Now, one company – Assura Group of New York – is selling a new private unemployment insurance policy designed to keep you afloat in stormy seas.. IncomeAssure, when combined with government unemployment benefits, replaces up to half of the salary you earned before being let go from your job.

Private unemployment insurance is a type of insurance protection that provides a stream of revenue in the event that the insured party’s full-time employment is terminated for any reason covered in the terms and conditions of the insurance contract. It's not intended to replace government insurance benefits or replace the wages you earned when you were working.Insurance products called private unemployment insurance were created to give you a way to supplement your government unemployment payments. It was clearly illegal in New York to sell UI, and New York enforced a rule that said an insurance company that sold insurance could not provide a type of insurance in other states that was illegal in New York. You will have no financial safety net and a household income earner dies, you will lose your home.Additionally, people may be incompetent at their job or unsafe at their job. 3In the past 10 years, 2 companies have attempted to sell private unemployment insurance. The government unemployment insurance system is normally thought to be a form of social insurance that is necessary because the private marketplace would not provide this service. It kicks in once you are approved for state unemployment pay. All Rights Reserved.IncomeAssure, when combined with government unemployment benefits, replaces up to half of the salary you earned before being let go from your job.Premiums range from 0.5 percent to 2 percent of your wages up to $250,000 and are based on:IncomeAssure works directly with state unemployment departments.

Some banks and insurance companies sell loan-protection insurance, referred to as payment protection insurance (PPI). It applies on a short-term basis when financial need is due to unemployment or temporary disability. In 1931 an authorization bill for unemployment insurance passed both houses of the New York State legislature, but then-Governor Franklin Roosevelt vetoed it. "There often is not enough time to build up a savings account that can meet your needs," he says.

The mortgage payment is typically a family’s largest monthly expense. Abusive comments will not be tolerated. It provides a critical financial safety net for your spouse, partner, or loved ones when you die.

Without mortgage protection, most homes are lost within 1-2 years after the death of a loved one.The good news is that we enjoy reviewing mortgage protection and life insurance policies for homeowners! The plans generally pay out $1,500 to $2,000 after 30 consecutive days of unemployment. "Presumably, it could take years. The homeowner called us to see if we could help verify their policy benefits with the insurance company where the mortgage protection policy was issued.If you have a $150,000 mortgage protection policy, a $1,751.32 mortgage payment, and a monthly mortgage protection premium of $39.12, your $39.12 monthly premium will be waived for six months, should you become unemployed.Here’s an example of one companies unemployment writer included in a mortgage protection policy:Most people we talk with who have been sold a policy by an unethical agent want to cancel that policy and get another policy.

Paying your mortgage payment and preventing the bank from foreclosing on your home when you become unemployed is a high priority for all families.We can generally tell you on the spot what benefits are included in your current policy.

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