Ascendus Is Offering Clients Insurance At No Additional Cost

NEW YORK – June 8th, 2022 – But Why Are Term Life and AD&D Insurance important?

Ascendus has launched a pilot program to provide Term Life insurance and Accidental Death and Dismemberment (AD&D) insurance at no additional cost to our clients. This program is the first of its kind in the U.S. and we’re proud to be offering it as another innovation to support our mission toward financial ascension for all.

But why Term Life insurance and AD&D insurance? Why do you need them? How do these insurance policies support financial ascension for all? Simply put: the costs resulting from the death or critical injury of a family member can be financially devastating to working American households—if they don’t have insurance.

The average costs of a family member dying in the U.S. can reach upwards of $20,000 in under 30 days, when you include medical expenses, burial and loss of income*—a severe financial challenge to households already living paycheck-to-paycheck. The costs often force Americans to seek help, as illustrated by the $2 billion given by the Federal Emergency Management Agency (FEMA) to help Americans cover funeral costs for COVID victims**.

The loss of a household wage earner can completely collapse a small business and upend a working household in the long term. If a family member dies or cannot work for a long period of time because of an injury, that means their monthly income is no longer available to pay the rent or mortgage, grocery bills, medical costs… Often the impacts result in unpaid bills and taking on new debts that could take years to pay off. Or, if the debt is not paid off, it will burden the family from one generation to the next. Intergenerational debt occurs when debt falls on the shoulders of the children, and perpetuates financial inequalities. But these consequences are preventable. By partnering with Ascendus, you help ensure our clients are protected from that kind of tragedy.

Term Life insurance and AD&D insurance help prevent this kind of financial tragedy. With our program, a $50,000 payout is provided to the beneficiary in the event of natural death. $100,000 is paid out in the event of the policyholder—our client—dying from a fatal accident. With this kind of support, our clients can take comfort knowing that if such an event were to occur, their loved ones will be able to deal with the financial impacts, while still being able to continue to work toward their overall financial ascension into the future.

We’re proud to be offering this innovative program to help protect our clients’ futures. All the more so since we are able to offer to them at no additional cost to what they are already paying us on their loan. Learn more about our Insurance program.

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About Ascendus

Ascendus believes in the bold vision of achieving financial ascension for all. Our mission is to empower low-to-moderate income business owners with access to capital and financial education. For over 30 years, we’ve provided small business owners – primarily BIPOC, women and immigrants – with the tools to move up, improve their lives, care for their families, and contribute to their communities. Since our inception, we’ve dispersed over $255 million in capital to over 25,300 small business owners. For more information, visit https://www.ascendus.org/.