New York Life | April 27, 2023
Gwyneth Paltrow recently won her legal battle with Terry Sanderson who claimed the Oscar winner collided with him on a ski slope in 2016. Sanderson was ordered to pay $1 in damages and to cover Paltrow’s legal fees, which could be as high as $1 million.1 It’s a painful reminder that accidents can happen and the results can be expensive (and celebrity trials can be quite entertaining). Follow these tips to avoid any surprise costs on your next vacation.
Get accident insurance
Sports like skiing may be fun leisure activities, but they are not without peril. So the next time you plan to hit the slopes – or do any other thrill-seeking activity – make sure you are insured to cover the costs of accidents or injuries. Some home health insurance plans cover accidents outside of the home, but be sure to read the small print. Alternatively, there are many health and travel insurance policies that can prevent accidents from breaking the bank.
Protect against lost income with disability insurance
Sanderson claimed he incurred life-changing injuries from his collision with Paltrow. The jury may have disagreed with him, but one in four people will lose income as a result of a disabling condition before retirement. Disability insurance can help protect your income from sickness or injury, whether you work for yourself or an employer.
Take out life insurance, just in case
Watching a cool and collected Gwyneth Paltrow take to the stand to defend her reputation provided many humorous moments, but ski accidents are no laughing matter. Skiing and snowboarding fatalities in America hit a ten-year high in 2022 with 57 fatalities.2 For anyone taking part in risky leisure activities like these, life insurance is an essential expense to provide for your family should the unthinkable happen.
Keep your finances from going downhill by planning ahead
We can’t all afford the luxury lifestyle of Gwyneth Paltrow, but if you find yourself with some spare cash it’s worth putting your money to good use. Adding to your savings, starting a college fund for your kids, or increasing your life insurance coverage to ensure your family is protected are all sensible options.
Gwyneth Paltrow’s legal victory is a reminder that life isn’t always straightforward, but with a little planning ahead it’s possible to save money, protect your finances, and ensure many relaxing vacations to come.
For professional help on insurance and financial planning, contact an agent near you.
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