Cincinatti, March 16, 2016 — A March 13th article in The New York Times, “How Wage Insurance Could Spur Innovation,” begins with the sentence, “Wage insurance may not be on your radar, but it should be.” For a growing number of Americans, it already is, thanks to IncomeAssure, private sector supplemental unemployment insurance underwritten by Great American Insurance Company.
While proposals from President Obama and others for government-backed wage insurance may never come to pass, IncomeAssure is already available in all states except Hawaii and Alaska. Combined with state unemployment benefits, it provides up to 50% of former weekly salary when an individual is involuntarily unemployed.
According to David Ferron, who manages Unemployment Risk Solutions at Cincinnati-based Great American Insurance Group, the proposals for federal wage insurance ignore the more immediate issue facing most Americans when they become unemployed — how to stay financially afloat while they seek re-employment.
“Today’s professional requires a financial cushion that realistically reflects his or her salary, and that’s what IncomeAssure delivers,” he explains. “Rather than a capped state benefit, we insure salaries up to $250,000 a year through IncomeAssure. It allows our policyholders to maintain their current lifestyle and pay their bills while unemployed.”
State unemployment insurance alone, which can be capped at less than $300 per week, is not enough to cover such household expenses as mortgage payments, tuition, or medical bills, notes Ferron. “IncomeAssure is the first and only direct-to-consumer supplemental unemployment insurance product available that allows families to meet critical payments and living expenses when a primary wage earner becomes unemployed.”
In a March 14th article in The Chicago Tribune, “How to Insure Yourself Against Job Loss,” financial reporter Terry Savage observes that with IncomeAssure, “What you are buying — as with all other insurance — is peace of mind. Like life insurance, disability insurance, or even long term care insurance, this coverage is something you hope you won’t use in the near future. But after all those sleepless nights worrying about your job, this new benefit is bound to give you a good night’s sleep.”
SterlingRisk, a U.S. top 40, privately-held insurance brokerage and services firm, is the managing general agent for IncomeAssure. For more information on IncomeAssure, visit www.incomeassure.com or call 1-888-428-3133. Coverage description is summarized. Refer to the actual policy for a full description of applicable terms, conditions, limits and exclusions.
About Great American Insurance Group
Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialty commercial products for businesses, and in the sale of traditional fixed and fixed-indexed annuities in the retail, financial institutions and education markets. Great American Insurance Company has received an “A” (Excellent) or higher rating from the A.M. Best Company for over 100 years (most recent rating evaluation of “A+” (Superior) as of March 20, 2015). The members of the Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG’s common stock is listed and traded on the New York Stock Exchange under the symbol AFG.
