Why You Need Umbrella Insurance

Umbrella is a unique kind of insurance that works with two of the policies that you already have. It is affordably priced and gives you more protection right where you need it. If you want to talk to an agent about umbrella insurance, call us today at The Select Insurance Agency in Coppell, TX.

Liability Coverage

The liability coverage that you have is extremely important. It pays the medical and/or property damage bills once there has been an accident. Your home policy and auto policy each have their own amount of liability coverage, but this coverage is often quite low. It may not be enough to get all the bills paid after a serious accident has occurred. To give themselves more liability coverage, many people purchase an umbrella insurance policy. This adds more liability coverage to their auto and home policies.

How Umbrella Insurance Works

When you have an accident at your home or in your vehicle, your home or auto insurance will pay for the resulting bills if you are held liable for them. However, the maximum payout for these policies is often too low to pay for all of the bills. This would result in you having to come up with the overage. However, if you have an umbrella policy, this policy would come in next to pay the overage up until the bills reach the policy’s own maximum. And for umbrella policies, the maximums are very high. This leaves you much better protected in case of serious accidents. 

Cover Yourself With Umbrella Insurance

If you want to be better protected in case of accidents, it’s smart to have an umbrella policy. To find out more about them, give us a call at The Select Insurance Agency in Coppell, TX.

Who Can I Designate a Beneficiary for Life Insurance?

If you live in Coppell, TX, understanding the basics of insurance policies is incredible. With a life insurance policy, defining your beneficiary is one of the most critical aspects. That way, you must be sober when making such decisions. The Select Insurance Agency has your best interest at heart when contemplating who to register as your beneficiary. Here is how to go about the whole process and avoid mistakes.

Understand and Observe the Divine Purpose of the Insurance 

Buying life insurance cover is not an ordinary decision, as serious considerations must count. It is advisable to define your primary reasons as to why you need the insurance. If you plan to safeguard the welfare of your family in your absence, indicating your spouse as the chief beneficiary is wise. However, if you want to keep your company active after your death, your business associate is best suited when choosing a legatee.

Are There Multiple Options

You have options beyond your spouse when looking for your life insurance beneficiary. The preferences extend beyond your kids and relatives too. What more, it is not mandatory to include one person, as you can choose several. You have the liberty to define two several beneficiaries indicating what they should receive when the time comes. What more, you can identify a charity institution or a trustee to be a beneficiary.

Is It Necessary to Identify a Backup Beneficiary?

Besides identifying your desired beneficiary, the law provides a second option in case of particular situations. For instance, your beneficiary may die before time, or they may fail to comply, prompting your insurer to reach the secondary heir. Be keen when selecting your secondary beneficiary, as they are equally critical.

The Insurance Policy Must Always Be Up-To-Date

Your insurer does not make automatic updates when changes occur. For instance, if you had named your parent before getting married, you must not assume that your spouse becomes a beneficiary by default after marrying. You must update where necessary, as your insurer works with the updated data. 

Contact The Select Insurance Agency for all your queries if you live in Coppell, TX.