Financial Checklist Plan Part 3:
Insuring We're Properly Insured
The Financial Checklist Plan: Insurance Checklist
Insurance You Need
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Insurance You Don't Need
Life Insurance that is not Term Insurance
Disease Care Insurance (Cancer, Heart Attack, etc) Private Mortgage Insurance Extended Warranties Water Line Coverage Credit Card Insurance Mortgage Life Insurance Accidental Death Insurance |
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Umbrella Liability Policies:
This may be one of the best values in insurance today. This is a liability policy that can be purchased above your Auto and Homeowners policy to add $1,000,000 of liability insurance to your policies across the board. This is a wise and relatively inexpensive insurance to consider purchasing to secure you against a large claim and to protect your financial situation.
As an example, if you carried $100,000 / $300,000 / $100,000 coverage for your automobile liability and also had a $1,000,000 umbrella policy, the umbrella policy would kick in after your auto insurance were exhausted and provide a million dollars more coverage. In this example, you could almost think of your umbrella policy as raising your auto liability limits to $1,100,000 / $1,300,000 / $1,100,000. If you have significant personal assets, an umbrella liability policy is a must have.
Next, consider Long Term Disability Insurance.
This may be one of the best values in insurance today. This is a liability policy that can be purchased above your Auto and Homeowners policy to add $1,000,000 of liability insurance to your policies across the board. This is a wise and relatively inexpensive insurance to consider purchasing to secure you against a large claim and to protect your financial situation.
As an example, if you carried $100,000 / $300,000 / $100,000 coverage for your automobile liability and also had a $1,000,000 umbrella policy, the umbrella policy would kick in after your auto insurance were exhausted and provide a million dollars more coverage. In this example, you could almost think of your umbrella policy as raising your auto liability limits to $1,100,000 / $1,300,000 / $1,100,000. If you have significant personal assets, an umbrella liability policy is a must have.
Next, consider Long Term Disability Insurance.