It makes a lot of sense right now. You have a job, and you’re feeling comfortable in it. You’ve survived the latest round of layoffs, and it looks like the bleeding has stopped for a while. Or, you’re just so stressed out you throw caution to the wind and book a vacation, just so you can recharge a bit.
But, you aren’t reckless.
Because we all live and work in a world at financial risk, you had the presence of mind to take advantage of a “job-loss guarantee.” If you lose your job, you get your money back … maybe. It turns out that guarantees aren’t always guaranteed. Several travel companies – including JetBlue and Norwegian Cruise Line – the rules are being tweaked.
Defining “job” can be the tough part. Several programs require that you be employed for at least a year at your current gig and that it be full-time. But, it varies. Check the terms and conditions before you bank on this benefit.
“Job loss” can be tricky, as well. If you were laid off, you seem to be in the best position to recoup what you’ve paid. But, if you were fired for cause, some programs may not pay. According to JetBlue, for example, “The spirit of the program is to accommodate those who have involuntarily lost their jobs due to the economy.” Resignations and buyout programs, also, may not qualify under some job-loss guarantee programs.
Be prepared to prove that you have lost your job. Chances are you’ll find something in the stack of paper that Human Resources gives you (usually your termination letter).
These programs can be helpful, but read the fine print. If you’re at all worried, spend your day off on your front stoop and hold onto your cash for a more stable time.