Definition: Gap insurance coverage refers to a type of insurance policy that provides protection against unforeseen expenses or losses that could occur as a result of gaps in one's employment. These types of policies typically cover costs associated with temporary job closures, such as severance pay, benefits, and other payroll-related expenses. The term "gap insurance" refers to a situation where an employer or employee has an unexpected gap in their income or benefit package due to unforeseen circumstances. The policy will provide financial assistance to the covered person or family member who is affected by this unexpected loss. The coverage can be provided as a lump-sum payment, monthly premium, or a combination of both. In summary, gap insurance coverage refers to a type of insurance policy that provides protection against unforeseen expenses or losses that could occur as a result of gaps in one's employment. It covers costs associated with temporary job closures and other payroll-related expenses. The term "gap insurance" refers to the unexpected loss of income due to an unexpected gap in their employer's benefit package.
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