Iowa now offering layoff insurance to workers

Hawkeye State joins Wisconsin in offering this insurance

Posted: Jul. 10, 2018 9:34 PM

MASON CITY, Iowa - The state of Iowa is joining Wisconsin in offering layoff insurance to workers.

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Users are allowed to choose from plans that pay out a lump sum if a person is laid off or becomes unable to work.

Duane Tesch says the insurance can benefit many people, especially if they're trying to make ends meet during tough times.

"I think people need more than unemployment insurance to get along, because a lot of people have house mortgages and car loans and this and that, and you don't want to let your insurance lapse if you can and keep that paid."

However, he doesn't believe that being paid via a lump sum is not exactly the best way to go about it.

"Borrowing money isn't always the answer. So I don't think a lump sum is really a good thing to have with these insurance payments. I think it should be monthly just like unemployment insurance."

SafetyNet, the company that created this type of insurance, says the program will give money quickly if you are suddently laid off or get sick or injured and can't work for at least 30 days. Users can decide between four different plans.

Any plan does not preclude participation in an employer offered disability plan, nor do they impact eligbility for unemployment benefits.

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