Markets in Everything: Private Job Loss Insurance

Income Assure is a private insurance company that sells supplemental unemployment insurance so that you can maintain 50% of your income if you lose your job.  The company covers the difference between 50% of your monthly income and what your state pays for unemployment compensation.  Monthly premiums vary by state, occupation and income level, here are some examples for workers in the state of Maryland with an annual salary of $60,000:

Construction: $62.20 per month
Leisure and Hospitality: $39.73
Manufacturing, Durable Goods: $37.35
Financial Activities: $20.17
Education and Healthcare Services: $15.05
Public Administration: $12.23

Obviously, the monthly premiums are risk-adjusted by industry based on the chances that workers will lose their jobs, with construction workers having a much greater chance of unemployment (and a much higher monthly premium) than public administration (translation = government job).  

HT: Peter Krieger

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Markets in Everything: Private Job Loss Insurance

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