Assura Group of NY, Ltd., Introduces IncomeAssure, Unemployment Insurance Coverage to Supplement State Unemployment Benefits

NEW YORK, Aug. 17, 2011 /PRNewswire/ -- Today, Assura Group of NY, Ltd., introduces IncomeAssure, an unemployment insurance policy that supplements state unemployment benefits. IncomeAssure makes money available to policyholders to pay for personal expenses in the event of involuntary job loss by replacing 50 percent of a worker's former wages - in combination with state unemployment benefits - up to $250,000. It is currently available to employees working in 34 states and the District of Columbia and is the only insurance of its kind available in the U.S.

"People's perceptions of job and financial security have been fundamentally changed by the Great Recession. IncomeAssure was designed to provide peace of mind and help workers weather job loss," said Leslie Nylund, CEO, Assura Group. "We saw a need for a solution that enables displaced workers to meet their basic short-term obligations, like household expenses, tuition costs, or mortgage payments, without wiping out their savings or investments."

IncomeAssure claims are coordinated with state unemployment benefits. An approved state unemployment benefit claim triggers eligibility for IncomeAssure payments for policyholders. Premiums are based on salary, industry, and state of employment and range from approximately 0.5% to 2.0% of wages. There is a six month waiting period for new policyholders to begin claiming benefits.

Nylund continued:  "If you've just lost a $100,000 a year job, the typical maximum state benefit of $1,600 a month doesn't even begin to cover the bills. Though state unemployment systems are designed to replace 50 percent of former wages, state benefits are capped at a fixed dollar amount. So, as a result, some states do not reach the 50 percent target for workers earning $50,000 per year or more. IncomeAssure closes this gap."

IncomeAssure will soon be offered in additional states, upon approval of policy form and rate filings, and is underwritten by Great American Insurance Company, rated "A" (Excellent) by A.M. Best (as of February 14, 2011).

"Our partnership with Assura Group gives us the unique opportunity to fill an unmet need in the insurance marketplace with a truly innovative option," said Mike Sullivan, Senior Vice President of Great American Insurance Company. "IncomeAssure will provide financial protection for our customers, and is in line with our commitment to offer best-in-class insurance products."

To learn more about IncomeAssure, visit www.incomeassure.com.  

About Assura Group of NY, Ltd.

Assura Group was founded in 2006 to address a critical unmet need in the market – private unemployment insurance.  Assura Group's unemployment insurance product, IncomeAssure, is currently available in 34 states across the country and in the District of Columbia.  Eventually, the policy will be offered in all states pending approval of policy form and rate filings, and is underwritten by Great American Insurance Company, rated "A" (Excellent) by A.M. Best (as of February 14, 2011).

About Great 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 indexed annuities and a variety of supplemental insurance products such as Medicare supplement.  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.

SOURCE Assura Group of NY, Ltd.