Can job loss insurance really help you during lay-off?

 Lay off phase of life: Can job loss insurance cover protect you?






Lay-off season is the most turbulent phase in a professional's life.

Layoff brings bigger financial loss than just loss of salary.

Many times employees have to settle for less salary in their next employment after lay off. There has been a buzz about job loss insurance that covers working professionals against lay-off.

Technically there is no such effective policy that covers job loss. There are many firms that ask their employees to take voluntary separation through resigning. In such cases, it is difficult to prove job loss through layoff. 

Some insurances such as critical illness / home loan protection provide job loss security as an add-on service. It cannot be considered as a dependable option though. 

Instead, there are ways to curb your financial hardships.

3 ways to curb your hardships during turbulent times:

- Always be active in upskilling and learning new things. Keep a keen eye for latest upgrades in your industry and be the one who can always be in demand.

- Be active on LinkedIn, post regularly, keep a track of other competitors of your firm, have a large network of people.

- Never be highly dependent on credit facilities, loans, Personal loans as they may out you in trouble in case of lay-offs. When you keep your expenses minimalistic, surviving is easier.


I know it is very difficult to follow this roadmap but this blog is a suggestive article to make you aware of the plans that can prevent your hardships.


All the best!!

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