So ask yourself this: If you were to become unemployed, what would happen then?
Do you have enough in your retirement accounts to last you a few more decades? Has the mortgage on your house been paid off yet? Do you have any other unpaid loans?
Sure, the odds of you being retrenched are slim. You’re a hardworking professional who’s held a stable job for years. You climbed the ranks at your workplace, while others have left. You’re too valuable for your company to let you go, right?
We hate to burst your bubble… But we’re living in uncertain times.
Companies worldwide (including those in Singapore) have resorted to retrenchment as a last-ditch resort to cut costs. With international travel stopping, interest rates plunging and business slowing down overall, companies need to trim the fat, or they’ll start to feel the burn.
Okay Superman/Wonder Woman, let’s say you’re immune to retrenchment. What about a global pandemic? (say hello,Covid.) Especially if you're the sole breadwinner in your family. Do you have a plan in place that'll keep your loved ones protected if you are retrenched?
Invest in a good personal accident insurance program. Your family needs more than to hear that the mess they're in was "unlikely to happen"
CIMB Revital Accident Care is a personal accident insurance plan that provides you with a 24-hour worldwide protection from death and permanent disablement, medical reimbursement due to an accident, loan repayment and involuntary unemployment benefit and many more! Should you lose your job due to retrenchment, you will be covered for up to S$1,500 per month for up to 3 months. In the event of death or permanent disability due to accident, you can receive a lump sum of up to S$10,000, helping your family ease any financial obligations.
If this sounds like something you’d be interested in, you’d be pleased to know you can sign up for the plan as long as you're between the ages of 18 and 60, residing or working in Singapore, and you're a Singaporean, permanent resident or holding a valid pass or permit.