Tuesday, August 28, 2012

BB&T now selling personal unemployment insurance

Worried about losing your job? BB&T will now sell you unemployment insurance.

The Winston-Salem bank announced the new offering today, calling it unique in the industry.

Through a policy, a person would make monthly premium payments while he has a job, then receive half his formal salary should he be laid off. The benefits are paid in a split between state governments and the insurance company.

"BB&T is proud to take the lead in offering a product that truly goes to the heart of what so many of our customers worry about on a daily basis," BB&T Insurance marketing and sales manager Randy Screen said in a statement.

The bank offered an example of a man making $90,000. Such a person would pay $23.49 per month.

People making less than $50,000 per year will likely not qualify. You also do not get benefits if you are laid off within six months of taking out a policy.

The policies are handled through a company called IncomeAssure.