Katapult, which went public in 2019 allows shoppers to purchase items from multiple brands and pay over an extended period of time.
Under the new product, by paying a low-monthly fee, policyholders will receive a cash benefit of up to $2000 if they experience involuntary job losses. Customers are able to access the coverage from Katapult’s mobile app and website. Following immediate enrollment policy holders are eligible for a claim after a 90-day waiting period.
Harmonic Financial is an embedded insurance provider. Ceo and Co-Founder Andrew Drake, commented on the launch “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?,” he added.
Orlando Zayas, CEO of Katapult also said: “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.”
