How to Secures Insurance for Job Loss: Insurance and Job Loss

Filed in Blog by on April 8, 2020 0 Comments

Over the years, a debate has however been risen from different individuals as to the fact if Insurance covers for Job loss or not? This question has made many firms, as well as individuals, go into required researches as to come up with a reasonable conclusion to the fact that insurance covers job loss. Below are some of the questions that are frequently asked amongst most persons.

Insurance for Job Loss
  1. Is there any Insurance for Job Loss?
  2. If I should eventually lose my job due to circumstances beyond my control, will I also be held accountable or will the insurance firm make the necessary payments for me?
  3. Does insurance firm make provision of Job if I should lose my current Job?
  4. What s the Advantage of insuring my job?
  5. What is the demerits of Insuring my Job

These questions above will definitely and eventually bring about some of the necessities that will be o this article after carrying out the necessary researches. At first it is not necessary and matured to think that the insurance company will keep you busy during the period you were sacked or paid off by the company due to varying reasons. It is worthy to note that there is no insurance that covers for a total Job loss, they could be attached maybe due to accident or health reason but is a total fallacy to assume an insurance firm could cope up for a particular job or provide you with one when you have lost your current Job. The only insurance that covers for job loss has a policy that covers you only in case of retrenchment by employer due to merger or acquisition, for which you have to submit a written proof of retrenchment. Without this proof, the claim is not admissible. However it is worthy to note that there are certain things under this policy that is not referred to as a Job Loss; amongst them are:

  1. Unemployment by a self employed person; here the person is self employed and decides to close down his or her firm. This is not regarded to be Job Loss.
  2. Unemployment due to voluntary resignation or early retirement
  3. Unemployment during probation period
  4. Any termination, suspension or retrenchment from employment due to poor performance of the insured.
  5. Job loss due to pre-existing diseases and health conditions. Job loss due to disciplinary action.

It is however worthy to note that, in insurance that covers for Job Loss, there are certain situations that are not to be considered hence this becomes a disadvantage.

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