Aarp Life Insurance is offering a range of benefits to people who are unemployed, with its newest policy offering $3,000 to anyone who is not eligible for unemployment benefits.
The policy, which was launched on Tuesday, says if someone has been unemployed for less than 12 months they can claim a $3k payout up to $2,000 a year if they lose their job.
The policy covers people who were employed and have had to leave their job because of illness or accident and who do not meet the following criteria: are currently employed full time or part time for at least one month; have had no unpaid leave for 12 months; or have not been out of work for at most three months.
If you have been unemployed and have not applied for unemployment, you will not be entitled to the payout.
“The money goes directly to the unemployed person’s insurance fund,” Aarp said.
“There is no extra tax on the money you have contributed, so no one pays more in the event you are unemployed.”
If you are out of a job and you are not eligible, you can get the money straight away if you are unable to work or find another job.
“The new policy, available for both single and married people, comes as unemployment falls and the number of people on the benefit rises.
However, many people are still finding it difficult to find work as the job market is tightening and many people with unemployment benefits are finding themselves with bills piling up.
One of the benefits Aarp has offered to its customers is a $1,000 discount on the rate they pay when they buy their insurance.
Anyone who is out of the workforce but not eligible to claim unemployment benefits will still be able to claim a refund of up to 80 per cent of the premiums if they are out at least 60 days, and up to 75 per cent if they have not had any unpaid leave.
If you need help getting on your feet, Aarp offers a range to get you through the next few months.
In the event of a personal emergency, you and your partner can apply for help, and if you need to use the emergency fund, you may also be able access it.
For those who have recently been out, AARP has also created a ‘hippie savings account’, which you can use to buy groceries or clothes for yourself or your partner.
AARP also offers a $10,000 cash reward to those who are found responsible for their employer’s negligence, with the payout calculated by AARP’s self-reporting system.
But even for those who do manage to find jobs, there are still some things they can do to get their lives back on track.
You can apply to be reimbursed for unpaid wages for three months, or up to 30 days, for the first three months of unemployment, if you were unemployed for a period of 12 months or more.