Income Assure


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Information on the Income Assure program mentioned during the 9th Annual Police Officers' Credit Union Conference in Chicago.

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Income Assure

  1. 1. Contrary to popular belief, stress can be alleviated. Peace of mind is now for sale.
  2. 2. While few of us relish jumping out of bed in the morning to go to work, the prospect of having no work to go to is far worse. Instead, imagine going into work every day knowing that if the worst occurs, and you get laid off, you will still be able to pay your bills and take care of your family. That is true financial security. That is peace of mind. That is IncomeAssure. With IncomeAssure, you can insure up to $250,000 of your annual income against the risk of job loss. If you become unemployed, you receive a total of 50% of your former salary, because IncomeAssure supplements the state unemployment check by whatever amount necessary to reach half of your former income. Thus, state benefits + IncomeAssure = 50% of your prior income.In today’s reality, no one is safe.We all know people whose financial and emotional liveswere devastated by unemployment. The house was lost.The marriage suffered. It’s in the headlines and ourneighborhoods every day. And in today’s economicclimate, no one is immune.That is why we developedIncomeAssure. We knew that theaverage government unemploymentbenefits of about $60 a day are notenough. Could your family live on that?We provide financial security for yourfuture, so you have emotionalwellbeing today.
  3. 3. Megan, mother, wife, tennis fanatic, bank accountant, and baker of a superb peach tart, Buffalo, NY; annual salary of $90,000. Weekly When Employed $90,000 Annual Salary $1,731 Cost of IncomeAssure $16 If Unemployed Government Payout $405 IncomeAssure Benefit $460 Total Income with IncomeAssure $865 Premiums as of 4/1/2012Policy Details in Plain EnglishWhat you get:With IncomeAssure, we supplement the state unemployment benefit paymentsyou receive due to involuntary unemployment so that the combined amount youreceive from both state benefits and IncomeAssure is 50% of your former pay.How long it lasts:Our benefits begin two weeks after state benefits start, and continue for amaximum of 24 weeks.What it costs:Your plan will be tailored to your specific situation, so you’ll need to go to ourwebsite to find out exactly what it will cost you. To give you an idea, if you earn$75,000 working in Education or Health Services in Virginia, your cost would be$18 a month. And as these monthly costs (or “premiums”) may well be taxdeductible, the net cost could be far less. Check with your accountant to find outwhether IncomeAssure premiums are tax deductible for you.How you get paid:First, we ask for proof of payment from your state unemployment insurance office.Then, we verify your claim and send you a check (or direct deposit) within twoweeks. You continue to get a check from IncomeAssure for every week you can’tfind work, as long as you are receiving government benefits.How it works:An IncomeAssure policy lasts for one year, and is renewable, as long as you areeligible and submit your renewal information. If you become unemployed or aretold of an impending layoff during the first six months of the initial policy period,you cannot collect, but we will refund all of the premiums you have paid.This is just a summary. For full details, see
  4. 4. How much does it cost? Can I make a claim right away? ............................................................................................................................................................Rates are determined by a number of factors such as the state No, there is a six month initial waiting period from the effective date ofwhere you work, the industry of your employer, and your salary. your first policy. If you become unemployed during this time, you wouldGenerally, premiums range between 0.5% to 2.0% of gross annual not get benefits, but we will give you a full refund on all payments made,salary. For example, if you make $75,000 per year, your policy so there is no risk to you.could cost as little as $18 per month. To get an exact quote, go, or call 1-888-618-2070. Can I cancel my policy at any time? Yes.Is what I pay for IncomeAssure tax deductible?IncomeAssure payments, (or “premiums” in insurance speak) Do I qualify?may be tax deductible as “unreimbursed job or business related IncomeAssure is currently available in 46 states, with nationwideexpenses” under section 162(a) of the Internal Revenue Code. We coverage to follow soon. Please fill out an application onencourage you to double-check with your accountant, but most to see if you qualify for coverage.people may be able to deduct a good part of their payments—a Can I receive IncomeAssure payments if I don’t qualify for statepotential savings of hundreds of dollars. unemployment benefits? No, IncomeAssure works in tandem with state unemployment benefits.Do I have to pay for IncomeAssure if I lose my job? You must be receiving state unemployment benefits under an approvedNo, all premium payments due are waived while you are receiving state claim in order to qualify for IncomeAssure supplementalbenefits.This is when we pay you. unemployment compensation payments.How long will I receive I payments after I lose my job? If I switch jobs, what happens?IncomeAssure aligns with the state unemployment benefits Even if you switch jobs you can usually keep your IncomeAssuresystem, which pays out benefits for up to 26 weeks. coverage. Just give us a call at 1-888-618-2070 and we will updateIncomeAssure pays up to 24 weeks of benefits in this 26-week your policy.period. IncomeAssure benefits begin two weeks after statebenefits start, and you will receive IncomeAssure payments as Can my spouse or partner and I both buy policies?often as your state pays its benefit. Most certainly, as long as you each meet the eligibility requirements and each of you is purchasing coverage only for your own individual wages.How do I get my payments?You can receive your IncomeAssure payments by check or through I am currently unemployed. Can I buy a policy?direct deposit, you choose. No, you must be currently employed to purchase an IncomeAssure policy. Josh, husband, sci-fi geek, transportation executive, admittedly-terrible golfer, and super-proud new dad, Dallas, TX; annual salary of $200,000. Weekly When Employed $200,000 Annual Salary $3,846 Cost of IncomeAssure $42 If Unemployed Government Payout $426 IncomeAssure Benefit $1,497 Total Income with IncomeAssure $1,923 Premiums as of 4/1/2012
  5. 5. IncomeAssure is underwritten by Great American Insurance Company, American Financial Group (AFG) is a Fortune 500 holding companya member of Great American Insurance Group and a subsidiary of whose common stock is listed on the New York Stock Exchange andAmerican Financial Group, Inc. (AFG). Great American Insurance NASDAQ. The members of Great American Insurance Group areCompany has maintained an “A” (Excellent) rating or higher from A.M. subsidiaries of AFG.Best Company for over 100 years (rating affirmed as of February 14,2011). Great American Insurance Company’s roots trace back to 1872when it was founded in New York. Great American Insurance Group iscomprised of over 25 companies and divisions. Great AmericanInsurance Group is engaged primarily in underwriting property andcasualty insurance. With over 100 locations throughout North Americaand Western Europe and headquartered in Cincinnati, Ohio, GreatAmerican Insurance Group was recognized as one of the 2011 “Ward’s50” top performing property and casualty insurance companies.I need some background.What is supplemental unemployment insurance? Who are Assura Group and Great American?Supplemental unemployment insurance provides financial stability Assura Group of NY, Ltd, a New York based company, wasby replacing a portion of your income if you lose your job. founded in 2006 to find a way to help the millions of AmericansSupplemental unemployment insurance has been available in other who are inadequately covered by the state unemploymentcountries for decades. benefits system. Assura has achieved this by designing theIncomeAssure is supplemental unemployment insurance. With IncomeAssure program, which is underwritten by the GreatIncomeAssure, if you are laid off, you will still receive 50% of your American Insurance Company, rated “A” (Excellent) by A.M. Bestformer earnings, replaced through a combination of your state (rating affirmed as of February 14, 2011). Great Americancoverage and our payments. Insurance is engaged primarily in property and casualty insurance and is a subsidiary of American Financial Group, Inc.Why do I need supplemental unemployment insurance? (AFG). AFG’s common stock is listed and traded on the New YorkOur state unemployment systems were designed to replace 50% of Stock Exchange and NASDAQ Global Select Market under thea worker’s lost income. For people earning less than about $50,000 symbol AFG.a year, the system works. Unfortunately, because state benefits arecapped at a fixed dollar amount, if you earn more than about $50,000 How can we help?per year, state unemployment benefits (which are as little as $235 a How do I contact you for more information, to make a claim or ifweek in some states) don’t come close to covering your needs. I have questions about my claim?IncomeAssure closes the gap between state unemployment benefits We are committed to providing you with the highest level ofand 50% of your prior salary, so that if you become unemployed you customer service. In addition to our website, our call centerare still able to meet your financial obligations without exhausting representatives are available toll-free at 1-888-618-2070 toyour savings. answer questions and provide any assistance that you may require.
  6. 6. For more information: Steve Ryerson, President UNFCU Financial Advisors Phone: 347.686.6632 Email:© 2012 Assura Group of NY, LTD.The premium rates shown are only examples and are not an offer of coverage. Actual premium rates are based onindividual circumstances. As a result of underwriting, final premium rates may differ from the premium rates usedas examples in this brochure.Please see our privacy policy at insurance product description is summarized. Refer to the actual policy declarations and policy form for acomplete description of all applicable terms, conditions, limits and exclusions. The insurance product may not beavailable in all jurisdictions.