Many Americans are concerned about their employment these days.
Recent job loss data has been alarming, and many more workers are facing potential layoffs in the future.
We all know almost everybody faces a loss of income at some point in their working lives, and we also know that we should prepare for unemployment.
A little bit of preparation can turn a job loss into an opportunity instead of a crisis.
Experts tells us that we should have 3 - 6 months of income in our emergency funds.
Most of us intend to do this, but over time, that emergency fund gets used for important things like medical bills or car repairs, and we find that we do not have enough money to cover our expenses for more than a few weeks.
We do know that we may be able to qualify for state unemployment benefits, but that those benefits are not very high.
In fact, a few hundred dollars a week, at the most, will cover groceries, but probably will not pay our rent or mortgage.
However, there is an easier way for many workers to protect themselves for a potential job loss.
Unemployment protection plans qualify people like state benefits do, and provide cash when the plan member suffers an involuntary job loss because of company downsizing.
The benefits usually range from an extra $1,000 to $2,000 a month, and are paid in cash to the plan member.
Plans also come with other consumer benefits, so even if a member keeps their job, they can use their membership to help protect their financial lives.
Examples of benefits are indentity theft protection, legal advice, and credit services.
Plans like this can provide security for members in uncertain economic times.
Other credit protection plans exist, but these are usually sold by a lender.
These plans will pay the lender if the consumer is unable to pay, but do not pay cash to the actual consumer.
In other words, these plans are designed to protect the lender, and not the consumer who is paying for them! In my opinion, a plan that pays cash is much better for most consumers.
The consumer will know how to use the cash to protect their families in the best way.
And traditional credit plans do not usually come with other consumer benefits like unemployment protection plans do.
If you are concerned about your income, credit, and financial life, look into supplemental unemployment protection, and see if it is right for you!
Recent job loss data has been alarming, and many more workers are facing potential layoffs in the future.
We all know almost everybody faces a loss of income at some point in their working lives, and we also know that we should prepare for unemployment.
A little bit of preparation can turn a job loss into an opportunity instead of a crisis.
Experts tells us that we should have 3 - 6 months of income in our emergency funds.
Most of us intend to do this, but over time, that emergency fund gets used for important things like medical bills or car repairs, and we find that we do not have enough money to cover our expenses for more than a few weeks.
We do know that we may be able to qualify for state unemployment benefits, but that those benefits are not very high.
In fact, a few hundred dollars a week, at the most, will cover groceries, but probably will not pay our rent or mortgage.
However, there is an easier way for many workers to protect themselves for a potential job loss.
Unemployment protection plans qualify people like state benefits do, and provide cash when the plan member suffers an involuntary job loss because of company downsizing.
The benefits usually range from an extra $1,000 to $2,000 a month, and are paid in cash to the plan member.
Plans also come with other consumer benefits, so even if a member keeps their job, they can use their membership to help protect their financial lives.
Examples of benefits are indentity theft protection, legal advice, and credit services.
Plans like this can provide security for members in uncertain economic times.
Other credit protection plans exist, but these are usually sold by a lender.
These plans will pay the lender if the consumer is unable to pay, but do not pay cash to the actual consumer.
In other words, these plans are designed to protect the lender, and not the consumer who is paying for them! In my opinion, a plan that pays cash is much better for most consumers.
The consumer will know how to use the cash to protect their families in the best way.
And traditional credit plans do not usually come with other consumer benefits like unemployment protection plans do.
If you are concerned about your income, credit, and financial life, look into supplemental unemployment protection, and see if it is right for you!