Discover Financial Services, a leading credit card issuer and electronic payment services provider, has launched the Income Gap Protection program. It is a new supplemental loss-of-income insurance designed to help credit card holders maintain their finances during difficult life events. You can receive up to $500 per month if you lose your job, take unpaid family leave or become totally disabled. Discover will be your helping hand when you most need it!
Financial uncertainty is a fact of our present-day life. Slowing economic activity, rise of gasoline and food prices and slumping home values make borrowing money increasingly difficult. Nobody is protected from job losses or unexpected life-changing accidents. If you lose the source of income, you can get into a serious financial trouble. Missed credit card payments will damage your credit score and cause additional charges. For example, you can be switched to a high default APR.
Financial experts advise to establish a rainy day fund to prepare for life's challenges. However, a lot of people don't have an opportunity to lay aside hundred dollars every month. If you are in that boat - don't worry. Discover has designed a solution to help you survive during difficult life events. The company introduced a new supplementary insurance that will help credit card holders cover monthly expenses when such hardships as unemployment, disability, accidental death and family leave occur.
The loss-of-income insurance can be used to pay your credit card debt, utilities, mortgage, loans and anything else that you may need. The amount is paid directly to the card holders, so you can personally decide how to use it. And don't worry about paying the money back: since it is not a loan, there is no need to do it.
The Income Gap Protection offers either single or joint coverage for a monthly cost of $19.75 or $34.75, respectively. If you subscribe, you can get $500 per month, per person for up to six months of total disability. In the event of involuntary unemployment or unpaid family leave the company will pay you $500 per month, per person for up to three months. With the accidental death coverage the beneficiary of the insured will receive $10,000.
Small business owners can also subscribe for the Income Gap Protection. The insurance will cost them $23.75 per month. In the event of disability due to illness you will get $500 per month for up to three months. If you became disabled as a result of an accident, the bank will pay you $1,000 per month for up to three months. People who need to take unpaid family leave will receive $1,000 per month for up to three months. If your business fails, you will get $1,000 per month for up to three months. Accidental death coverage is $10,000.
The Income Gap Protection will be a good addition to the line of valuable Discover insurances targeted to protect credit card holders from all possible problems. The company offers payment protection, fraud and account protection, lost baggage tracking, emergency cash transfer, passport and travel document replacement, local police station referral, auto insurance, home warranty, homeowner's insurance, term life insurance and many others. This most complete set will ensure your peace of mind in any difficult situation!