Do I incur any liability with the Wage Protector program?
You have no potential liability as a sponsoring group. Wage Protector offers guaranteed issue individual policies with no health examination required, so your client’s customers get written.
Am I limited by the type of sponsor groups I can write?
With Wage Protector, you can write most sponsor groups, with exceptions in hospitality, entertainment, airline, gas and oil, construction, roofing, farming, fishing, and forestry. Individuals who apply because of their membership with a target sponsor who are also employees or independent contractors/self-employed workers in restricted professions may participate in the program.
Monthly premiums for employees in the Construction Industry, and who lift 50 or more pounds or use heavy machinery in their job are higher. Terms and conditions may vary by state.
Can I make Wage Protector available to any type of worker?
Yes, Wage Protector is available to W-2 employees, self-employed, independent contractors, and other1099 workers.
To what sponsoring organizations can I offer Wage Protector?
Wage Protector can be offered by various organizations including financial institutions, insurance companies, employer groups, associations, retailers, and affinity groups.
Are there participation requirements?
There are no minimum participation requirements, and you can cancel your sponsor participation at any time.
Am I locked into the benefit package I can offer with Wage Protector?
Flexible benefit design is an exciting feature of Wage Protector. Offer Disability only or all three coverages (Disability, Involuntary Unemployment, or Salary Gap). Offer maximum monthly benefits of up to $3,750. Choose the Benefit Period from 3-months up to 12 months. And more!
Sounds like I will need to do a lot of work to offer Wage Protector in my portfolio.
Actually, no. We have done much of the work for you. Your client sponsors receive customized digital marketing materials (banner ads, brochures, inserts, newsletter articles, announcements, and more), plus a sponsor-specific enrollment website is included. You just need to work with your sponsors to market the program. Sponsor enrollment is then easily monitored and tracked with monthly reporting of results by statement, so you can see how you and your clients are doing. You will also receive help from a Customer Success Manager to keep you and clients on the best path forward. When you consider Wage Protector can also help your clients attract & retain customers at no cost to you (or them), it is a no brainer.
What is the enrollment experience like for my client’s customers?
Consumers will be directed to a branded landing page which reinforces the benefits of Wage Protector. They can start a quote there by answering three simple questions about the type of work they do and choosing their benefit amount and period. It takes them less than a minute to fill in the information before the cost of coverage is presented. They can easily revise the parameters to change the rate. If they like the cost of coverage, it just takes a few minutes to enroll.