New Insurance Program Gives South Carolinians Living Paycheck to Paycheck Money After Income Loss
Wednesday, February 14th, 2018
SafetyNet, a first-of-its-kind insurance program that gives workers an immediate lump-sum payment after an unexpected layoff, illness or injury, launched in South Carolina.
SafetyNet’s income insurance program is a private sector solution to a national financial crisis: Nearly eight out of 10 workers are living paycheck to paycheck and putting money into a savings account often falls by the wayside.
For less than $10 per month, SafetyNet customers can insure their income and have greater peace-of-mind over their financial security. Applications receive immediate decision/approval and customers are paid out in 48 hours or less for approved claims. SafetyNet’s fixed monthly payments range from under $10 to $45, and pay out anywhere from $1,500 to $9,000.
“Almost half of Americans have just $1,000 or less in savings, so they’re living on a financial precipice where lost income can push them over the edge,” said Dan Murray, vice president of product development at SafetyNet. “For too many, it’s nearly impossible to save up for a rainy day, so we created SafetyNet to address this real issue.”
Research conducted by SafetyNet found the average South Carolinian struggles to build up a sufficient amount of savings to prevent financial distress after an unexpected emergency, such as sudden layoff or injury – leaving no option but to cut their spending, dip into retirement savings, or take a loan from a family member or friend.
SafetyNet is an entirely new type of insurance, one that provides a lump-sum payment to help workers cover any and all expenses after income loss. It provides immediate and affordable coverage as compared to the limited, slow and fragmented nature of some traditional disability and supplemental unemployment insurance.
“We are on a mission to give workers greater peace-of-mind by helping them and their families build financial security,” said Murray. “SafetyNet is there to help when people they need it most.”