Great American Insurance, a company based in Cincinnati, has announced that it is offering a new form of policy that can help to ensure that workers will be able to maintain at least half of their incomes should they be laid off.
This type of protection has the potential to assist hundreds of thousands of individuals in the middle- to higher-income group.
Aside from this new form of coverage, the primary option available to workers who have lost their jobs is to collect unemployment checks that will provide them – at the best of times – with a few hundred dollars per week. Employees who had been making $60,000 per year receive jobless benefits that are notably lower than half of their former income. Many of these individuals are forced to take on several part-time jobs or other employment that is under their qualifications because they need to make ends meet.
However, with the partnership between Great American Insurance, and the Assura Group of New York, coverage is available to people who buy these policies to make certain that they will receive at least half of their previous income when the amount that they collect is combined with their unemployment benefits, to a maximum former annual income of $250,000.
According to the chief executive at Assura, Leslie Nylund, joblessness is exceptionally common in the United States, and “This fills the gap in unemployment benefits. It takes the pressure off people and allows them to look for the right job.”
The product is called IncomeAssure, and it was first launched in August. It is now available in 34 states and it is geared toward individuals who are earning an annual income of $60,000 to $250,000.