New Offering Helps Cardmembers Protect Themselves During Uncertain
Economic Times
RIVERWOODS, Ill.--(BUSINESS WIRE)--Aug. 18, 2008--Discover
Financial Services (NYSE: DFS) announced today the launch of
Discover(R) Income Gap Protection, a supplemental loss-of-income
offering designed to pay benefits directly to the customer to help
cover monthly expenses.
The offering helps cardmembers maintain their finances during
unexpected life events such as unemployment, disability, accidental
death and family leave. Income Gap Protection benefits can be used to
pay utilities, mortgage, credit cards or anything else the insured may
need. The amount is paid directly to the cardmember and since it is
not a loan, it does not need to be paid back.
"Discover Income Gap Protection helps financially compensate
cardmembers when hardships occur such as unemployment and disability,"
said Karin Giffney, vice president of protection products at Discover
Financial Services. "We understand the concern that many consumers are
facing and have developed this offering to help them manage their
finances during difficult life events."
Users can choose from either single or joint coverage for a
monthly cost of $19.75 or $34.75, respectively. Benefits include:
- $500 per month, per person for up to six months of total
disability
- $500 per month, per person for up to three months of
involuntary unemployment
- $500 per month, per person for up to three months in the event
of unpaid family leave
- Accidental death coverage pays the insured's beneficiary
$10,000
Small business owners are also eligible for Income Gap Protection
at a monthly cost of $23.75. Benefits include:
- $500 per month for up to three months in the event of
disability due to illness
- $1,000 per month for up to three months if the business fails
- $1,000 per month for up to three months in the event of
disability due to an accident
- $1,000 per month for up to three months in the event of unpaid
family leave
- Accidental death coverage is the same amount at $10,000
Income Gap Protection is an insurance program offered and
underwritten by Central States Indemnity Co. of Omaha which assumes
all liability for its benefits and is solely responsible for the
program. Income Gap Protection is not a product offered or
administered by Discover(R) Bank.
To learn more about Discover Income Gap Protection please visit
www.Discover.com.
About Discover Financial Services
Discover Financial Services (NYSE: DFS) is a leading credit card
issuer and electronic payment services company with one of the most
recognized brands in U.S. financial services. The company operates the
Discover Card, America's cash rewards pioneer. Since its inception in
1986, the company has become one of the largest card issuers in the
United States. Its payments businesses consist of the Discover
Network, with millions of merchant and cash access locations; PULSE,
one of the nation's leading ATM/debit networks; and Diners Club
International, a global payments network with acceptance in 185
countries and territories. For more information, visit
www.discoverfinancial.com.
CONTACT: Matthew Towson
Discover Financial Services
224-405-5649
matthewtowson@discover.com
SOURCE: Discover Financial Services