Unemployment, what if your job is next?
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Written by Atila on October 20, 2008 – 11:41 pm
His name is Nathan. He had worked in the Civil Engineering field for about 12 years. Nathan started with his first engineering company while he was still in college, and from there worked his way up through the industry. He had switched jobs and companies a couple times, and found a place that he and his family were happy.
They bought a house, moved in, and things were going just as planned. After working with his current company for over 5 years, he got his notice. He was being laid off, along with several of his other coworkers. This was not part of his plan, this was not something he was ready for, and this was not something that his personal finances were ready for either. The good thing here is that you can learn from Nathan’s experiences.
Are you worried you might be laid off at any point in the next 10 years? If so, then The Salary Guard has a benefit that is right for you. If you were to become unemployed this membership benefit will pay you between $1000 and $2000 per month for up to 4 months of your unemployment. This is in addition to any state unemployment benefit you may receive.
The average state unemployment check is $378 per week. That is only $1512 per month. I’m guessing that wouldn’t pay your bills, because it certainly didn’t pay Nathan’s. The average length of unemployment is about 16 weeks, or 4 months. That is enough time to loose your home or car to foreclosure and repossession, or at least ruin that credit rating you have been working so hard to improve.
The national unemployment rate in September of 2007 was at 4.5%. In September of 2008, just one year later, it was at 6.1%. The predictions are for the national unemployment rate to reach 9%. A staggering 38% of all loan deliquencies and home forclosures are caused by Unemployment. This benefit has to be in place for a minimum of 4 months before a claim can be made, so don’t wait. No one can predict when the next round of layoffs will be, or when the next company will fold. What you can be sure of is that when it does happen, you will be prepared, and your family will be take care of.
