Is umbrella insurance just for the wealthy?

Coppell, TX is a great place to live and buy a home. According to Niche, it is the best place to live in the Dallas Fort Worth Area. 73% of the residents own their own homes. Umbrella insurance is excess liability insurance that can be added to a policy that you already have like a home or auto policy. The Select Insurance Agency has been serving the DFW Metroplex for 15 years and as an Independent Insurance Agency, we are able to offer you products from a variety of carriers.  

The answer to the question is umbrella insurance just for the wealthy is no, you do not have to be wealthy in order to benefit from umbrella insurance. When you have home or auto insurance you have set liability coverage. If you have assets, this coverage may not be nearly enough to protect you. If you haven’t reviewed your coverage in a while or had your insurance agent review your coverage you could end up with a very sad wake-up call in the event that you have an accident or someone is injured on your property. 

What umbrella insurance does is to add a layer of liability protection above and beyond the limits on your original policy. In most cases, an umbrella policy will add between one and five million additional dollars of liability protection. With the cost of legal litigation and the size of judgments, if you have only basic coverage, you could end up losing all the assets you have worked so hard to accumulate. 

Coppell, TX is a great place to live but even in great places, bad things can happen. At The Select Insurance Agency, we would love to sit down with you and discuss how right an umbrella policy could be for you even if you are not wealthy. GIve us a call or stop by and let us quote this important coverage for you. 

Three common misconceptions about life insurance to be aware of

Life insurance is an essential product that protects the financial future of your family. At The Select Insurance Agency, we offer a variety of options for life insurance policy purchases in Coppell, TX.

Unfortunately, a lot of consumers are misled by common misconceptions out there regarding life insurance. The following are three common misconceptions about life insurance to be aware of. 

A person who is healthy and young doesn’t need to buy life insurance.

You never know when accidents or unexpected medical issues can come up. You shouldn’t assume that you won’t experience one of these tragic events just because you’re young and healthy. Also, if you’re young and healthy coverage is probably going to cost very little and be easily affordable for you. 

Life insurance is very expensive.

If you start doing some research, you’ll probably be pleasantly surprised by how relatively inexpensive life insurance is. Those who are young and healthy can often buy term life insurance coverage for only around $10 a month. This is not a lot of money to have to pay considering how much your family could benefit from your coverage in the event of an unexpected death. 

If my employer provides life insurance, I don’t need additional coverage.

A lot of employers offer life insurance coverage for their employees. However, you really need to look at the details of any employer-sponsored life insurance coverage. This coverage might not be enough. Calculate the amount of life insurance your family needs to evaluate how adequate the policy you get from your employer is. 

You should research your options as much as possible before buying life insurance. You can consult us at The Select Insurance Agency for information on life insurance in Coppell, TX. Visit our website or give us a call to learn more.