Accidents can happen anywhere and to anyone, often when least expected. Accidents can have financial consequences if an injury affects your ability to earn, particularly when sick pay or savings are limited.
The Reality of Everyday Risks
Accidents can happen at home, at work, on the road or during leisure activities. The impact on your finances depends on the injury, the work you do and how long you are unable to work.
The risks and financial consequences vary between individuals. Employment benefits, savings and existing insurance cover can affect how someone manages a period away from work.
The Financial Impact of Accidents
An accident that interrupts earnings can put pressure on household finances, especially where savings or employer sick pay are limited. People whose work involves physical activity may wish to consider how they would manage an extended absence.
An injury at home, at work or while travelling can have financial consequences if it affects your ability to earn.
The Importance of Financial Protection
Income protection insurance is one option to consider if an illness or injury stops you working. Depending on the policy, benefits may be payable after a waiting period and only when its definition of incapacity and other conditions are met. For impartial background guidance, see MoneyHelper’s explanation of income protection.
Insurance will not necessarily cover every expense, and policy exclusions, benefit limits, premiums and underwriting should be considered before deciding whether cover is suitable.
To explore suitable options, read our income protection advice or contact TLA Finance to request a review. Any cover is subject to underwriting, policy terms and exclusions.
