Unemployment Insurance

As the saying goes,

“no one ever really knows tomorrow”.

Life is like a journey with risk and uncertainty facing us every step of the way.

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The beauty of insurance lies in its design which is intended to eliminate most of these risks and bring more certainty into life thereby empowering us to take even bigger risks and stand a better chance of reaching our full God – given potential.

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A few decades ago and until fairly recently, certain jobs were considered “stable and safe”. These were the sort of jobs you entered into at the start of your career as a young adult, grew predictably through the ranks with various leadership positions coming your way as you moved up and eventually, after a few decades of service, you retired to a decent pension which enabled you continue to live with a fair amount of comfort and certainty. A young graduate who secured such a job was fairly certain of having a secure job with a very predictable and structured career path.

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However, the reality is that today those “stable and safe haven” jobs are virtually non – existent or where they exist, their form and structure has been drastically altered. This is due to a combination of factors such as increased globalisation which had led to drastic changes in national policy, severe and often unpredictable economic changes which have left entire sectors across several industries reeling in shock and scrambling to adjust to current realities, the rise of technology has also rendered certain careers obsolete as the humans who used to perform these tasks can now easily be replaced by computers and machines. These drastic changes to the modern workplace mean that certain traditional career paths which were previously seen as a route to a comfortable and risk – free life have suddenly vanished and even more impactful is the fact that these changes have occurred within a very short time-frame typically in less than thirty (30) years; meaning that the workforce is unable to react quickly enough to these changes. The end result is that today there is hardly any job in any industry which can be regarded as safe or immune to change.

This has led to a sense of heightened anxiety and fear amongst many adults of working age as recent events have shown how easily an individual can go from being gainfully employed to being unemployed and in financial difficulty. As the saying goes,

“often times you’re only one paycheck away from being homeless”

 

In recognition of this fact, certain insurers now offer unemployment insurance as a product. Unemployment Insurance is designed to eliminate or greatly diminish the negative consequences that can arise due to loss of employment.

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A typical unemployment insurance policy will pay you a guaranteed salary for a specified period following the loss of your previous employment. This insurance product is a crucial lifeline as it provides funds to enable an individual who suddenly becomes unemployed to continue to meet his or her financial needs as well as avoid a sudden plunge into financial uncertainty which can have severe and far reaching consequences.

For many beneficiaries, unemployment insurance is crucial as it affords them time and flexibility to rebound and re-enter into either paid employment or engage in entrepreneurial pursuits. This insurance product however comes with a few attached conditions such as the fact that in order to benefit fully from the payouts you must have held the policy for a certain and pre – agreed period of time prior to losing your previous employment.

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In future posts we shall examine unemployment insurance in greater depth as well as provide greater insights about this unique product.

If you would like to know more about Unemployment Insurance, please get in touch with us!

We welcome your comments, please do let us know what you think about this post and BE SOCIAL!! share across your Social Networks!!!

 

bslb

 

 

 

 

 

 

 

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6 thoughts on “Unemployment Insurance

    1. Thanks for your feedback Olabisi, we hope you enjoyed the article. We look forward to providing you our services. Kindly share this post across your social and personal networks. Do have a great day ahead
      BSL Insurance Brokers

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    1. Thank you so much for your kind encouragement joyce!! We really appreciate it; please do follow our blog so you can be updated once we post new articles. Also, please share our articles widely across your social and professional networks. Thank you!

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  1. Woow, Great Stuff from BSL! Will come for more enlightenment on Unemployment Insurance Policy, as it’s very important in this period of recession.

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    1. Hi Zikky, thank you so much for your comment! We await your call as we are eager to serve you. And yes; an unemployment insurance policy is crucial in these uncertain and difficult times. Do check our blog regularly and share our posts with your friends and loved ones … BSLB

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