How to Prevent a Major Injury from Devastating Your Finances

Friday, October 13, 2017, 6:00 PM | Leave Comment

Every day there’s a risk that you could suffer a major injury, whether it’s a car accident, a chemical spill, or falling down a flight of steps.

This can mean expensive surgeries or treatments, loss of work, or even life-long health problems. Getting through it financially could be even more difficult than physical recovery.

Here are some steps you can take to cover your financial needs.

How to Prevent a Major Injury from Devastating Your Finances

  • Disability

    Paying the mortgage is difficult to do if you suddenly have limited or no income. You may be allowed a forbearance agreement, which means putting off payments for 6 to 12 months. You’ll often get the same period of time to make up for the missed amount.

    You can apply for state or Social Security disability, but may do better with a personal short-term disability policy. However, either is usually only about half of your regular income.

  • Borrowing

    If you have good credit, a personal loan may be a good option. You could look into refinancing your home or borrowing against any equity. Borrowing too much could involve a whole new series of payments on top of your mortgage.

    Refinancing may also mean closing costs that come out of your pocket. If you don’t have substantial equity or decent credit, it’s a poor move. But if you do, talk to a variety of mortgage companies until you can get a deal that works for you.

  • Ask for Help

    Ask around for financial help from your local community services, churches, and other nonprofits. You could also put out an appeal to friends, family, and coworkers.

    Another option is to explore the current trend of crowdfunding.

    If you have anything from new product ideas to family emergencies, you can state their case on crowdfunding sites. Good-hearted people may contribute enough to help you get by or start a business of your own.

  • Personal Injury

    If you’ve been hurt through someone else’s negligence, you may be entitled to legal compensation. You have every right to expect the party at fault to take responsibility. Often this can be settled out of court for a negotiated sum or handled completely by insurance companies.

    When you’re the victim, consult an experienced personal injury lawyer from somewhere like James Munafo & Associates PC ASAP. They’ll tell you how strong a case you have and help you to move forward with it.

If you don’t prepare yourself, a serious injury could ruin you financially. It’s important that you make provisions and take action right away.

Author BIO

Anica Oaks is a Freelance writer and web enthusiast. Read some of her published work on her Google+ page.

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