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Protecting from the financial consequences of everyday accidents

With reports that the Met Office issued yellow weather alerts for snow and ice, covering the Midlands, northern England, Northern Ireland, northeast Wales, eastern England and parts of Northern Ireland.

Winter weather can be a recipe for accidents – with slips, trips and fall accounting for 35% of accident admissions, a total sum of 453,004 a year – according to MetLife UK research.

Rich Horner, Head of Individual Protection at MetLife UK has given some practical tips on protecting yours clients from the financial consequences of everyday accidents – because the risk is real!

  1. Winter is coming – be prepared
    With the nights getting colder and temperatures starting to drop, there may be more icy patches on the roads and pavements which can lead to a higher chance of slips, skids and tumbles as you’re out and about. Our Everyday Risk Report found that simple accidents such as these lead to hospital visits more often than you would think!  

In fact, slips, trips and fall account for 35% of accident admissions, a total sum of 453,004 a year1. Having the right accident and health protection cover in place is key; but in the winter months, given the higher chance of slipping accidents which could see you unable to work due to injury and left financially vulnerable, it’s possibly even more urgent.

 
 
  1. Make it your mission to understand what is out there for you


Accidents today make up 1 in 10 of all hospital visits – 76% of these lead to admission for further treatment, lost workdays (the average hospital stay is 4.7 days) and the need to fund the change in circumstances that follow2. The simplest of daily tasks gone wrong can turn your whole life around. Imagine falling out of bed, having an accident on your way to work or having a serious asthma attack while kicking a ball around with your 5-a-side team. And the financial difficulties an injury or illness can cause shouldn’t be underestimated. 

People often make sure they have life insurance, or critical illness cover – neither of which is likely to pay out for the more common injuries or illnesses you will experience when going about living your day-to-day life. In the past, there haven’t been these types of everyday protection products on the market but that is all changing, because the industry is realising there is a need to protect people for the everyday and not just for the most serious occasions or end of life.

  1. Create a safety net that suits your needs


With the cost-of-living crisis continuing to put pressure on people’s finances, it’s clear that many aren’t well equipped to be able to withstand the financial shock that may arise following a bad accident or unexpected hospital stay. Nearly half (48%) of families have less than £1,500 in savings, and 20% have no savings at all3. Our research also finds that UK adults have previously needed, or would need, an average of £1,217 from their savings to support them should they need to take time off work or out of their business due to accident or illness. Protection cover can help ease this strain – for example, from as little as £10 a month you can receive payouts to help cover your bills and you are covered immediately upon taking out a policy. – how long would it take you to save £1,217, which could also be wiped out in one fail swoop! 

  1. Vulnerable groups need to be extra aware 


While the immediate impact of accidents or illness is widespread – there are groups which are even more at risk. For example, there are approximately 5.7m people who rely on carers to perform daily duties and their incapacity or time in hospital could lead to them having to fund paid-for care to fill the gap4. For the self-employed – having protection and financial provision in place is even more of an imperative should they have an accident and can no longer manage their own business for a period. Single parents are largely also significantly more exposed to the financial impact of everyday accidents and unexpected medical diagnoses. Putting plans in place can seem difficult, but for anyone that fits into these groups, looking at your options, from protection cover, to seeking information from websites like workingfamilies.org.uk are good places to start. 

 
  1. Make sure you know what your workplace policies are 

One of people’s main concerns in the event of an accident or illness is their income. For those that are employed, there are a few simple but critical things to speak to your employer about. 

Ideally in the event of an issue you will be able to agree some flexible working hours while you recover and scale back to the necessities, allowing for adequate handovers where needed – but hopefully keep working and earning. 

However, a full understanding of your company’s sickness policy and whether there will be discretionary support will help you prepare for any issues before they happen and consider what protection you might want to put in place. 

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