This insurance is free \u2014 but it takes some work and planning. Its benefits go far beyond the time it takes to implement the steps involved. And in addition to increased income, this insurance may even give you more job satisfaction, less stress, and a longer life. Interested?<\/p>\n
I’ll call it “Career Insurance”. Career Insurance isn’t a product you can buy, but a series of steps you<\/i> can take to minimize the chance that your career will suffer a major catastrophe.<\/b><\/p>\n
The benefits of career insurance<\/b><\/i> <\/p>\n <\/p>\n <\/p>\n Let’s take a closer look at how you can protect yourself from these hazards by developing your own Career Insurance.<\/p>\n How to protect yourself from being fired or laid off<\/b><\/i> In particular, if you can contribute to the organization’s bottom line on a regular basis by saving it money and\/or growing revenue, you’re usually untouchable. Oh, and don’t forget to be likable as well. Yes, jerks who produce are still kept on staff, but they’re fired before productive nice guys!<\/p>\n Find a mentor.<\/i> Having someone above you in the organization who can guide and direct you has many benefits. A mentor can help propel your career by making you more effective, help you accomplish more, and pave the way for promotions and raises. All of these are great reasons for having a mentor. But there are other benefits \u2014 Career Insurance benefits.<\/p>\n A mentor can watch your back when firings and layoffs occur. He may put in a good report for you in key meetings. At the least, he might be able to give you advanced warnings as to when layoffs could be coming, so you can get a jump on finding a new job.<\/p>\n Network inside the company.<\/i> In addition to having a mentor, you should develop good contacts throughout the company at various levels. Again, these can help protect you in troubled times.<\/p>\n Once when my company was facing layoffs, I had another executive speak up on behalf of one of my employees because she had also worked with his department on a key project. In the end, his defense helped sway committee decisions and she was able to keep her job. You never know how or when someone can help you, but the more people you have looking our for your best interests, the better off you are.<\/p>\n How to minimize layoff time<\/b><\/i> Work to broaden your contacts through lunch dates, seminars, trade shows, industry events, volunteer activities, social media, common interests, and more. And of course, a network doesn’t only work when you are out of work. It’s helpful when you’re employed and want to make a change too.<\/p>\n Refresh your resum\u00e9.<\/a><\/i> You should keep track of your work accomplishments on a regular basis \u2014 it’s part of a systematic way to get raises and promotions \u2014 so you’ll always have a handy list of what you’ve done and how you’ve performed. (By the way, having a system will make sure you don’t forget anything major.) These will allow you to develop an updated resum\u00e9 immediately if you’re let go. Your list will also allow you to be sure your resum\u00e9 is full of high-end accomplishments. Update your resum\u00e9 as quickly as possible, and get it out to your network pronto.<\/p>\n Get an employment contract.<\/i> While this won’t get you a job faster, it will basically extend your current income for a period of time. The ultimate in protection, an employment contract is usually held by top-level executives and other key personnel. But if you<\/i> can obtain this status, you know that even if you’re let go, your company will have to pay your salary for the stipulated amount of time \u2014 usually six months or a year \u2014 even if they fire you. Usually this is more than enough time to find new employment without disrupting your career.<\/p>\n How to minimize financial strain<\/b><\/i> Suggestions to bring in more money:<\/p>\n Consider all the ways that you might be able to earn more money<\/a>, select one or two that work for you, and start now in getting them developed. Even if you never need them in case of a job loss, the extra income will still come in handy.<\/p>\n Increase the amount in your emergency fund<\/a>.<\/i> A primary reason for having an emergency fund is to provide for your needs in case you lose your job. And the less stable your job situation (or the more likely a layoff could be coming), the more you need in an emergency fund<\/b>. Almost everyone should have at least six months of living expenses saved up in case of a loss in income. If you’re in an uncertain industry, company, or position, work now to bump that up to give yourself protection commensurate with your risk.<\/p>\n How to protect yourself from physical disability<\/b><\/i> Keep\/get in good shape.<\/i> If your body isn’t functioning fully, you can’t work to your full potential (which isn’t good for your job security.) So follow mom’s suggestions: Eat properly, get plenty of rest, exercise, drink water, and keep stress as low as possible. (And don’t forget that J.D. is co-author of a fitness blog<\/a>!)<\/p>\n Take precautions against sickness.<\/i> If you’re sick, you can’t work. If you can’t work, you won’t get paid. At a minimum, being sick will cost you valuable vacation time. And feeling poorly always negatively impacts your performance. So follow mom’s other<\/i> set of instructions: Wash your hands (especially during cold and flu season), take action at the first signs of sickness (drink fluids and get plenty of rest), seek medical help when needed, and “don’t smoke, drink, or chew or hang with those that do”. By taking care of your body, you’ll not only be a better employee, you could also get the added benefit of prolonging your life.<\/p>\n A word of warning<\/b><\/i> For most people, their career is their most valuable financial asset. Nothing else they own is likely worth as much (several million dollars over a lifetime). And even if they do have something more valuable (like an investment portfolio), it was probably earned as a result of their career.<\/p>\n
\nCareer Insurance can help you avoid the following situations:<\/p>\n\n
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\n![\"Make](\"https:\/\/www.getrichslowly.org\/wp-content\/uploads\/iStock_jobinterview.jpg\")
Make yourself more valuable\/indispensable to your employer.<\/i> Let’s face it, even in the worst environment imaginable, the ones who keep the ship afloat are the last ones fired from the crew. So deliver more than what’s expected for your position (and more than most or all others in your organization\/department).<\/p>\n
\nNetwork to develop contacts outside your company.<\/i> Networking is a key way to grow your career. One major benefit: It connects you with people who can assist you in finding new work. Statistics show that a majority of jobs are placed by networking, so the bigger your network, the better chance that you can use it to find a suitable job quickly.<\/p>\n
\nDevelop outside streams of income.<\/i> If you get fired, one way to cushion the blow is to have income from other sources. It might not provide the level of earnings you’re used to, but some<\/i> money coming in is certainly better than no<\/i> money coming in<\/b>.<\/p>\n\n
\nDisability Insurance<\/a>.<\/i> Yes, this is a traditional insurance product, so maybe it shouldn’t be part of this article. But it’s also probably the most ignored insurance product on the market \u2014 and yet it protects your largest asset. ![\"Regular](\"https:\/\/www.getrichslowly.org\/wp-content\/uploads\/iStock_runner.jpg\")
You must<\/i> get some sort of disability insurance coverage. Sometimes this will be provided through your employer, but many times the level of coverage is not adequate. Make sure any disability policy you have will replace at least 60% of your income and will kick in before your emergency fund runs dry.<\/p>\n
\nOf course, no Career Insurance plan will work 100% of the time. Despite all of these precautions, the perfect storm could occur and sidetrack your career a bit. But Career Insurance will certainly help you weather the storm, minimize any damage, and ultimately move your career along. So get started today developing your own Career Insurance and ensure that your most valuable financial asset is protected the way it should be.<\/p>\n","protected":false},"excerpt":{"rendered":"