Career Insurance

Career Insurance

There’s been a new entry in the Journal of Well Intentioned But Dumb Ideas. Assura Group of NY Ltd has just introduced a supplemental unemployment insurance policy.

The company claims that, when combined with government unemployment insurance, you can receive up to half of your lost wages for about six months.

Why is that a dumb idea?

While premiums for this new job loss insurance will depend on where you’re employed, your salary and the industry in which you work, they are expected to range from 0.5 to 2 percent of your pay.

For someone making $50,000 a year, for example, that could run $1,000. For someone at $75,000 a year, the premiums could be as much as $1,500. Oh, and you have to wait for six months after you’re laid off before any payments kick in.

What’s a better idea?

Don’t waste your money on unemployment insurance; that’s trying to pick up the pieces after disaster has struck. Instead, invest in career insurance and prevent the disaster from happening in the first place.

How does career insurance work?

It’s a fund you set up to subsidize your own self-improvement. It’s money you set aside to spend on educational programs, training courses, professional conference attendance and other activities that will enrich your skill set, expand your network of contacts and deepen your contribution on-the-job.

Think of it as your own personal Fund for the Future – a way to ensure that you’re too valuable for any employer to overlook or lose.

Work Strong,
Peter

Note: To read more about Career Fitness and Career Activism, get my books, Work Strong: Your Personal Career Fitness System and The Career Activist Republic. Both are available at Amazon.com, in many bookstores and on Weddles.com.

Look for my new book, A Multitude of Hope: A Novel About Rediscovering the American Dream, due out next spring.