No parent wants to think about the possibility that their children could be involved in an accident resulting in serious injuries, aside from the emotional trauma, failure to adequately prepare for something like this could expose a family to a significant financial loss.
Unfortunately, accidents do happen, whether while participating in sport at school, on holiday, or just during the daily commute to school. Well-structured cover for one’s children should not only include possible emergency expenses, but also help to support a family in the weeks and months following such an incident.
Sport is regarded by many as an integral part of development during their school years, and it is one component of a child’s life where injuries are common. Although schools attempt to manage this risk by purchasing Personal Injury insurance that covers their pupils during sports practice, events or transport to tournaments and competitions, additional cover may still be required.
If the worst occurs and one’s child is rendered disabled by a severe injury, the financial challenges of ongoing care, home renovations and other requirements will still fall on the family. In addition to this, the child may require assistance to continue with their schooling.
Outside of school, the risks do not cease and something as simple as a bad leg break during the December holidays can start a family’s year off with substantial financial losses. Unforeseen emergency expenses range from the costs of having to extend the family’s accommodation in a holiday destination until a child can be moved to a hospital closer to home, to the expenses incurred while making arrangements for the child to catch up on lost school work - the financial burden adds up incredibly quickly.
Although the safety and sound recovery of their children is top of mind for parents, the financial burden left in the wake of such incidents can linger long after the physical injury has healed, adding significant emotional stress. To mitigate this stress and provide peace of mind, it is paramount that parents understand which insurance policies can cover the physical, financial and emotional consequences of accidents that happen in everyday life. They should be having these conversations regularly with their insurance brokers.
