In this economy there is no such thing as job security. The days of working at one company for the entire length of your career are gone, and have been for quite a while. There is a very good chance that at some point you will find yourself facing a jobloss or unemployment. The difference between a job loss being a hard stressfull time, and a chance for new opportunities is planning.
Fortunately, there is a new way to plan for a job loss. Most people feel safe because they have a few months income saved up, but you’ve worked to hard for that money to lose it over a layoff.
You would have to be living with no connections to the modern world not to know that the economy and job markets are dismal at best. Gone are the days of a sure job, and unlimited overtime. Now many companies are cutting hours, laying off in waves, or all together shutting down.
A 2007 Fannie Mae study shows that the average worker will experience unemployment 2.3 times during their career. The national unemployment rate in September of 2007 was at 6.1%, and is projected to reach about 9% in the near future. With over 1.6 million jobs lost this year, no one can be sure whose job will be next. The average length of a period of unemployment is 16.5 weeks. That is enough time to drain your savings account, or even worse, lose your home to foreclosure, and ruin your hard earned credit scores.
But the story isn’t all gloom and doom. Just as with most things, preventative maintenance costs are substantially less then fixing a catastrophic failure. The same thing is true with your paycheck. There is a new way to prepare for a period of unemployment. It’s a membership plan that pays its members a cash benefit of up to $2000 per month for up to four months if they become involuntarily unemployed. Plans like this have been available overseas for a while, and now have made their way to the US.
There are many plans that are called unemployment protection that you can find on any internet search, or at any bank, but these plans only protect the lender, and pay the benefit directly to them. The important thing is to find a unemployment protection plan that pays the benefits directly to you. The membership plans through The Salary Guard are paid directly to the member, to use as they see fit. Many people use the cash to pay for utility bills, groceries, or gas for the car. This benefit is there for you when you need it.
Take the time to look into what you can do to prepare for a job loss or period of unemployment. It’s a very small price to pay for financial stability and peace of mind for you and your family. Preparing for a job loss or unemployment is something that can help your family financially, and could be the one thing that keeps you afloat, and your credit rating where you worked so hard to get it.
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