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5 Steps to Take After Job Loss

5 Steps to Take After Job Loss

March 27, 2020

5 Steps to take right away if you find yourself unemployed

  1. File for State unemployment insurance.
  2. Find out if the group life insurance provided by the company is portable.
  3. Get your monthly spending under control.
  4. Update your resume and profile on LinkedIn.
  5. Let your friends, family, neighbors and colleagues know.

File for State Unemployment Benefits:  The Coronavirus Aid Relief and Economic Security Act (CARES Act) that was just passed this week adds an additional $600 per week for up to 4 months of Federal economic support on top of any State provided unemployment benefits.  Your employers throughout your career have paid into the unemployment insurance so it will be there to catch you.  Not filing for benefits you may be entitled to is lost assistance you should be receiving.

Group Life Insurance Portability:  Ask your Human Resources professional if any Group Life Insurance policies you may participating in can be transitioned to an individual policy at the time of separation from service.  Often these policies allow for a former employee to take over paying premiums on their policy without needing to go through underwriting.  Being without income for a period is a problem.  Losing your life insurance death benefit that protects your family could prove to be financially disastrous for them if the unexpected happens.  If your former company’s group policy is not portable, consider applying for a term life insurance policy to replace it until you have a better idea of your future budget.

Identify where your money goes and cut out unnecessary bills:  Now is the time to review what you've been wasting money on.  Unused gym membership (can't go there right now anyway); cut the cord on the cable bill limiting your watching to local broadcasting over antenna or a less expensive Netflix or Amazon Prime subscription; stop eating out and cook your meals from home (you're home anyway); visit 40 ways to save money on monthly expenses for more ideas.

Update your Resume and LinkedIn Profile:  Your new full-time job may be to try to find your next full-time job.  Receipt of unemployment benefits requires you to be actively engaged in looking for gainful employment.  Consider your situation an opportunity to find a position that you are passionate about and truly enjoy.  Most company websites now require job applicants to upload their resume when they apply online.   LinkedIn also has a job search tab that allows candidates to apply for job openings that match their qualifications directly through LinkedIn.

Tell everybodyDon’t be ashamed to be “in transition”.  3.3 million new people filed for unemployment benefits last week alone.  The stigma of being out of work is gone and Americans are looking for ways to help their fellow neighbor.  Many times, job offers come as a result of word of mouth.  A hiring manager may decide on a known acquaintance over a random resume.  The more family and friends that know what you’re looking for, the more likely the chance someone can make an introduction for an opening they’ve heard about.

#JobLoss #FinancialPlanning #COVID-19