Thread regarding Becton Dickinson & Co. layoffs

Financial Suggestions: how to insure away some of the layoff threat and stretch out your layoff finances!

Years ago after being laid off (to be precise it took place in 2008) I started looking for ways to cover costs if I was RIF'ed again. There were two things I found, one IncomeAssure won't cover you unless you have held your job for 24 months and and have purchased the coverage 6 or 9 months prior to the RIF. HOWEVER if that is you, it will supplement your unemployment from the state and bring your income back up to 50% of what you were making before the layoff.

The 2nd Insurance product is Assurant First Protector product this one is only for those with a mortgage, ostensible this thing looks like a supplement to your HO insurance because it will cover your mortgage if your place catches fire/ is not inhabitable so long as the rebuild starts within 90-180 days (you choose the coverage) BUT there is an option to cover your mortgage due to layoff and you only need the policy 30 days before coverage kicks in for this - in my limited reading; I admit I can be totally wrong here - and there is a cap for how much mortgage they cover up to. You choose coverage for between 3-6 months for the layoff option.

If you combine the two you have 50% of your take home pay plus the 25-30% you were sending in for the mortgage then the two insurance products together brings your take home after the layoff to somewhere around 75-85%. WAY easier to stretch out your new job search when you don't have to worry about the money side when you can stretch out your emergency fund.

More info is always better than less.

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| 2051 views | | 1 reply (September 21, 2017) | Reply
Post ID: @OP+PmVUnRe

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OK, now what?

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