Protect Your Paycheck and Secure Your Future with Wage Protector®
Safeguard your income with Wage Protector. Get a monthly cash payment for job loss due to involuntary unemployment, disability, or re-employment with reduced income. Don’t leave your financial well-being to chance… get paycheck protection today.
Peace of Mind Starts Here: Protect Your Wages and Your Future Starting at $[XX]/mo
What is Wage Protector?
When your income takes a hit, difficult decisions must be made-which expenses to prioritize and which to cut. With Wage Protector you can get a cash benefit which helps you pay those expenses you may otherwise need to cut when your income takes a hit. Benefits begin following a qualified loss of income due to Disability caused by an injury or sickness; Involuntary Unemployment, from a layoff, termination of employment or natural disaster; or a Salary Gap due to re-employment at a lower earning rate after Involuntary Unemployment.
Wage Protector is specifically designed to be a short-term bridge providing supplementary funds to help individuals and families get back on their financial feet.
Is Wage Protector right for me?
Available to [members or customers] of [Financial Institution Name], Wage Protector can be an essential safety net for W2 employees, independent contractors, and 1099 workers. With no health questions or medical exams needed, it’s easy to safeguard your paycheck.
Get cash to pay your bills when your income takes a hit.
The Wage Protector plan pays a monthly cash benefit that you can use for any bills you choose (rent or mortgage, car loan or lease payments, groceries, medical expenses, utility bills, etc.). It adds financial protection to help you maintain the lifestyle you had before your income loss due to involuntary unemployment.
When can Wage Protector help?
Disability due to illness or injury
Your bills, of course, don’t stop when you’re sick or hurt and can’t work. Wage Protector is there for you providing additional income while recovering—in addition to any other disability insurance you may have.
Job Loss due to involuntary unemployment
Not everyone gets a severance package and state unemployment benefits may not cut it to pay your bills. What to do? Wage Protector helps ensure that your important financial responsibilities can be met when your income is disrupted by involuntary job loss.
SALARYGAP® due to re-employment at a lower income
All too often today, it is necessary to take a pay cut to get a new job. Wage Protector’s unique SALARYGAP® benefit helps bridge the financial gap.
Summary of Coverage
Plan Options
Wage Protector offers a choice of 2 plans with cash benefits payable for up to [XX months] should you suffer a disability, involuntarily become unemployed, or find new employment at a lower rate of pay.
Wage Protector® Basic Plan
Benefit for Disability
Benefit for Involuntary Unemployment
Benefit for Re-employment at a Lower Rate of Pay
Starting at $[XX] a month
Wage Protector® Advanced Plan
Benefit for Disability
Benefit for Involuntary Unemployment
Benefit for Re-employment at a Lower Rate of Pay
Starting at $[XX] a month
Secure your finances, rain or shine.
Wage Protector plan highlights include:
- Provides up to $3,750 per month in cash benefits
- Choose to get cash payments for up to 3-months, 6-months, or 12-months
- Cash benefits are paid directly to you to use as you wish
- No health questions or physical exams to qualify
- Once enrolled, your coverage stays with you regardless of your employer
Frequently Asked Questions
We’ve compiled the basics below, but please reach out if there’s any additional questions.
Eligibility
You can apply for the Wage Protector insurance program if you are between the ages of 18 and 69 and are Actively at Work for at least 30 hours per week for the last 180 consecutive days or more.
For Involuntary Unemployment and SALARYGAP, you cannot have received a verbal or written notice of impending termination of employment, general notice of company downsizing/layoffs, impending/threatened strikes/lockout or other forms of work stoppage.
No. US citizenship is not required but you must be living in the US.
Self-employed, independent contractors, W2 employees, and cash workers working 30+ hours per week can purchase Wage Protector. Please note there are different terms and exclusions for different types of workers.
Application
It’s really simple. In fact, it usually takes less than ten minutes to do! We just ask for your name and address and some questions regarding your current employment, so we can provide you with the best rate possible.
No, your social security number is not required.
No, but after reviewing the entire application, you will be asked to accept your typed name as your electronic signature. This makes it faster and easier for you to start your protection.
Your benefits
Financial Protection: Wage Protector offers a monthly cash benefit you can use to cover various bills such as rent, mortgage, groceries, medical expenses, etc.
Flexible Usage: The cash benefits provided by Wage Protector can be used for any bills you choose, providing flexibility in managing your financial obligations during challenging times.
Maintain Lifestyle: Receive cash benefits so you can continue to maintain the lifestyle you had before experiencing income loss, adding a layer of financial protection and stability during difficult circumstances.
Duration of Benefits: Wage Protector offers monthly cash benefits in case of Disability, involuntary job loss, or re-employment at a lower rate of pay after Involuntary Unemployment.
A disability is when, because of an illness or injury, you:
- are unable to perform the material and substantial duties of your occupation;
- are under the continuous care of a licensed physician;
- are not working for wages or profit while disabled; and
- remain disabled longer than the 30 day Waiting Period.
If you are an independent contractor or self-employed: It is at least an 80% loss in your average monthly income from layoff; strike or lockout; an interruption of work caused by a natural disaster; total involuntary loss of your business interest; or involuntary bankruptcy. You must remain involuntarily unemployed for at least 30 days (Waiting Period). Benefits are non-retroactive and will be calculated starting on the 31st day after you become involuntarily unemployed.
If you are an independent contractor or self-employed: After involuntary unemployment occurs, there is a 30-day Waiting Period before benefits are payable and are non-retroactive; benefits will be calculated starting on the 31st day of involuntary unemployment. Involuntary Unemployment benefits are payable for up to the maximum benefit period you choose, or the date you are re-employed, whichever occurs first.
After being involuntarily unemployed, you may find yourself with less income if you accept employment at a lower salary. SALARYGAP can replace a portion of your reduction in salary to help prevent unpaid bills and maintain your lifestyle. The reduction in salary must be at least 20%. Certain requirements and exclusions apply.
If you are an employee: You must be employed for at least 180 days following your policy effective date (called Vesting Period) and then become Involuntarily Unemployed for at least 30 days. If you find Replacement Employment within 12 months of becoming involuntarily unemployed, but your new salary is at least 20% less than your salary prior to becoming involuntarily unemployed, you have a “Salary Gap”. After you’ve been employed in your new position for at least 90 days, you can then file a claim for SALARYGAP benefits. Note that your new employment must be at least 30 hours of work per week. SALARYGAP benefits are payable retroactive to the date the salary gap occurred.
If you are an independent contractor or self-employed: You must be employed for at least 180 days following your policy effective date (called Vesting Period) and then become Involuntarily Unemployed for at least 30 days. If you find Replacement Employment within 12 months of becoming involuntarily unemployed, but your new average monthly income is at least 20% less than your average monthly income prior to becoming involuntarily unemployed, you have a “Salary Gap”. After you’ve been employed in your new position for at least 90 days, you can then file a claim for SALARYGAP benefits. Note that your new employment must be at least 30 hours of work per week. SALARYGAP benefits are payable retroactive to the date the salary gap occurred.
For an employee: The total aggregate Monthly Insurance Benefit Amount for this coverage cannot exceed the lesser of the Benefit Amount you have selected or 60% of your monthly salary, immediately prior to the incurred date of a qualifying event, from the occupation shown in the application.
For an independent contractor or self-employed: The total aggregate Monthly Insurance Benefit Amount for this coverage cannot exceed the lesser of the Benefit Amount you have selected or 60% of your average monthly income, immediately prior to the incurred date of a qualifying event, from the occupation shown in the application.
A Lifetime Aggregate Maximum Benefit also applies.
Yes, the Lifetime Aggregate Maximum Benefit is the total of all Disability, Involuntary Unemployment, and SALARYGAP benefits paid over the life of a policy. The Lifetime Aggregate Maximum Benefit is determined by multiplying 2 times the Maximum Benefit Amount you selected times the Maximum Benefit Period. For example, if the Maximum Benefit Amount you selected is $500 and the Maximum Benefit Period is 3 months, the Lifetime Aggregate Maximum Benefit is: 2 * $500 * 3 = $3,000. This is the most you can collect in benefits over the life of the policy and includes all policy and chosen rider benefit payments.
If you are eligible, your benefits will be paid while you are disabled up to the maximum benefit period you choose.
After a disability occurs and you satisfy the Waiting Period, benefits are non-retroactive and will be calculated starting on the 31st day of the covered disability.
Any medical condition that you have been treated by, diagnosed by or consulted with a licensed physician or licensed chiropractor within the 12 months prior to your policy effective date is considered a pre-existing condition.
If you have a pre-existing condition, no benefit will be paid if it becomes the reason for your disability within the first 12 months following your policy effective date. However, benefits will be payable if the pre-existing condition is the reason for your disability after the first 12 months following your policy effective date.
Only one (1) claim for Disability or Involuntary Unemployment or SALARYGAP will be payable at any one time for the largest of the benefits available for which you are insured.
No. This product is intended to cover unexpected lapses in employment that are beyond your control (for example, you get laid off or there is a strike). If you choose to leave your job voluntarily, no benefits will be paid.
Yes, the SALARYGAP benefit of Wage Protector is intended to help with this situation if the requirements outlined above are met. Some occupations that were previously thought to be high paying and stable are now being outsourced or replaced with artificial intelligence. For many, this may mean a change in occupation before they are able to retire. And a change in occupation could mean a reduction in salary, at least for a while. Wage Protector and its SALARYGAP benefit can help you pay your bills while you go through a transition period.
You need to be re-employed at a lower salary within 12 months of becoming Involuntarily Unemployed and working in your new job for at least 30 hours per week for at least 90 days.
Benefits will not be paid. This product is intended to cover the most critical period for a Salary Gap situation at a competitive price. For these reasons, benefits will only be paid if you are re-employed within 12 months.
If you are re-employed at a lower salary within 12 months of becoming Involuntarily Unemployed and working in your new job or as an independent contractor or a self-employed for at least 30 hours per week and meet the other requirements, you are eligible for SALARYGAP benefits.
Wage Protector coverage has no impact on the unemployment benefits you receive from the state. Wage Protector benefits may be reduced so that the total benefits you receive from Wage Protector and any other residual government sponsored unemployment benefits do not exceed your salary prior to becoming involuntarily unemployed.
Payment and Billing
If you would like to change your payment information such as switching from EFT to Credit Card or vice versa, or updating your account information/expiration date, please email us at helpdesk@wageprotector.benefitmgr.com. When emailing, PLEASE DO NOT INCLUDE ANY FINANCIAL INFORMATION IN THE EMAIL. We will contact you to securely get this information from you.
When you apply for Wage Protector, you tell us your preference for paying monthly by credit/debit card or ACH. At this time, we do not accept Apple Pay, Google Pay, Venmo, or PayPal, but check back in the future.
If you miss a payment, you have 31 days to make your payment and continue coverage. If you do not pay within those 31 days, your coverage will end.
No, the price will not change just because you have a claim.
Coverage under the Wage Protector insurance plan will end at the end of your policy term unless renewed; otherwise coverage terminates:
- on the date that you request cancellation of coverage;
- on the last day for which premium has been paid if cancelled for non-payment of premium;
- on the policy anniversary after turning age 70;
- on the date of death;
- if the insurance company loses or has a substantial change in reinsurance;
- on the date the insurance company cancels the policies for all persons in a like class;
- on the date the total benefits paid under the policy exceeds the Lifetime Aggregate Maximum Benefit;
- based on any other reasons as approved by the commissioner of insurance.
NOTE: Terms and conditions may vary by state. Consult the policy for specific terms and conditions.
Making a Claim
You can make a Disability claim 30 days after a qualifying event.
You can make a claim for any covered Job Loss or Salary Gap that occurs more than 180 days after your Wage Protector purchase. Job loss or Salary Gap that occurs in the first 180 days after purchase or any time prior to purchase are not covered.
Filing a claim is simple. You can start your claim by linking to our First Notice of Loss or you can give us a call Monday – Friday, from 8:30 a.m. to 4:00 p.m. (Central Time) at (800)-825-7531 and we will help you.
We need proof and timing of your job loss or Disability. The typical sources of this are a letter of your Involuntary Unemployment/job loss from your employer (they generally provide that to you upon job loss) or a form from your doctor that says you are unable to work for more than 30 days (that is usually provided to your employer).
The timing for approving a claim may vary depending on the type of claim and the information needed from additional sources. For example, for a Disability claim, we’ll need information from you and your doctor(s); for an Involuntary Unemployment claim, we’ll need information from you, from your prior employer, and from any state or private agency paying unemployment benefits. It will be helpful if you can provide all documentation and information requested on a timely basis to avoid claim delays or denials.
Once a claim is approved and then set up on a payment schedule, the first monthly payment will be mailed out as soon as possible and subsequent monthly payments will be mailed at the beginning of each month.
You can make claims for Disability, Involuntary Unemployment or a Salary Gap as they occur. However, note that only 1 claim is payable at a time; for example, if you suffer both a Disability and an Involuntary Unemployment event simultaneously, we will only pay benefits for one of them – whichever provides the larger benefit. You can continue to make claims until you reach the Lifetime Aggregate Maximum Benefit. When you have received the Lifetime Aggregate Maximum Benefit, you cannot make another claim and your coverage will end.
You may cancel coverage anytime. If you cancel the coverage and have filed a claim or are receiving claim benefits, the coverage and benefits end as of the date you requested cancellation. You must continue to pay insurance premiums even while on claim.
If you have a valid claim within the 31 days after your premium was due but was not paid, we will accept the claim and deduct any premium due from the benefit payment. If the next premium due goes unpaid, coverage and the claim will end. You must continue to pay insurance premiums even while on claim.
The policy requires that proof of a claim must be provided to us within 1 year of occurrence.
If your doctor has said you will be off work for more than 30 days, you should contact us about what is needed to file your claim. Once the 30 day Waiting Period has been met, then go ahead and file your claim with us.
If you get fired for poor job performance or for not meeting other employer requirements, you probably won’t qualify for a benefit. However, the word “fired” can mean different things to different people, so we suggest that you file a claim and tell us what happened. We will review to determine if you have a valid claim under the policy and whether or not a benefit would be payable.
Wage Protector will issue a 1099 form to all job loss claimants and SALARYGAP claimants only. A 1099 form is a type of information return that you get if you received certain types of income during the year. Generally, you will have to report the information from a 1099 on your tax return. Please consult with your tax specialist to learn more about how this applies to you and your returns. The 1099 form does not apply to Disability claims.
Still have questions?
We can help!
<billing address>
<billing address>
Enroll now with Claire, your virtual assistant.
