Today we’re taking a look at six of life’s biggest setbacks.   Your task: can your bank account survive any of the following wallet busting scenarios?

1. Illness

The NHS or your insurance policy will take care of most of your medical bills, but you might have to miss work, which could mean a substantial loss of income. Fortunately, you can access benefits for disability when you need them.

You might collect Statutory Sick Pay from your employer, or you can collect Employment and Support Allowance if you’re no longer able to work. Sometimes, your illness might mean that you can no longer live independently, so look into the U.K.’s Personal Independence Payment if you’re under 65 and need assistance at home. Also, make sure that you’ve saved enough living expenses to cover yourself until your benefits take effect.

2. Injury

When an injury causes you to become disabled, you can often claim the same benefits that are available when you’re ill. However, your medical expenses and lost wages aren’t the only costs that you might face. Seek out disability benefits if you need them, and look for a no-win, no-fee assistance provider that can recover the money that you’re owed. One of these sites, Claims Direct, is available at

Sites like Claims Direct don’t require you to pay for an attorney if you need to bring a case in court, and they never collect money unless you win a settlement or a compensatory judgment. When you’re thinking about how much you need, don’t just think about the cost of your car or your unpaid medical bills. You could also be eligible for damages related to pain and suffering.

3. Crime

Crime in England and Wales is at a 15-year low. However, just because the crime rate has fallen doesn’t mean that you could never become a victim. In addition to losing personal property, you or a member of your family could suffer injury or worse, even death.

Therefore, in addition to insuring your home and your valuables, make sure that you have enough life insurance to replace your income. Purchase enough coverage to take care of funeral expenses and major life expenses, like weddings and education, for your children.

4. Unemployment

Losing a job isn’t just about losing a paycheck. In many cases, it’s about losing your identity. Fortunately, if you live in the U.K., you have many benefits options while you look for work or return to school. You can claim a Jobseekers Allowance as long as you demonstrate that you’re actively looking for work. You can also receive assistance with housing and child support while you’re unemployed.

5. Loss of a Partner

When you lose your partner through death, separation, or divorce, costs can be extremely high. If your partner passes away and hasn’t made you the beneficiary of life insurance, you could lose half of your household income overnight. Make sure that you have sufficient life insurance and also a will that clearly explains what should happen to the estate. If you have children, talk to someone about estate planning, and set up a trust to safeguard their inheritance.

Separation or divorce means dividing your assets and taking care of your household with only one income. Even if you’re positive that your partnership is unshakeable, keep some money in reserve — not in a joint bank account with your partner — just in case you someday need it.

6. Lawsuit

Whether or not you’re at fault, a lawsuit can prove very costly to you and to your business. If you’re self-employed, purchase enough liability coverage to protect your personal assets, and incorporate as a limited company. Again, make sure that you have three to six months’ worth of living expenses saved just in case you lose your business income. If you have substantial wealth, talk to an attorney about how to shield your assets in case of litigation.

Get a Plan

You can’t prevent every disaster, but you can ensure that nothing shakes your financial foundation. Don’t just budget enough to live month to month. Make sure you disaster-proof your finances.

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