Once your employer has offered the WageSecure Benefit, you will be assigned a unique login in and password to use for enrollment.
You will receive a confirmation email for enrollment and you’re ready to go, that easy.
In a recent study (MetLife Study of Employee Benefit Trends, 2013), more than 55% of workers identified job uncertainty as their most pressing financial issue. Many employees are not prepared for unexpected job loss. Over 50 percent of employees risk falling behind on their mortgage if they miss a paycheck. Over 40 percent of American households do not have a three month emergency fund and nearly 50 percent have access to less than $5,000 in liquid assets (including their IRA accounts) in the event of an emergency.
Though state unemployment systems were designed to replace the median (50%) of a worker’s lost income, state unemployment benefits are capped at a fixed dollar amount that varies from state to state. These caps result in diminished levels of income replacement the greater your income is.
WageSecure supplemental unemployment insurance fills the gap between state unemployment benefits and 50% of your covered salary so that, if you become unemployed, you are still able to meet your short-term financial obligations, without exhausting your personal and retirement savings.
Your employer recognizes that there is a gap in the state unemployment programs that could cause you an unexpected financial hardship. This program helps fill that gap and hopefully provides you additional peace of mind related to an unexpected job loss.
WageSecure supplemental unemployment insurance provides financial stability by replacing a portion of your salary in the event you lose your job. If you are eligible to receive state unemployment benefits, you may have a shortfall in the amount of benefit you receive versus what you expected to receive. With a supplemental unemployment insurance program, if you lose your job, you will receive 50% of your former salary through a combination of your state unemployment benefits and WageSecure insurance benefits, instead of the smaller amount your state would replace alone. WageSecure is underwritten by AXIS Insurance Company.
Full-time employees are eligible to participate. Minimum salaries will vary by state.
WageSecurebenefits will supplement your state unemployment up to 50% of your former covered weekly salary. The maximum annual salary covered is $250,000. If you earn more than $250,000, your maximum amount of coverage and the associated premium will be based on the first $250,000 of your covered salary.
After the initial two-week elimination period, you will receive payments in accordance with the frequency with which your state pays its benefits.
The benefit waiting period is the first six months of coverage under this policy. If you become eligible to receive state unemployment benefits during this period, no supplemental insurance is payable, and the premium for this period will be refunded. If involuntary unemployment begins after this benefit waiting period is satisfied, you are eligible to qualify for WageSecure benefits subject to your elimination period.
The elimination period is the two-week period following the start of your state unemployment benefits that triggers the beginning of your benefit period under the WageSecure supplemental insurance policy.
WageSecure aligns with the state unemployment benefits system, which in many states pays out benefits for 26 weeks. WageSecure pays up to 24 weeks of benefits in this 26-week state period, with an elimination (waiting) period of two weeks of state unemployment benefit payments for any new claim. WageSecure does not pay supplemental benefits after those 24 weeks, even if government benefits are extended.
No, premiums first due while you are on claim are waived.
No. WageSecure works in conjunction with state unemployment benefits. You must receive two weeks of benefits under an approved state claim in order to trigger WageSecure supplemental unemployment benefits under the policy.
WageSecure pays when the employee becomes involuntarily unemployed, and qualifies for state unemployment. No he doesn’t receive his premiums back because he had coverage for involuntary unemployment, the triggering event just did not happen.
No. WageSecure supplemental insurance covers just the eligible employees of this employer.
We follow the state rules. We start our coverage when the state starts paying. Each company and state will determine when that period is, but we are consistent with the state rules.
This will vary by who pays the premium, generally if premium paid by the employee the expense is deductible. We recommend consulting your tax advisor for your individual tax situation.
You cannot transfer this coverage from employer to employer. The coverage is not portable.