" (Excellent) or better by A.M. Best for over 100 years and was recognized as one of the 2013 "Ward's 50" top performing insurance companies. IncomeAssure is administered by SterlingRisk, a U.S. top 40, privately held insurance brokerage and services firm.
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.
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