CINCINNATI--(BUSINESS WIRE)--Great American Insurance Group has enhanced its supplemental unemployment insurance product, IncomeAssure, to include a private extended unemployment solution in Florida, Georgia, Michigan, Missouri and South Carolina. Over the past several years, each of these states has implemented reductions in the maximum number of state unemployment benefit weeks available to individuals eligible for state unemployment benefits. For example, Michigan and Missouri reduced unemployment benefit weeks from 26 weeks to 20 weeks. Florida, Georgia and South Carolina implemented changes that result in lower maximum benefit periods to claimants as the state unemployment rate declines. Great American’s enhanced coverage is welcome news to those who may experience reduced unemployment benefits in these states and the lack of federal extended benefits available since early 2014.
To offset the effects of the shortened benefit periods in these states, Great American now offers an optional extended benefit for a period equal to 26 weeks less the maximum state 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 Unemployment Insurance (“UI”) benefits in these states are based on 50% of former weekly income, the actual individual weekly benefit amount is capped (FL-$275, GA-$330, MI-$362, MO-$320, SC-$326). Great American has provided IncomeAssure supplemental unemployment insurance for more than two years in these states for those earning $40,000 or more per year. This insurance covers the gap between 50% of former income and the maximum weekly state UI benefit so that unemployed individuals are better able to meet short-term financial obligations without exhausting personal and retirement savings.
The IncomeAssure extended unemployment benefit option is now available in Florida, Georgia, Michigan, Missouri, North Carolina and South Carolina. Quotes are available instantly and the application can be completed in just minutes online at www.IncomeAssure.com.
American’s Supplemental Unemployment Coverage
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 coverage is available in Washington D.C. and all U.S. states with the exception of Alaska, New Hampshire and Hawaii. Policies are underwritten by Great American Insurance Company, an authorized insurer in all 50 states and the District of Columbia. Coverage description is summarized; please refer to the actual policy for a full description of terms, conditions, limits and exclusions. IncomeAssure is administered by SterlingRisk, a U.S. top 40, privately held insurance brokerage and services firm.
American Insurance Group
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.