Microinsurance by Ascendus: Supporting Client Financial Health

New York, NY – Monday, May 1st, 2023: Today, Ascendus launched a first in the nation Microinsurance Program that provides clients with $100,000 in Life and AD&D (accidental death and dismemberment) microinsurance when they receive a loan; clients do not pay for the cost of the life insurance.

The average costs of a family member dying in the U.S. can reach upwards of $20,000 in under 30 days. At the same time, most Americans have $400 or less in savings. The accumulation of funeral costs, hospitalization expenses and the loss of income can have an intergenerational impact on the financial health of the business owner and the entire household. Insurance creates a vital safety net to mitigate this loss, yet most households are under-insured. This is especially true for the populations Ascendus serves.

Now, in partnership with Resilient, Ascendus clients are in a better position to mitigate financial shocks. A microloan paired with life insurance creates a triple bottom line for clients who participate in the program: access to capital, credit development, and financial protection through better financial planning. As small businesses unlock access to opportunity, and mitigate financial risks, we move the need on improved household financial health.

To qualify for this pilot program, clients must be 18-64 years old, a resident of New York State, and one of the first 120 new clients approved for a loan. In the future, Ascendus plans to provide this microinsurance program to all new clients across the nation.

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About Ascendus

Ascendus has a bold vision of financial ascension for all. Our mission is to empower low-to-moderate income business owners with access to capital and financial education. Since our inception over 30 years ago, we’ve dispersed $336 million in capital to 47,000 small business owners – primarily BIPOC, women, and immigrants.

About Resilient

Resilient is the leading provider of affordable, appropriate and accessible insurance products to Low and Moderate income consumers who have traditionally been underserved by the mainstream insurance market.