Top Glory Insurance has launched a scheme whereby workers can insure their income in case of unemployment, the first such policy in the SAR. Employees can receive maximum compensation of $72,000 plus a maximum premium waiver on their life-insurance policies of $24,000 after losing their jobs. 'Traditional insurance products offer compensation on death and accident of the insured, but will not offer financial support in unfavourable economic conditions,' Top Glory Insurance executive vice-chairman and president Andrew Yang Fan-shing said. 'Our new product is aimed at meeting this market.' The new product covers full-time employees who lose their jobs due to company closure or as part of wider lay-offs. No compensation will be given for those fired or those who know about their redundancies before buying insurance. The product has plans for income protection and insurance premium protection. Under the income protection plan, the insured, after one month's job loss, will receive compensation of 30 per cent of their salary up to $12,000 a month for six months. The insurance premium protection plan allows the unemployed to enjoy up to $4,000 monthly premium waiver for life policies with Top Glory for up to six months. The unemployment policy carries a premium of about $7,000 a year for those seeking income protection of $12,000 a month. Restaurant, construction workers, actors, actresses, professional sportsmen and the self-employed are banned from the scheme due to the nature of their jobs.