How to Protect Your Finances in Case of Injury

December 2, 2013 at 2:24 PM 1 comment

It’s something that none of us like to think about, but many people suffer from serious injuries in the UK each year. According to the Royal Society for the Prevention of Accidents 23,039 people were seriously injured on the roads in 2012, whilst a shocking 2.7 million people were forced to visit hospitals as a result of accidents in the home.

According to the Health and Safety Executive, 175,000 workplace injuries took place between 2012 and 2013, which resulted in over 7 days off work. Although most of us do our level best to prevent accidents, they can still occur.

Just how would you cope if you suffered from a serious injury? Think, for instance, of your current financial commitments. Perhaps you have a car or a house you are paying off. Perhaps you have outstanding debts or essential direct debits linked to healthcare or family pets. Most likely you will have an assortment of bills which must be paid every month in order to supply you with electricity, water and so on.

Naturally, if you were injured, your loved ones would step in to assist you with your finances. But what if you are the main breadwinner? Where is the money going to come from to pay for the mortgage or for petrol to take the children to school? These are questions that should be addressed, for you and your loved ones’ sake.

So, how can you protect your finances in case you suffer an injury? Listed below are five simple steps to take in case you are in such a situation.

  1. Consider your existing policies first. What cover does your car insurance policy provide? How about your travel insurance? You may be covered to some extent at work through your employer’s liability insurance.
  2. If necessary, take out personal injury coverage. This will cover you for a wide range of accidents and may provide considerable compensation for any injuries sustained, which will help you to manage your finances.
  3. Work out exactly how much money you need to have each month to cover all debts, mortgages and living fees. This is a figure to bear in mind.
  4. Look into finding a personal injury lawyer. Doing so means that if you do suffer from an accident which wasn’t your fault, you will have the legal representation required to sue for damages. Visit the First Personal Injury Website to find out more.
  5. Make a plan with your next of kin as to how to proceed if you are seriously injured. Give them your bank and insurance details, so they can swiftly access the funds needed to maintain your household.

With this plan in place, you will rest easy. If an unexpected accident occurs your loved ones will be able to carry on living while you recuperate. It pays to plan ahead, just in case.

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