Great American Insurance Group’s SalaryGuard® Offers Private Solution to Supplement Canadian Federal Employment Benefits
VANCOUVER, British Columbia–(BUSINESS WIRE)–Great American Insurance Group has expanded its individual supplemental
unemployment offerings by introducing SalaryGuard, an employment
insurance policy that supplements Canadian federal employment insurance
regular benefits.
Similar to state unemployment programs in the United States, Canadian
federal employment insurance replaces a portion of a claimant’s former
weekly salary, subject to a maximum weekly benefit. Canada’s program
replaces 55% of the claimant’s income, subject to a weekly maximum
benefit of CAN$537. Therefore, claimants with wages greater than
approximately CAN$51,000 cannot receive 55% of their former salary under
the Canadian federal employment insurance program due to the capped
weekly benefit.
Unlike credit-related or credit protection unemployment insurance in
Canada, SalaryGuard provides cash benefits to claimants, allowing them
the discretion on how to use the funds when they are unemployed. The
coverage, in combination with federal employment insurance regular
benefits, replaces 55% of a worker’s former wages for up to a maximum
salary of CAN$310,000. SalaryGuard is the only insurance of its kind
available in Canada and is currently available to workers in British
Columbia only. The product will soon be available in Ontario.
“IncomeAssure®, the sister product to SalaryGuard, has been
marketed in the U.S. for over five years and has become an increasingly
popular means to protect against loss of income from involuntary
unemployment. We are excited to work with BFL CANADA on SalaryGuard to
fill a similar unmet need within the Canadian insurance marketplace,”
said David Ferron, Product Management Director of Great
American Insurance Group’s Unemployment Risk Solutions.
“Present day economic realities have changed the way people perceive job
and financial security. Additionally, middle to upper-income workers are
becoming more aware of the employment insurance coverage gap that will
exist in the event of their unemployment. SalaryGuard addresses this gap
by enabling displaced workers to meet their basic short-term
obligations, like household expenses, tuition costs or mortgage
payments, without wiping out their savings or investments,” said Bradley
Potter, Managing Vice President of BFL CANADA in Vancouver.
To learn more about SalaryGuard, please visit www.salaryguard.ca.
About Great
American Insurance Group
SalaryGuard is underwritten by the Canadian Branch of Great American
Insurance Company, rated “A+” (Superior) by A.M. Best (last affirmed,
May 12, 2016). Coverage is summarized. Refer to the actual policy for a
full description of applicable terms, conditions, limits and exclusions.
Great American Insurance Group’s roots go back to 1872 with the founding
of its flagship company, Great American Insurance Company. Based in
Cincinnati, Ohio, the operations of Great American Insurance Group are
engaged primarily in property and casualty insurance, focusing on
specialty commercial products for businesses, and in the sale of
traditional fixed and fixed-indexed annuities in the retail, financial
institutions and education markets. The members of the Great American
Insurance Group are subsidiaries of American Financial Group, Inc.
(AFG), also based in Cincinnati, Ohio. AFG’s common stock is listed and
traded on the New York Stock Exchange under the symbol AFG.
Great American Insurance Company – Canadian Branch Head Office, Scotia
Plaza, Suite 2100, 40 King Street West, Toronto M5H 3C2.
About BFL CANADA
BFL CANADA is the managing general agent for SalaryGuard in Canada.
Founded in 1987 by Barry F. Lorenzetti, BFL CANADA is one of the largest
employee-owned and operated Risk Management, Insurance Brokerage, and
Employee Benefits services firms in Canada. The firm has a team of close
to 600 professionals located in ten cities across the country. Through
international partnerships, BFL CANADA also provides Risk Management,
Insurance and Benefits Consulting services for clients doing business in
over 120 countries around the world.
Contacts
For product questions or to apply:
844-221-9684
www.salaryguard.ca
or
All
other inquiries:
Great American Insurance Group
Diane
P. Weidner, 513-369-5713
or
Websites
www.GreatAmericanInsuranceGroup.com
www.AFGinc.com
