MADISON, Wis., June 18, 2018 (GLOBE NEWSWIRE) — SafetyNet, the insurance program that provides workers with an immediate lump-sum payment following an unexpected layoff, illness or injury, launches today in the state of Mississippi.
A recent survey conducted by SafetyNet in Mississippi found that while seven out of ten respondents stated that they feel secure in their jobs, more than 60 percent feel anxiety or stress over paying their bills. The survey also found that more than 67 percent of respondents have struggled to pay for basic expenses like groceries, housing or medical bills, with 68 percent reporting they do not currently have enough savings to cover three months of living expenses.
When asked about their savings habits, nearly 64 percent of respondents stated they put less than $100 into savings each month. While 37 percent of respondents utilize a savings account at a bank, only 19 percent said they contribute to a 401(k), and 28 percent stated they have no savings at all.
National data tells a similar story. Although the U.S. unemployment rate is the lowest it has been since the year 2000, the Federal Reserve recently reported that 40 percent of U.S. adults would not currently be able to cover a $400 unexpected expense.
“Right now the economy is strong, and many workers feel secure in their jobs – but the fact remains that many people are simply unprepared for the financial distress that can result from a negative life event like a layoff, illness or injury,” said Dan Kaiser, SafetyNet President. “We know how difficult it can be to build up a significant savings, and so we are committed to giving residents of Mississippi increased peace of mind over their financial security by offering an insurance product that is fairly priced, immediately accessible, and provides a financial cushion when they need it most.”
SafetyNet’s fixed monthly premiums in Mississippi range from $5 to $30, and approved claims pay out anywhere from $750 to $4,500 within a few days. The lump-sum payment can be used to cover any and all expenses that occur after an unexpected loss of income, without limitation. SafetyNet’s insurance offering is designed to supplement traditional unemployment and disability benefits, which workers may still collect in addition to the pay-out SafetyNet provides.
SafetyNet is a mission-driven program dedicated to empowering and improving the financial well-being of hard-working Americans. It is backed by the financial strength of an 80-year-old, multi-billion-dollar insurance group, and is currently available to residents in Iowa, Mississippi, South Carolina and Wisconsin.
For more information on SafetyNet or to sign up for the program, please visit www.safetynet.com.
SafetyNet is a values-driven, mission-based insurance program that was founded to help improve the financial well-being of millions of hard-working Americans. SafetyNet insurance plans provide workers with an immediate lump-sum payment following an unexpected layoff, illness or injury. SafetyNet is backed by the financial strength and industry expertise of an 80-year-old, multi-billion-dollar insurance group. Headquartered in Madison, Wisconsin, SafetyNet currently serves residents of Iowa, Mississippi, South Carolina and Wisconsin. To learn more about SafetyNet, visit www.safetynet.com.
Nicole Enberg Vaz