To help supplement state unemployment benefits for those whohave lost their jobs, UNFCU Financial Advisors has formed a uniquepartnership.

Offered by Assura Group of NY Ltd. and underwritten by the GreatAmerican Insurance Group, IncomeAssure replaces 50% of aperson's former earnings prior to unemployment. Clients can insurebetween $50,000 to $250,000 of income against the risk of losing ajob.

While employed, the coverage generally costs between 0.5% and 2%of a person's annual salary, according to Assura. To be eligible, aperson must be a fulltime W-2 employee, not have been unemployedwithin the last two years and must have been with their employerfor at least six months.

UNFCU Financial Advisors, a wholly owned subsidiary of the $3.6billion United Nations Federal Credit Union in Long Island, N.Y.,is a non-exclusive distributor of IncomeAssure, according toAssura.

Several credit unions have already agreed to distributeIncomeAssure but have not started selling the private unemploymentinsurance, said David Ferron, product management director at GreatAmerican Insurance.

“We have just begun to speak to credit unions literally in thelast few weeks,” said StephenRyerson, president of UNFCU Financial Advisors.

According to Ferron and Antonia Townsend with Assura,IncomeAssure insurance coverage may be the only insurance of itskind available in the United States. Townsend said a similarproduct is offered in Great Britain. Ferron and Ryerson said otherprograms are linked to debt cancellation and consumer loans.

IncomeAssure is available in 46 states and the District ofColumbia. It is pending in New Hampshire and Rhode Island. Theprogram is not available in Alaska and Hawaii at this time.