Understanding Income insurance - Bill SafetyNet

WHAT IS SAFETYNET™?

BILLING QUESTIONS

ELIGIBILITY QUESTIONS

CLAIMS QUESTIONS

ACCOUNT QUESTIONS

WHAT IS SAFETYNET™?

General questions about SafetyNet unemployment and disability insurance

SafetyNet™ is not a loan. It’s a simple insurance plan that is designed to help you out if you lose your job due to a layoff, a job elimination or business closing or if you get hurt or sick and can’t work at your job for a month or longer. You pay just $5-$30 a month. Then, if you have a covered job loss or disability, we will pay you the lump sum benefit you choose when you apply (up to $9,000) to use in any way you want.

What job losses does the program cover?

Renters who are actively at work for wages at least 20 hours a week for someone other than themselves are covered for layoff, job elimination, business closing or any other employer-initiated termination or separation from employment. EXCEPT: There is no coverage if (1) the Renter’s job loss occurs in the first 30 days after the Renter’s coverage became effective; (2) the Renter was told of the job loss before the Renter’s coverage started, (3) the Renter is laid off due to a normal and routine shutdown as determined by the Renter’s occupation or place of employment; (4) the Renter quits or retires from his or her job; (5) the Renter loses his or her job due to unsatisfactory performance or willful or criminal misconduct; (6) the Renter becomes unemployed due to war, an act of war or a nuclear or natural disaster.

What disabilities does the program cover?

Renters who are actively at for wages at least 20 hours a week for someone other than themselves are covered for Total Disability, which means the Renter’s doctor has stated the Renter has a sickness or accidental injury that is expected to prevent the Renter from performing the essential functions of his or her job for 30 days. EXCEPT: There’s no coverage for a Total Disability that results directly or indirectly from a normal pregnancy, war or any act of war, use of alcoholic beverages or narcotics (including hallucinogens) unless they are administered on the advice of and taken as directed by a licensed physician other than the Renter or an immediate family member of the Renter; or elective surgery. Pre-Existing Condition Limitation: There’s also no coverage if the Renter’s Total Disability starts within 6 months after the Renter’s coverage began and results from a medically determined condition that the Renter was treated for or advised about during the 6 months before the Renter’s coverage started.

What does it cost?

You pay just $5-$30 a month. Then, if you have a covered job loss or disability, we will pay you the lump sum benefit amount you choose when you apply. It’s that simple. You decide the coverage that’s right for you. $5/month for $1,500 lump sum benefit; $10/month for $3,000 lump sum benefit; $20/month for $6,000 lump sum benefit; or $30/month for $9,000 lump sum benefit.

How long will the coverage last?

The policy is issued for a one-year term. For Wisconsin policyholders, the policy will automatically renew for another one-year term as long as the required premium is paid and we approve. For Iowa policyholders, the policy will end after one year and we will contact you to discuss your re-purchase options. Of course, you can end the coverage at any time by writing or calling us. The only other times coverage will end is if you fail to pay the premium on time and when you reach the lifetime maximum benefit.

What is the maximum amount of coverage I can obtain?

Maximum coverage offered is a lump sum benefit of $9,000. You are limited to one job loss benefit and one total disability benefit during each policy year.

PAYMENT QUESTIONS

SafetyNet billing questions for new and existing customers

Does my unemployment check cancel out any money I get from SafetyNet?

No. SafetyNet will not affect your unemployment benefits and unemployment benefits do not impact SafetyNet benefits.

How do I change my payment information?

Visit your account online and change it under your profile or call us at 855.855.9695.

How do I pay?

We will collect the monthly cost by the method you told us when you applied - either by an automatic monthly deduction from a financial institution account or charge to your credit card.

What if I miss a payment?

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.

Will the price change if I make a claim?

No, the price will not change just because you have a claim.

ELIGIBILITY QUESTIONS

Common eligibility questions for income insurance from SafetyNet

Do I need to be a US citizen to participate?

No. US citizenship is not required.

I am self-employed, can I buy it?

No, unfortunately you cannot buy it today if you are self-employed. We are working on identifying a good solution for self-employed people.

I work for cash, do I qualify?

As long as you can prove you have a job that pays you a salary or wages, even if you are paid cash, yes, you would qualify.

I work part time. Do I qualify?

If, on average, you regularly work 20 hours or more a week, you qualify for coverage. You don't have to work 20 hours every week.

What is a pre-existing condition?

A pre-existing condition can generally be described as something you know about BEFORE you buy our coverage. Very much like your auto insurance company doesn't cover accidents that happened before you bought coverage, we also can't cover a pre-existing condition that relates to a job loss or a disability. For job loss, that essentially means we won't cover a job loss you know is coming. For disability, that essentially means we won't cover a disability that results from a condition you saw a doctor about prior to purchase. We try to keep this limitation narrow and simple though. For job loss, your knowledge of a coming job loss must be based on a communication from your employer. Hearing a rumor of possible layoffs is not a pre-existing condition. For disability, the consultation must have occurred within the 6 months prior to purchase. If the last consultation you had with a doctor about a condition was more than 6 months before you bought the coverage, that is not a pre-existing condition.

Where is this available?

Right now, this product is available only in Wisconsin and Iowa. We have to start somewhere and we love our home states.

I have bad credit. Do I qualify?

We do not judge your credit. We do not check your credit history. Anyone can apply.

CLAIMS QUESTIONS

Common questions about filing a claim with SafetyNet

How many days before I get my money?

We anticipate that your benefit payment will be mailed to you within two business days after the claim is approved.

How long after I'm approved for coverage can I make a claim?

You can make a claim for a covered job loss or disability 30 days after you get your coverage. Job losses or disabilities that happen before those 30 days are up are not covered.

How long must I stay in this program after making a claim?

You may cancel coverage anytime, including as soon as you have a claim.

How is a claim filed?

When Your Tenant notifies you of a job loss or disability, You submit a claim to us. Once the claim is filed, we will work directly with the Renter to obtain the documentation necessary to review and approve the claim. All approved claims are paid directly to you. Approved claims are mailed within two business days.

How many claims can I make?

You can make one claim per Policy year for job loss and one claim per Policy year for disability. So you can make two different types of claims in any one Policy year. A Policy year is the 12 month period following each Policy anniversary date. You can continue to make claims until you reach the Maximum Lifetime Benefit which is $24,000. When you have received the $24,000 benefit maximum, you cannot make another claim and your coverage will end.

How many days does it take to approve a claim?

It depends on the information submitted by you to prove the claim. We may be able to approve claims as soon as they are filed but in other cases, we may need to talk to your past employer or doctor.

I got injured and can't go to work - now what?

If your doctor thinks or has said you will be off work for at least 30 days, then go ahead and file a claim. Just send us proof of your doctor's medical opinion you are going to be off work for 30 days.

I lost my job because I got fired - now what?

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 tell people to file a claim and tell us what happened. We will help you understand if we can make a benefit payment - and honestly we hope we can because then we were able to help you.

What if I forget to make a claim? How late can I claim a benefit?

Please contact us to file a claim late. As long as we can get proper proof of the claim, we will allow you to submit your claim at any time.

What if I have a claim and have not paid my last bill?

If you have a valid claim within the 31 days after your premium was due but was still not paid, we will honor the claim. However, we will deduct any premium due from the benefit payment. After 31 days, if the premium has still not been paid, coverage will end and no claims occurring after that time will be honored.

What proof or kinds of documentation do you need?

We need proof and timing of your job loss or disability. The typical sources of this are a letter of 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 at least 30 days (that is usually provided to your employer). You can submit it online under your account. Alternatively, you can email, mail or call us for help. You may take a picture and we can use that provided we can read all of the information. That picture may be attached to an email to us or uploaded online.

When can I make a claim?

You can make a claim any time after you have had the product for 30 days. Job losses and disabilities which start during the the first 30 days of coverage are not covered.

ACCOUNT QUESTIONS

General questions about your SafetyNet account

Can I cancel my policy if I want to?

Sure you can, just give us a call and we can help you. If you are willing, we would love to understand why you want to cancel to help us make the product even better. Alternatively, you can do this online too.

I forgot my password

You can reset your password online or you may call us at 855-855-9695. Once we validate your identity, we can reset your password.

I forgot my username

Your email address is your username. If you have forgotten the email you used, please call us at 855-855-9695 to retrieve it.

Where can I find my policy details?

Your policy is accessible online when you sign into your account You can then print it off if you want to keep a hard copy for your records. You set up your account when you bought coverage. We can help you get back in if you forgot how, just call us at 855-855-9695 [NOTE: Consumers who bought coverage over the phone will only have a hard copy of their policy until they set up an account.]

WHAT IS SAFETYNET™?

BILLING QUESTIONS

ELIGIBILITY QUESTIONS

CLAIMS QUESTIONS

ACCOUNT QUESTIONS

What job losses does the program cover?

What disabilities does the program cover?

What does it cost?

How long will the coverage last?

What is the maximum amount of coverage I can obtain?

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