When Is the Right Time to Buy Life Insurance?

Sometimes, life changes quickly. When sudden shifts in your life circumstances happen, it’s important to take some time to reflect on how those changes affect your financial plan. At the Select Insurance Agency, our focus is on helping our Coppell, TX neighbors protect the things that make life worth living. Use these guidelines to ensure that your life insurance coverage is always adequate, appropriate, and active.

Changes in Marital Status

Whether wedding bells are still ringing or it’s time for two partners to find their own path, changes in your legal relationship status should prompt you to reexamine your life insurance coverage. Newly joined couples may want to consolidate their plans, increase coverage to provide extra protection for surviving spouses or subscribe to new policies to protect their future interests. For those going through a dissolution, it may be a good idea to discuss changing beneficiary information, transferring policies, or separating joint accounts.

Birth and Death

A new addition to your family via birth, adoption, or other legally recognized circumstances means you have more people who depend on you. Make sure you don’t let them down by reviewing your life insurance policies with a qualified professional. You may need to increase your current coverage or open new policies to ensure there are enough funds to ensure everyone’s future.

The loss of a loved one also means changes in life insurance coverage. Your agent can help you understand expected payouts, schedules, and other options like transferring funds into a new policy.

Shifting Business Responsibilities

Life insurance is also an important way to protect your business interests. When entering into new partnerships, committing large amounts of capital to improvements or expansions, or launching a risky new venture, make sure you have plenty of life insurance coverage to help your partners and loved ones pay for your plans in case of your sudden demise.

The Select Insurance Agency provides life insurance policies in the Coppell, TX area. Contact our office for help understanding how your life circumstances affect your policy.

3 Reasons Why You Should Consider Umbrella Insurance In Coppell

Living in Coppell, TX can be full of excitement. As you go through each day, you never know what will take place. By having an umbrella insurance policy, it can offer you peace of mind.

At The Select Insurance Agency, we’ll explain why it’s so important to consider this type of policy.

You Never Know What’s Going to Happen

While you already have certain insurance policies in place, you never know what’s going to happen. If there’s a severe accident that goes above and beyond the limits of your policy, you would be financially responsible for an overage. 

This could happen with your home, your car, or even your business.

It Can Save You Thousands of Dollars

Consider that an umbrella policy could save you thousands of dollars if it has to be deployed. For example, if you have $50,000 worth of property damage coverage on your auto insurance policy and you get into an accident that causes $100,000 worth of damage, you would be liable for the remaining $50,000. The good news is that the umbrella policy would kick in to cover that.

It Can Be Used Against Multiple Policies

When you get an umbrella policy, it works to cover all of the policies that you have. It could be used against your homeowner’s policy, your auto policy, or even an RV or boat policy if you have one. For business, it could be used for liability, property, auto, or something else.

There’s no way of knowing what could happen, so having an umbrella policy is a way to protect yourself in case of a worst case scenario.

You deserve to have the protection that you need in Coppell, TX. Call us at The Select Insurance Agency today to learn more about adding umbrella insurance to your residential or commercial insurance policies.