Insuring Against Accidents

A couple of weeks ago while walking my bike over a zebra crossing, a car ran into me, which was very inconsiderate. I was lucky that the bike took most of the impact of the car and not me, (the bike is a write-off).

I remember flying and ending up on the ground, thinking to myself: “Oh no I don’t have time for this, this can’t be happening! I need to get home I have two appointments with clients this evening and one of them is a new client!”

Such stupid thoughts run through your head at such inappropriate times. I should have been thinking: “Does anything hurt; Do you have any broken bones? How is your head? You need to get the driver’s details; You need to call your daughter to come and be with you.”

As I was lying on the ground and totally frightened to move, I was well aware of the possibility that I might not be able to work for a while. This is a nightmare for any self-employed person like myself, because if I do not work I do not get paid.

However, when I became self-employed I made sure to take out disability insurance. I also took out accident insurance so that, no matter what the outcome, I have ensured myself and my family an income.

One of my tasks when working with a family is to check whether they have the appropriate insurance coverage, whether they are adequately insured or indeed over-insured.

Here are some case studies from my clients:

I worked with a young mother throughout her divorce until she moved into her new home. I insisted that she must have house insurance. She actually didn’t want to take out insurance since she was tight for cash. However, she took the cheapest quote that she could find that covered the basics. Three years later, she called and told me that her oven caught fire and most of her house was burnt down. She thanked me sincerely for insisting that she take out insurance.

I worked with a couple where the husband was unable to work due to an illness. When checking their insurance, I discovered that he was still paying into his disability insurance. When I asked whether he had claimed on the insurance, he told me that he was not aware that he had such a policy! I immediately sent him to a lawyer with whom I work, and within a year he received a settlement of NIS 1.5 million. I always get emotional when I relate this story, since I know how much this money meant to the family.

I recommend that once a year you make an appointment with your insurance agent and make sure that you are adequately covered. It is important to avoid at all costs any situation where your family might find themselves in financial crisis.  Remember, it may cost money to be insured, but it can cost a great deal more if you are not insured!