Over the weekend, a friend of ours had an accident. He works construction, and he was working on a side-job with my brother-in-law, and he fell when a piece of scaffolding broke beneath him and he broke both bones in his leg. He has already had two surgeries. He'll be in the hospital at least a week, and can't bear weight until Christmas. Obviously this is going to put a huge financial strain on his family.
If any of you have been through something similar, and have suggestions as to how we can help out his family, I'd love to hear them.
Anyway, it got me thinking about insurance. Insurance is one of those things they really should teach in high school - but don't. I'm well into my 30s, and I'm still not entirely sure how all of it works.
I do know that BJ and I have short-term disability insurance that covers BJ if he can't work. It'll pay 80% of his salary for like 2 years. I also know that AFLAC has an accident policy that, thank goodness, will cover some of my friend's family's expenses.
If you own a home, you simply must have homeowner's insurance. Hopefully the policy of the homeowner that my friend was working for will come through and help with their expenses, also. If you rent, renter's insurance is extremely affordable and could be invaluable if there's a fire and you lose everything you own.
In light of what happened to my friend, I hope each of you will check with an insurance agent and make sure that you have some kind of coverage for accidents and lost wages. I know it's frustrating to pay for so many kinds of insurance - we have homeowner's, car, health, disability, life... - but the peace of mind that you'll get from having everything in place, just in case, is well worth the money.
And again, if you have any suggestions for how we can help this family (they live in Grammaland) please let me know.