Preparing For The Financial Impact Of Injury

A broken leg may mean time off work
Injuries have more than just a physical toll; they also can impact you and your family financially and emotionally. Photo via Flickr, CC BY-SA 2.0.

You could get injured at any time without warning and if you aren’t prepared for it, your family could suffer both emotionally and financially. If you’re the main earner in the household, your income will immediately take a hit and you and your family will struggle. There’s no telling how long you might be unable to work for so it’s vital that you’ve got a long-term plan in place. Don’t get complacent and think that it will never happen to you because it easily could. If you haven’t already started thinking about it, get started right away.

A broken leg may mean time off work
Injuries have more than just a physical toll; they also can impact you and your family financially and emotionally. Photo via Flickr, CC BY-SA 2.0.


Lack of earnings is one thing, but if you haven’t got good health insurance then you’ll also have to bear the financial burden of healthcare costs on top of that. Make sure that your health insurance covers you for serious injury ahead of time; otherwise, you’ll get caught out and your family will have to try to deal with sorting insurance during this trying time.

As well as health insurance, you should consider getting life insurance. It’s not something that you want to think about, but there’s always the chance that the worst could happen. If it does, financial security for your family will take the strain off during a difficult period. Sites like will help you to compare different policies and find the best one. The younger you are when you start paying into your policy, the cheaper it will be. Waiting until you’re older will just mean that you pay higher premiums.

Look into disability insurance ahead of time as well. If you have an injury that makes it impossible for you to work, you are entitled to disability benefits of up to $1,100 a month which can keep you afloat. The problem is, the process of applying for this money is very long and it can take up to a year before you start getting payments if you haven’t applied for it beforehand. You can deal with all of the paperwork so you’re registered and you can start claiming your payments straight away.

Speak With Your Employer

When you’re trying to make preparations, you need to know what kind of sick pay you’re entitled to. Speak with your employer and keep up to date with the amount of sick days that you have built up so you know exactly how long you can take off work before you stop getting paid. You might find that you have enough to cover the time that you’re in hospital and you don’t need to worry about the financial impact.

Separate Wants From Needs

When you’re putting aside money to act as a buffer if you’re unable to earn, you’ll need to draw up a budget to work out roughly how much you’ll need. It’s important that you separate your wants from your needs. At the moment, you’ll be spending money on luxuries, which is fine, but when you aren’t bringing any money in you need to give those up. Decide on the things that are absolutely necessary and budget for them only.

Being unprepared for a sudden injury will make the whole situation far worse, so don’t sit around hoping that it won’t happen to you because it easily could.


  1. Hello dear Christy,

    it is the best to have a passive income if we are able to do that. To have shares, mutual funds, real estate .That is good, because we generates revenue and when we do not work.

    Great post

  2. Hi Christy:
    Years ago I was hurt working underground and found myself in a position of no income, very little mobility and a great deal of pain. In part what carried me through was a small amount of savings I had set aside.
    Today we are facing a much different kind of world. Insurance, social assistance, disability etc. There is s till a need for everyone to be certain they are covered and can care for their own needs.
    Since that experience I have always made certain I have long term coverage for near anything… Great article…


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