Planning for life events

Loss of job or benefits

Layoffs can strike anyone at any time. Along with losing a regular paycheck, you lose the benefits that came with the job. Under COBRA you can continue your health coverage for up to 18 months, but it isn’t cheap. That’s why it’s important to put money away for a rainy day. Having to rely on credit cards and/or going without health insurance can quickly put you behind the financial eight-ball. Cut expenses, file for unemployment insurance, and consider a term life plan while you’re between jobs.

To help you determine the right coverage for your needs, start here:

• Which coverage is best for me?
• How much coverage do I need?
• Learn more about 10-year term
• Learn more about accident hospital indemnity
• Learn more about accidental death insurance

Life tips

Loss of job or benefits

After losing your job, your first step should be to file a claim for unemployment insurance. Let everyone know you’re looking for a job and use online resources to broaden your search. Stay positive, maintain relationships with family and friends, and use the time off to think about what you really want to do next.

Starting a business
Critical illness
Medical condition
Disability

Quick hint

If you have money in a retirement plan like a 401(k), resist the temptation to cash it out. There are hefty penalties for early withdrawal (not to mention taxes), so you might be left with a lot less than you think. More importantly, you’ll need that money in retirement – a time when you can look back on losing your job as a temporary setback.

Helpful Links

• Term insurance options
• Accident and hospital coverage
• What is the difference between term and whole life insurance?
• Contact Us