Sunday, March 23, 2014

Accident insurance - do you have it?

As a single parent there are things you have to think about that don’t matter as much when there are two of you. When I was married if I got sick or injured I had another adult there to help. If he got sick or injured, I was there to look after the kids. The injuries and illnesses weren’t such an issue. He could take sick leave when he had permanent jobs, meaning he was still paid when either one of us needed him to be at home.

However, now that I am single, it’s not as easy as that. Usually, I just push through, but on occasion I have needed assistance. I have been fortunate since being single to always have someone available to help such as my parents or siblings. I’ve had my back go out and been in a car accident but thankfully not needed help for an extended period of time nor have I gotten very sick. I know that it could happen at any time though and plan for it.

The bills can quickly pile up when you aren’t working, but even more so when you need to hire extra assistance. Think about the different injuries and illnesses you have had. How long were you sick or out of action for? What needed to be done that you couldn’t do? Do you think you would have recovered quicker if you could properly take some time off instead of pushing through like most of us tend to do?

The accident insurance cover varied and in some cases it was only $500 (such as for injuries to ribs) but payment was up to $100,000 for severe injuries. Premiums vary from less than $5.

Of course, another good thing to have is an emergency fund. Most people recommend a small one of $1,000 while paying of debt then establish an emergency fund of 3 – 6 months worth of expenses to help tide you over when things happen, such as accidents or job loss. It is recommended this money is kept separate to other savings.

If you are still establishing an emergency fund or find it too hard to save at all and think if an accident happened to you, you’d be in a tough situation, you should probably consider accident insurance.

Do you have accident insurance? What are your thoughts on it? 

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