Protecting Your Income During Unemployment.

Unemployment rates are rising with no relief in site for the next year or more. Here are some ways that you can protect your income in the event of a job loss and unemployment.nnThere are reports every day on the news that unemployment is rising, and more and more companies are planning layoffs. A recent report by Watson Wyatt states that 26% of companies surveyed are PLANNING on layoffs over the next 12 months. That doesn’t take into account the 19% that have already had downsizing and layoffs, or the rest of the companies that will have to also, even though they aren’t “planning” to layoff employees.n nThere are the obvious things you can do to try to avoid being laid off, but in actuality, you really have no control over your employment status. Being on time, working diligently, and learning new skills are things that can make you a more valuable employee. But when a company reaches a point when the work is just not there, it doesn’t matter how skilled you are, there will still be cuts made. At that point, the planning that you have done, or not done, will be what makes the difference in a layoff being a financially stressful time, or being a time of opportunity to better yourself and your family. nnThe best way to prepare for unemployment is to get protection against it. How can you be protected? It’s actually quite simple. Throughout Europe and most other countries they have had what is called “Unemployment Insurance”. This is an insurance plan, similar to life insurance, the difference being that you don’t have to die to get the benefits. The unemployment insurance benefits are paid to you when you become unemployed. The good news is that there is a similar Unemployment Protection Plan available in the U.S. This is a membership plan that pays its members a cash benefit if they become unemployed. This is not an “insurance plan”; it’s a group membership plan that has an insurance benefit along with other useful legal and financial benefits. n nThe national average unemployment check is only about $378 a week. That isn’t that much and I know that wouldn’t be enough to get most people by for even a month. Now consider that the average length of unemployment is about 16.5 weeks. That’s enough time to drain any savings you may have. Many Americans are living check to check though, and don’t really have the safety net of a 6 months income in savings. This is where an unemployment protection plan is really necessary. Even if you are fortunate enough to have saved up several months of income, do you really want to burn right through that while looking for another job? Wouldn’t you rather keep saving that for something else like home improvements, family vacations, or keeping it for an emergency? nnAn unemployment protection plan can make it possible for you to survive through a job loss and unemployment, with out the stress of creditor calling, bills going unpaid, and possible foreclosures. This will help you keep your head clear while you concentrate on your hunt for a new job. nnFor more information on protecting yourself and your family during unemployment, visit http://www.TheSalaryGuard.com and see how quickly and easily you can be protected.n