FNA Announces Partnership to Distribute Assura Group’s IncomeAssure : Supplemental Unemployment Insurance Coverage to be Available Through FNA’s New York and New Jersey Network
NEW HYDE PARK, LI—First National Administrators (FNA) has announced an agreement with Assura Group of N.Y., Ltd., for the marketing and distribution of one of the newest and most innovative products in the financial marketplace, IncomeAssure. IncomeAssure enables policyholders to insure against loss of income if their job is lost. The policy provides substantial income in addition to regular unemployment insurance.
FNA, one of the largest general agencies in the northeast with more than 4,000 brokers in New York and New Jersey, and Assura Group, the New York City-based provider of IncomeAssure, have partnered together to give FNA brokers and their clients access to this new and most timely product.
IncomeAssure is unique in the marketplace in that it provides executives the ability to purchase private unemployment insurance as a substantial income source should th epolicy holder be laid off or released. “We believe that the IncomeAssure product is one of the brightest products in the marketplace today”, says Larry Lynch, president of FNA, “That it is serviced through the renowned Sterling & Sterling brokerage will help our 4,000 brokers reach the marketplace effectively and provide this most valuable product to their clients across New York and New Jersey. We look forward to this arrangement.”
“We are tremendously excited to be rolling out through FNA as their brokers are exactly the kind of professionals we can trust with our product,” stated Leslie Nylund, CEO of Assura Group. She continued, “One of the reasons we elected to work with FNA is that they truly understand the value that IncomeAssure brings to the client. The FNA team understood that IncomeAssure offers not only financial protection, but also enables policyholders to have real peace of mind and less stress even while they are employed. And in the unfortunate event of a lay off, policyholders have the financial resources to live normally while looking for the right job.”
Policy details:
IncomeAssure payments supplement state unemployment benefit payments that are received due to involuntary unemployment, so that the combined amount received from both state benefits and IncomeAssure is 50% of former pay. Benefits begin two weeks after state benefits start and continue for a maximum of 24 weeks.
What it costs:
Plans are tailored to individual situations, with a quick website quote giving the exact cost. To give an example, a policy for a person earning $75,000 a year working in the Education or Health Services industry in Virginia, would cost $25 a month. And since these premiums may well be tax deductible, the real cost could be far less. Individuals should check with their accountants or other tax advisors as IncomeAssure premiums may be tax deductible.
How it works:
An IncomeAssure policy lasts for one year, and is usually renewable. If the policyholder becomes unemployed, IncomeAssure verifies the claim and then sends a check (or direct deposit) so that the policyholder receives a total of 50% of their former income for every week that he or she cannot find work and is receiving government benefits. For full details, see IncomeAssure.com.