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So I got fired. Happy holidays to me.
Is it ever a good idea to lease a car?
Rising Star
So private unemployment insurance... I’m pretty sure there are already companies that offer this..
Sounds like it hasn’t really caught on..
Just thinking out loud, it isn’t super hard to self insure for a few months with an emergency fund savings and liquid investments
https://theamericangenius.com/finance/private-unemployment-insurance/
Chief
Unfortunate it never caught on it looks like With about 1,000 active policyholders and over $1 million in claims paid out as of 2016, the policy is no longer accepting new applications for coverage as of late 2018, but is still insuring those with an active policy
Pro
Let’s unionize
So instead of saving 6 months into an emergency fund, I’d purchase an insurance policy? I don’t think this will work
Nah, betting pool. More $.
Rising Star
Who are you covering and what are you insuring against?
Initial buy in + 5% of salary, effective 1 year after employment with a firm
Payout 3-6 months of salary if layed off
Someone can do the math and risk profile
Rising Star
It’s kind of a catch 22, the folks living paycheck to paycheck will probably not seek out this type of insurance until they lose their job....
Folks who are responsible can easily save up a nest egg to self insure over a year or two.
So looks like we’re going to have a demand problem with this terrible idea
The only people who’ll buy are those most at risk of getting laid off (not as confident in their abilities, maybe soon to be laid off, etc.).
And once you buy and feel the heat, why wouldn’t you just get fired so you can cash out.