Great American Insurance Group’s IncomeAssure® Offers Private Solution to North Carolina Reduction in Unemployment Benefits
CINCINNATI--(BUSINESS WIRE)--Great American Insurance Group has enhanced its supplemental unemployment product, IncomeAssure, to include a private extended unemployment solution in North Carolina. A formula established in 2013 North Carolina legislation further reduced the maximum number of state unemployment benefit weeks to 14 for those who initiate claims after July 6, 2014. Great American’s enhanced coverage is welcome news to those who may experience the state’s cuts in unemployment benefits. North Carolina’s maximum benefit term is now the shortest of all the state unemployment systems.
To offset the effects of the shortened benefit period in North Carolina, Great American now offers an optional extended benefit for a period equal to 26 weeks less the maximum North Carolina benefit term in effect when coverage is purchased. This private solution offers a weekly benefit equal to 50% of former income for those qualifying for IncomeAssure supplemental unemployment coverage.
While North Carolina Employment Security’s Unemployment Insurance (“UI”) Benefits are based on 50% of former weekly income, the actual weekly benefit amount is capped at $350. Since 2011, Great American has provided IncomeAssure supplemental unemployment insurance in North Carolina for those earning $40,000 or more per year. This insurance covers the gap between 50% of former income and the maximum weekly UI benefit so that unemployed individuals are better able to meet short-term financial obligations without exhausting personal and retirement savings.
Quotes are available instantly and the application can be completed in just minutes online at www.IncomeAssure.com.
Great American’s Supplemental Unemployment Business Unit focuses on unique offerings to help individuals achieve financial stability in the event of involuntary job loss. IncomeAssure supplemental unemployment insurance is the first product of its kind in the country, and is available in Washington D.C. and all U.S. states with the exception of Alaska, New Hampshire and Hawaii. Coverage description is summarized; please refer to the actual policy for a full description of terms, conditions, limits and exclusions. Policies are underwritten by Great American Insurance Company, which is an authorized insurer in all 50 states and the District of Columbia. IncomeAssure is administered by SterlingRisk, a U.S. top 40, privately held insurance brokerage and services firm.
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 February 21, 2014). 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 and NASDAQ Global Select Market under the symbol AFG.