You were injured in a Rockford car crash. You will recover, but it could be a few months until you can go back to work. In the meantime, how will you pay the bills?
A recent study found that accident victims lose an average of $26,900 in income due to their injuries. The MetLife insurance company’s white paper, “Accident and Critical Illness Insurance Are Surprisingly Good for Business,” examines the financial losses associated with serious car accidents and critical illnesses. It is based on two studies conducted in 2013: the MetLife Accident and Critical Illness Impact Study and the MetLife Accident and Critical Illness IQ Study.
The impact study focused on the financial effect that accidents and critical illnesses have on families. This study found that out-of-pocket expenses associated with an accident can be as high as $4,112, while victims of accidents lose an average of $26,900 in income. Families of accident victims struggle to make ends meet without the burden of extra expenses. The MetLife IQ study found that one in four families is not prepared to deal with the financial impact of a serious accident or illness
MetLife is suggesting that employers offer accident and/or critical illness insurance to boost employee retention and satisfaction. Yet companies that offer such benefits are rare. Does your family have a plan for unexpected income loss?
If you are struggling to make ends meet after a serious Illinois car wreck, it can be tempting to take the insurance company’s first offer. While this can help with your current bills, you may find yourself with uncovered debt. Before you sign anything, contact Hupy and Abraham. Ask to schedule a free consultation and we’ll tell you the real value of your claim. Call 800-390-6350 to make an appointment.