VouchForMe launches income protection product
VouchForMe has launched a P2P income protection alternative to disability insurance that allows freelancers to get a regular income in case of long-term illness or injury.
Here’s how it works: VouchForMe Income protection operates as a fund for groups of 25 – 50 people where each member contributes a predefined monthly sum. If a member of the group is unable to work due to illness or injury for more than a month, he or she gets a monthly payout until he or she is ready to get back to business. The members are in control of the funds they save for rough times. The payouts are predefined by the monthly contribution, e.g. a €25 monthly contribution yields a €750 monthly payout. In return, VouchForMe collects a one-time activation fee of €100 and a monthly fee of €5. Last, the VouchForMe income protection product gives security for a period of up to two years.