Where risk appears, insurance follows. Great American Insurance Group, recognizing the possibility for economic chaos after an election whose outcome one candidate has not promised to accept, is offering supplemental unemployment insurance to executives who think their jobs may soon vanish.
The product is called IncomeAssure.
“As we enter the final stretch of the presidential campaign, economists are increasingly alarmed that the economy may suffer a massive post-Election Day hangover that could impact jobs and income,” said a Great American press release.
“Given the intense dislike each side feels for the opposing candidate, it’s highly doubtful we can look forward to much ‘comfort level’ regardless of who is elected — which is why workers are wasting no time signing up for IncomeAssure.”
The product combines with state unemployment benefits to provide policyholders with up to 50% of their former weekly salary should they become involuntarily unemployed. People who are unexpectedly laid off quickly discover that state unemployment insurance alone won’t cover mortgage payments, tuition, medical bills, or most household expenses, the release said.
“Rather than a state benefit that can be capped at $300 a week,” said David Sterling of Sterling Risk, the Woodbury, NY, insurance brokerage that is administering IncomeAssure, “IncomeAssure covers salaries up to $250,000 a year. It allows policyholders to maintain their current lifestyle and pay their bills while unemployed, regardless of which candidate wins the election.”
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