Virgin Mobile USA announced in April 2009 its plan called the “Pink Slip Protection” program, which covers monthly wireless bills for up to three upon loss of employment. The plan does have a few rules: customers must have been with Virgin Mobile for at least two months and eligible for unemployment benefits.
This marks the first offer of this kind in a telecommunications company, however auto companies originated the lay-off payment program. Companies like Ford, Hyundai, and GM have all offered payment programs for those unable to make their payments due to layoffs.
Stellar Holdings, a Seattle-based condominium developer, also provides a layoff payment plan. Should any property-owner of one year or more become unemployed, Stellar Holdings will pay monthly mortgage payments for up to six months.
Though these plans may seem like a fool-proof plan, especially if you are wary of your future job security, Smart Money suggests researching all other options as well when buying any big-ticket item. Maybe you need a new car and purchasing a vehicle with one of these plans tagged to it sounds like a sturdy investment. Think again; as simply buying an older, used car might be a better, and more financially-savvy, deal in the long run.
Likewise with cell phone and mortgage plans. Consider the best overall option for your budget, rather than a glitsy plan that may, or may not, help you out for a brief period of time.