You have options. Take control of your insurance, retirement plan and savings.

Losing a job ranks high on the list of life’s most stressful events. The emotional stages one goes through are similar to those of grief. It is normal to experience shock, denial, anger, frustration and – although you may not be there yet – acceptance.

It may seem overwhelming, but there are steps you can take to survive and eventually thrive during this difficult time.

Take action

There are a lot of loose ends to tie up as you leave your employer:

• Severance package (salary continuance, a retiring allowance and perhaps more)
• Overtime or sick pay
• Continuation of insurance coverage
• Retraining programs
• Counseling
• Owed vacation

If you are able to negotiate, try to extend your health and insurance benefits even longer.

You may be angry with the company, but be sure to take full advantage of any programs that are offered. Accept help with your job hunt. And, if you have outstanding health or dental benefit claims, make sure you submit them as soon as you can.

Consider your group benefit plans and retirement income

You can usually convert your group health, dental and life insurance benefits to personal plans. Find out how long your coverage will last, and look into whether the insurance provider offers any plans you can transfer into with similar personal benefits.

For example, you have 31 days to transfer your group life insurance and 60 days to transfer your group health coverage to personal plans without having to provide proof of good health. This protects your insurability and ensures the continuation of coverage. Contact your provider as soon as possible.

Similarly, there are excellent options available to transfer your retirement savings. Again, contact your provider as soon as you can.

Look at your finances and sources of income

Find out if you qualify, and apply as soon as possible for employment insurance.

Figure out how long you will be able to live off your severance or employment insurance payments without dipping into your savings. There may be some expenses you can eliminate or defer, as well. If your severance pay is a lump payment, consult with an advisor to determine how to make it last until you get a new job.

Take care of yourself

Remember to take care of your physical and mental health. Understand the implications of coping with stress.

Talk with your loved ones about what you’re going through. Talk to friends, or form a support network with former colleagues who may have lost their jobs as well. Losing your job because of the economic crisis is not a reflection on you or your job performance. A support network can help motivate you and remind you that you’re not alone. It will also keep you in contact with colleagues who find new roles and start you on the road to networking for your next job.