Is there any insurance available in market created for Layoffs ?
Relentless layoffs since mid 2023, even the govt job TCS announced one yesterday. Is there any insurance company that provides insurance payout against layoff or if there isn’t one surprisingly, why it’s not a good insurance product ?
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Not directly such insurance available but as add on you can add.
Like in health/term plan, Insurance company will give monthly if you are unable to work due to illness.
Many loan insurances also have provisions, where they will pay emi in case you lose your job.
Everybody is scared shitless feeling layoff storm, there is lot of demand without doubt for this product, why nobody provides, want to understand why it doesn’t make economic sense for insurance giants to introduce this product.
First you tell us how insurance works, how this product would work, and make money for the provider.
Insurance works if lot of people are willing to pay cost which is called Premium in case of insurance. There is huge need to mitigate risk of loss of income in case if job loss, so people will pay premium. Ofcourse like any type insurance there would be due diligence and lots of terms and conditions for payout in case of job loss.
It's a very volatile area. Insurance companies would enter the waters only if they have a good probability of making money. That includes being able to reject claims left and right using their weird policies. Layoffs are getting more and more frequent now, it won't get them the same profits as compared to health/life policies.
I have recently come across such insurance that they offer to pay EMIS for few months