When I was 13 I suffered a ruptured appendix and nearly died.
I was in hospital for a few weeks and I was in a ward. There was a guy across from me, James, late 20s who was laid up in traction after coming off his motorbike, also lucky to be alive. His left leg had been virtually shattered so he was basically strapped to a bed for 7 or 8 months.
James was a really nice guy with an upbeat outlook and made the stay a lot easier for a homesick kid (me).
One day, James took a call, which seemed to be from someone with the bank. It sounded like it ended kind of abruptly.
After that, there were a couple of really late nights when I couldn’t sleep and could hear James suppressing the sound of crying. I didn’t have the heart to ask what was wrong since he seemed so determined nobody know.
After I recovered and went home, James was due to be there another 4-5 months. I told Mum about it and she guessed (probably correctly) James was at risk of losing his home because he couldn’t work and therefore pay the mortgage.
To this day, I still think about this experience sometimes.
As soon as I learned what income protection and trauma insurance were aged about 20, I took out policies. To this day, wherever I can, I encourage clients to talk to a financial planner about these things.