Personal Liability Umbrella Policy
An umbrella policy is insurance that many people don’t need. Unless, of course, you have assets and income to protect. People with no assets, income, or insurance protection are rarely a target of accident/injury attorneys.
In real life, bad things happen. In wake of a nasty car accident some people suffer severe injuries requiring thousands in medical treatment. For others, they just hold a wake.
Severe accidents don’t happen every day. When they do, it can be financially devastating.
The cost of medical care following a severe accident can exceed the liability limits that you carry on your auto policy. If you become liable for $300,000 in medical bills following an accident where you were at fault and your auto policy limits for liability are $100,000, you could be personally liable for $200,000. With an umbrella policy, you would have an additional $1,000,000 in coverage above the liability limits on your auto policy.
If you are at fault in an accident, the insurance company pays the claim. If you are sued even though you were not at fault, the insurance company has to provide a defense. Either way, you’re protected!
If you are at fault in an accident, the insurance company pays the claim. If you are sued even though you were not at fault, the insurance company has to provide a defense. Either way, you’re protected!
The real question is do you want to live in the land of probability or do you want to live in the land of consequence. In other words, do you want to hope that bad things will never happen to you or do you want to be prepared for those events when they come your way.
If you are well on your way to securing a comfortable retirement, why would you leave your nest egg unprotected? If you are making great money now, why would you not protect your future income stream from a court-ordered garnishment?
Umbrella policies are very inexpensive. We only have so many productive years to work and to save. Why not protect everything that you have worked to accumulate over a career?
Umbrella policies are very inexpensive. We only have so many productive years to work and to save. Why not protect everything that you have worked to accumulate over a career?
