If You Lost Your Job Tomorrow, Would You Survive Financially? Modest Money12 Comments

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Sometimes, months of layoff rumors precede a job loss. You hear whispers of cutbacks and people not getting their raises. Other offices start to close, and you’re pressured to work harder and cut costs.

At other times, a job loss happens with absolutely no warning. Your business closes, you get fired, or you become disabled and unable to work.

If you get fired or laid off, you might draw unemployment for a little while. Unfortunately, the bills won’t stop coming even when your money disappears. The last thing you want to do when the unexpected happens is to find yourself without a plan. Disaster-proof your finances now before it’s too late.

Disability Insurance

About 70 percent of people own life insurance policies, but only 40 percent invest in disability insurance. In reality, it’s probably more important to protect your current income before investing in life insurance. A 20-year-old today has a 30-percent chance of becoming disabled and missing at least six months of work before retirement. You might think you can fall back on government benefits for disability, but they vary widely depending on where you life. In the U.S., for example, people draw an average of just $1,188 for Social…

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By : Adam | 10 Dec 2014
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