No one ever thinks that they will be involved in a car accident, or slip and break their ankle – or worse. But, sometimes accidents do happen. If you sustain a serious injury can you still afford to look after yourself and your family? Or, will you have to turn to debt to help? Luckily, by preparing in advance, you can avoid debt and make sure your family has enough money to live on while you recover. Here are 4 ways to stop an accident forcing you into debt.
1. Take Out Adequate Insurance
If you don’t already have insurance, this is where you are going wrong. In an ideal world, you’ll need health insurance as well as life insurance. That way, if an accident proves fatal your family will still have enough money to carry on with their lives. Health insurance will cover any hospital time and treatment you need, as well as any earnings you will lose out on.
2. Know How to Make a Claim
You should learn how to make a claim, as in the event of an emergency, you’ll need to know what it takes. Research the best accident and injury specialists in your area, so that in case you ever need to get the funds you are owed, you know who can help.
3. Talk to Your Employer
If you are unaware of your employer’s stance on personal injuries, then you should find out. Ask your employer what the process for personal injuries is – whether they are caused in the workplace, or not. Is there a set amount of sick time you can take before being dismissed? How long can you receive sick pay, and how much will you get? These are all questions that you should find out the answer to.
4. Set Money Aside Each Month
If you haven’t already got a 'rainy day' fund, now is the time to start paying into one. When you get your paycheck every month, set aside a certain amount – maybe around 10%. This way, if you ever stop working for any reason you’ll have some instant cash to rely on.