Katapult launches Katapult Layoff Insurance

Katapult, an e-commerce-focused financial technology company, announced the launch of Katapult Layoff Insurance, powered by Harmonic Financial Technology.

For “a low monthly payment,” policyholders can receive a cash benefit of up to $2,000 if they experienced an involuntary job loss. Customers can access the coverage through Katapult’s mobile app and website. Enrollment is immediate, with policyholders becoming eligible for a claim after a 90-day waiting period.

Katapult, which went public in 2019, enables shoppers to buy items from different brands and pay over time.

“We selected Katapult as a strategic partner for our Layoff Insurance program because they are very upfront and transparent in dealing with one of consumer’s biggest fears – losing their job and being unable to make their payments. By offering Layoff Insurance to their customers, Katapult gives their customers a chance to stop worrying about one thing that isn’t normally mentioned in an online financial transaction – how are payments going to be made if the customer loses their job?” – Harmonic’s CEO and co-Founder Andrew Drake.

“We are excited to bring this new offering to our loyal consumer base. Income protection insurance directly addresses the financial vulnerabilities faced by many Americans who are experiencing an involuntary layoff. By opening up access to this new offering alongside our innovative lease-to-own (LTO) solution, we continue to provide underserved consumers with financial resources they need to power their daily lives.” – Orlando Zayas, CEO of Katapult.