Income Assure

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

Transcript of Income Assure

  • 1. Contrary to popular belief, stress can be alleviated. Peace of mind is now for sale.
  • 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 todays reality, no one is safe.We all know people whose financial and emotional liveswere devastated by unemployment. The house was lost.The marriage suffered. Its in the headlines and ourneighborhoods every day. And in todays 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. 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 youll 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 cantfind 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. 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 paymentsa Can I receive IncomeAssure payments if I dont 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