4 ms·

As an example to further illustrate your point, it is possible for a business to purchase key employee insurance. As an employee we do not have the same privile

by josho 4y ago

As an example to further illustrate your point, it is possible for a business to purchase key employee insurance. As an employee we do not have the same privilege.

TeMPOraL 4y ago
It's just a nitpick and it doesn't impact GP's point all that much, but: surely employees in the US have some sort of job loss insurance - if not standalone, then attached to a mortgage or life insurance?
- bombcar 4y ago
  It's usually unemployment insurance and it's provided by the state (literally, it'll be the state the employee resides in - here's California's: https://edd.ca.gov https://edd.ca.gov ). There ARE "insurance" products that will "defer your credit/mortgage payments in case of a job loss" - they are almost all universally some form of scam (or at least a very bad "insurance").
  - ghaff 4y ago
    I think it’s the state of the employer but I’m not sure. After all that’s who is paying into the fund. At least that’s what I remember when I looked into it when I was living in a different state than my employer and things were looking precarious.
    - bombcar 4y ago
      I'm out of state compared to my employer and they had to establish a "nexus" or something because I am here, which required them to do something like register as a business and withhold state tax; I assume they're paying into some sort of unemployment in my state for me. All of those things became much more important when Covid hit, but cross-border employment has been big in Chicago, New York, Minneapolis, etc for a long-time, so it's a solved problem (by someone).
      - ghaff 4y ago
        I was commuting across state lines at the time. Never looked deeply as I left before it became relevant and it was what it was in any case. MA would have been more than NH and I thought it would be NH but not sure why. But the bigger point is that unemployment insurance is very little money compared to a good professional salary.
  - TeMPOraL 4y ago
    Interesting. My personal experience is with a loss of job insurance I had to buy as a condition on my mortgage, which did have somewhat reasonable terms. I also noticed options for this on life insurance, but never pursued them. I suppose the ultimate protection a person has is savings, and it's likely more cost-effective than any form of insurance - except it's hard in practice for most people, partly because they barely have any disposable income, and partly because it requires the degree of self-control many (if not most) don't have (and the overall culture isn't encouraging it).
- ghaff 4y ago
  Not really. There’s unemployment insurance. But in NH for example to pick one state I’m familiar with, the maximum is $427 per week for 26 weeks. Some other states are certainly more but for someone in a high paying job it’s not much. So a max of about $11,000. I’m familiar with other insurance other than your own savings.
celestialcheese 4y ago
Employees have exactly this - it's called "Unemployment Insurance". YMMV depends on which state you live in, but many states, mandate employers pay into this so that when an employee is let go, they receive compensation. You can debate whether it's enough or fair or whatever, but insurance against unemployment does exist for employees.

by josho 4y ago

As an example to further illustrate your point, it is possible for a business to purchase key employee insurance. As an employee we do not have the same privilege.

TeMPOraL 4y ago

It's just a nitpick and it doesn't impact GP's point all that much, but: surely employees in the US have some sort of job loss insurance - if not standalone, then attached to a mortgage or life insurance?

bombcar 4y ago
It's usually unemployment insurance and it's provided by the state (literally, it'll be the state the employee resides in - here's California's: https://edd.ca.gov https://edd.ca.gov ). There ARE "insurance" products that will "defer your credit/mortgage payments in case of a job loss" - they are almost all universally some form of scam (or at least a very bad "insurance").
- ghaff 4y ago
  I think it’s the state of the employer but I’m not sure. After all that’s who is paying into the fund. At least that’s what I remember when I looked into it when I was living in a different state than my employer and things were looking precarious.
  - bombcar 4y ago
    I'm out of state compared to my employer and they had to establish a "nexus" or something because I am here, which required them to do something like register as a business and withhold state tax; I assume they're paying into some sort of unemployment in my state for me. All of those things became much more important when Covid hit, but cross-border employment has been big in Chicago, New York, Minneapolis, etc for a long-time, so it's a solved problem (by someone).
    - ghaff 4y ago
      I was commuting across state lines at the time. Never looked deeply as I left before it became relevant and it was what it was in any case. MA would have been more than NH and I thought it would be NH but not sure why. But the bigger point is that unemployment insurance is very little money compared to a good professional salary.
- TeMPOraL 4y ago
  Interesting. My personal experience is with a loss of job insurance I had to buy as a condition on my mortgage, which did have somewhat reasonable terms. I also noticed options for this on life insurance, but never pursued them. I suppose the ultimate protection a person has is savings, and it's likely more cost-effective than any form of insurance - except it's hard in practice for most people, partly because they barely have any disposable income, and partly because it requires the degree of self-control many (if not most) don't have (and the overall culture isn't encouraging it).
ghaff 4y ago
Not really. There’s unemployment insurance. But in NH for example to pick one state I’m familiar with, the maximum is $427 per week for 26 weeks. Some other states are certainly more but for someone in a high paying job it’s not much. So a max of about $11,000. I’m familiar with other insurance other than your own savings.

celestialcheese 4y ago

Employees have exactly this - it's called "Unemployment Insurance". YMMV depends on which state you live in, but many states, mandate employers pay into this so that when an employee is let go, they receive compensation. You can debate whether it's enough or fair or whatever, but insurance against unemployment does exist for employees.