How to Financially Prepare for Unexpected Injuries and Illnesses

English: Ambulance 5 (Photo credit: Wikipedia)

Life is full of unexpected delights and sorrows – it would be very boring otherwise. Though the delights bring high points that really make life worth living, the sorrows can often bring burdens that are difficult to bear. Nobody knows what’s around the corner in terms of potential injuries or illnesses, so the sensible thing to do is plan for adversity before any unfortunate events potentially occur and become overwhelming.

Talk with family about finances and the future

It’s easy to put off financial discussions time and again, while it’s never easy to go into detail about what should happen if an unexpected illness or injury occurs. Yet being prepared is the best way to cover all bases and ensure that there is financial security in the event that the worst happens. Ostrich syndrome, burying one’s head in the sand and hoping everything will simply go away, doesn't work.
Talking with a spouse or partner about financial options in the future helps to break down the understandable reluctance to address the issues. Nobody wants to think they are going to have problems, either unexpected ones or in the long term. Yet inevitably, there are certain unavoidable aspects of life, such as growing old, which will likely present future problems, meaning that putting everything off until the last minute is not going to help when difficult situations occur.

Serious illnesses

There are always risks of serious illness, such as cancer, heart attacks and strokes, so taking out appropriate insurance will assist with covering the costs of treatment, recovery and loss of income through not being able to work. A good life or trauma insurance policy will help defray the expenses involved, paying for hospital treatment and specialist backup, providing an income to meet mortgage repayments or even paying off a mortgage and other debts completely in the event of the death of a breadwinner.

The earlier a policy is taken out to cover these types of issues, the less expensive it is likely to be, and though it may seem like worrying too much, the resulting peace of mind is worth it, as is the potential financial security this can provide.

Accidental injuries

One of the most common injuries experienced by car drivers and passengers is whiplash, where the neck is damaged as a result of an accident. For this reason, whiplash compensation normally features in every motor insurance policy; it is widely acknowledged that this can be a very debilitating injury, sometimes causing medical problems for a number of years. However, because bogus whiplash claims simply push up the price of insurance for other motorists, it is important that a whiplash claim is validated and substantiated by a medical professional.

Automotive insurance will also cover the hospital bills for other injuries experienced in an accident, so it is essential to look at the small print of an insurance policy to check if it will provide the right level of cover. Auto insurance can also cover legal fees – because legal costs can be very expensive, it is worth paying an additional insurance premium in the event that lawyer fees are required.