FAQ — PaydayShield Income Protection Insurance
Frequently asked questions about PaydayShield income protection insurance. Learn about coverage, claims, eligibility, and more.
Frequently Asked Questions
- Is PaydayShield insurance?
- PaydayShield is an income protection product. We offer five coverage tiers — Basic, Standard, Premium, Elite, and Ultra — with plans starting at $24.99/month for workers ages 18–65.
- How does PaydayShield differ from unemployment insurance?
- Unlike traditional unemployment insurance, PaydayShield offers more flexible coverage options, faster payouts, and covers situations traditional unemployment may not — such as gig work interruptions and contract terminations.
- Who qualifies for coverage?
- PaydayShield is available for traditional employees, gig workers, and independent contractors ages 18–65. Qualification factors include employment history, income stability, and industry.
- How much does it cost?
- Plans start at $24.99/month. Coverage tiers range from $5,000 (Basic) to $25,000 (Ultra). Get a personalized quote at paydayprotection.com/get-a-quote.
- How soon does coverage start?
- After approval, a vesting period of 3–6 months applies depending on your tier. Partial benefits may apply during the vesting period.
- How long do benefits last?
- Benefit periods range from 12 to 24 months depending on your plan tier. Benefits continue until you find new employment or reach your maximum benefit period.
- Are there waiting periods?
- Yes: a 3–6 month vesting period before the policy is fully active, and a 14-day elimination period after a covered event before payouts begin.
- Is my rate locked in?
- Rates may adjust for underwriting changes or employment shifts. We notify you in advance of any changes. Consistent employment typically means stable rates for the policy term.