> Those who work in public administration would pay the least: $34.75.
That tells you everything you need to know about which jobs are relatively unrelated to merit.
> But many people can’t or don’t save enough to add up to the $12,875 or so that IncomeAssure may pay out to a $100,000 earner in New York
I don't care who you are: you need to have more than 1½ months' salary saved up. If you don't, your life is going to suck, badly, at some point.
Honestly, this seems like a product best used by folks in their first few years of work. If you've been working longer than that, you sure better have better savings.
In your first few years of work, you should be structuring your life so that major expenses like car & housing are minimized (you're not used to better, and you likely don't have a family to drive around & frolic in green space) & you can build up a cash cushion. It just seems like there is just no frontier for which this makes sense, other than "person who knows their job is going away at 6mo+1day".
Even then it's way better to save that money... After you save it once you have it forever, and can use it to borrow against.
eg. Save it for a down payment, when you buy your place with the insurance money you saved, get a credit card for the amount you used for downpayment, and then rebuild your savings using the credit card for your emergency fund.
That tells you everything you need to know about which jobs are relatively unrelated to merit.
> But many people can’t or don’t save enough to add up to the $12,875 or so that IncomeAssure may pay out to a $100,000 earner in New York
I don't care who you are: you need to have more than 1½ months' salary saved up. If you don't, your life is going to suck, badly, at some point.
Honestly, this seems like a product best used by folks in their first few years of work. If you've been working longer than that, you sure better have better savings.