iQuanti: Not that you would lose your job tomorrow, but if you did … How hard would it be for you to transition into a new one? The fact of the matter is, losing a job can happen to anyone. But if you have the right protections in place, you'll have a much easier time transitioning into your new job.
While your employer may provide some financial safety net tools such as types of insurance, it's important to understand the full extent of that protection so that you can determine if you need additional coverage.
1. An emergency fund
An emergency fund is money set aside to cover major expenses and/or your living expenses for a certain amount of time while you don't have regular income. Being able to rely on yourself for cash means you won't have to take out a loan and pay interest on what you take out, and you can focus more of your energy on finding your next job.
Generally speaking, it's a good idea to have an emergency fund that covers about six months of living expenses so that you'll be able to easily provide for yourself under any circumstances.
2. An updated resume
When you're happy with your current job, keeping your professional network and resume up to date may not be the highest priority. But making sure you routinely update your resume to show off your latest skills can help you feel prepared and confident if you need to find a new job.
If your resume needs more than a simple polish, that can be a good sign you want to look for ways to update and grow your skillset. LinkedIn courses and networking can be a great way to learn more about different facets of your career, with certificates for completion.
3. Life insurance
If you're supporting a spouse or family, you'll be thankful to know private life insurance doesn't have to end with your job so, if anything happens to you while you're transitioning, your beneficiaries will be taken care of.
As long as you keep the policy active by paying your premiums and satisfying any other usual requirements, it will still provide the same coverage as it would when you had your old job.
The bottom line
Losing a job is never easy, but it becomes more bearable so long as you have the right safety nets in place. In today's rapidly changing world, it's always good to keep your safety nets in place so that you can roll with the punches. Be sure to understand the full extent of the insurance safety net that you have so that you'll know what additional coverage you may need to purchase, if any.
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Original Source: 3 Things You'd Be Glad You Have If You Lost Your Job Tomorrow
