Another thing to think of Dez, is what options you have.
For example, if you live in rented accommodation by yourself and your car is owned and you have very little or no debt, it might not be the end of the world if you lost your job (from a financial perspective). You could ditch the lease and stay with family/friends until you found another job, with little outgoings and no significant financial commitments to worry about.
However, if you're the sole or main breadwinner in a family and you've got a mortgage and some debt (car loan etc) then losing your job could have less manageable consequences.
Could you just stop paying most of your bills without repercussion?
If your monthly commitments are medium/high, being out of work for even 6 months could have a pretty long lasting impact.
I had a wake up call in 2008/2009 when a number of close friends/colleagues lost their jobs. I had bugger all savings and not insignificant monthly outgoings I took out insurance to cover me until i had enough saved as backup. Really took away a lot of worry during some pretty uncertain times in my industry.