Job loss insurance? Worth it?

[mamabear18]

I just discovered job loss insurance. Didn’t know it existed. Anyone have it? With it? Advice? I’m getting older and layoffs everywhere.

[Freedomin5]

I wouldn’t buy it. That’s what a 3-6 month emergency stash is for. I would consider critical illness and disability insurance if I wasn’t FI.

[Kris]

I wouldn’t buy it. That’s what a 3-6 month emergency stash is for. I would consider critical illness and disability insurance if I wasn’t FI.

Agreed. Job loss insurance only looks attractive for people who live paycheck to paycheck and have no cushion at all for any unexpected loss of income. Anyone following mustachian principles even a little bit should not be the target market for that.

[Newday]

Isn’t that what unemployment payment by government is for? Why take extra job loss insurance …

I feel these job loss insurance, mortgage insurance, credit card theft insurance etc are tomorrow on people’s fear.

[Freedomin5]

Isn’t that what unemployment payment by government is for? Why take extra job loss insurance …

I feel these job loss insurance, mortgage insurance, credit card theft insurance etc are tomorrow on people’s fear.

Unemployment insurance might not pay enough for you to meet your expenses if you’re living paycheck to paycheck.

Some insurance is worth it, if you’re not FI. Like the ones I mentioned above - those are for situations where there is no way you can go back to work. Like if you become severely ill or get hit by a truck and become a vegetable and can’t work anymore, but you’re still alive and can’t claim life insurance - it would be good to have insurance to ensure your family/dependents are taken care of in those situations.

[Dicey]

Run away. Fast. Unless it's a fully employer paid perk of the job.

[Duke03]

I've been involved with income protection/job insurance for almost 20 years now and am the number one salesperson in my organization. If you have any questions let me know.  Most people think it's a scam, but it is legit and certain industries benefit from it tremendously. I had a customer thank me profusely because we just paid him out $91,250 on his claim. I got involved with job insurance on a whim and it's been a very nice side Hussle of mine with a lot of perks and great travel included.   

[G-String]

In Canada all employees have this.  It's called Employment Insurance (EI).  Both employees and employers pay into the premiums each paycheck.  It provides approximately 55% of your earnings for about 6 months.