How Umbrella Insurance Can Save You Thousands

When you have insurance policies for your home and your vehicle, you might not have as much as you think you do. It’s common for the coverage to be relatively low. This can cause you serious financial stress if there is an accident with your vehicle or on your property. When you want to be better protected against a wide range of risks, call us today at The Select Insurance Agency in Coppell, TX.

Liability Coverage for Your Home and Vehicle

Liability coverage is always an important way to protect yourself and your assets. When you have home and auto insurance, each policy comes with much-needed liability coverage. This coverage can pay for the medical bills, lost wages, and other costs that are due if you’ve caused an accident. The problem is that home and auto policies generally have very little of this coverage. If there’s a serious accident, this would mean that all of the bills may not get paid. When your liability coverage is paid up to its maximum, you will owe whatever was left over. This can be many thousands of dollars in overages. 

How It Works

First comes the accident, and then comes the many bills that are due. Your auto or home policy will come in quickly and pay what it can. Once it reaches its maximum payout, however, it’s finished paying. Your umbrella insurance comes in next to cover the rest of those bills. Getting umbrella insurance is inexpensive, and these policies offer a great deal of coverage. It could save you an enormous amount of money in overages. 

Get Umbrella Coverage

An umbrella policy is best if you want more liability coverage. Call us at The Select Insurance Agency in Coppell, TX to get started.

Should I have more life insurance than I receive through my job?

Life insurance is available as part of many employee benefit plans. However, these plans seldom provide coverage in the amount needed for most families and are often available only for the employee, not other family members. To discuss your family’s life insurance needs, consider contacting The Select Insurance Agency serving Coppell, TX. We’ll happily review these issues with you.

Life Insurance Through Work

Employer-based life insurance coverage offers several benefits to employees:

  • Complementary: Some coverage may be free with the option to buy more.
  • No Medical Tests: Policies are group-based, ensuring employees with pre-existing conditions are eligible
  • Little Effort: Covered requires little or no effort by the employee

These benefits mean employer-based life insurance has value, but the policies also have disadvantages, including:

  • Employer-Based: Employees generally lose coverage if they change employers.
  • Employee Only: Many employer-based policies cover the employee only, not their spouse or children.
  • Coverage Limits: Employee plans are seldom available in the amount needed to protect your family. For example, State of Texas employees receive only $5,000 in life insurance and can buy up to four times the employee’s salary. Neither amount meets the coverage most families need.

In most cases, it makes sense to take advantage of employer-based coverage.

While accepting the life insurance coverage offered through work makes sense, it generally provides only partial protection. Your life insurance coverage needs depends on your age, family composition, lifestyle, and other factors unique to you and your family.

Working with The Select Insurance Agency

If you live in or near Coppell, TX, and want to discuss your life insurance needs, call or stop in today to see our team at The Select Insurance Agency. We’ll happily find the right plan for you.