Why Everyone Needs a $1 Million Umbrella Policy (or More)

This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA

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What Is an Umbrella Policy?

 

Personal umbrella insurance is the insurance that is designed to give you liability protection beyond the protection provided by your other insurance policies. While your existing homeowners and automobile policies will cover some liability, they come with caps that limit how much money they will cover for their stated purpose. Personal umbrella insurance is an excess liability policy. Think of this as a backstop.

 

 

How Does an Umbrella Insurance Policy Protect You?

 

In the event you are sued for liability in an auto accident and the judgment is declared against you for $500,000 but you only have $200,000 worth of liability coverage. The rest of the money would have to come out of your own pocket unless you had the umbrella coverage to fall back on. Without the additional umbrella insurance protection, you are susceptible to losing your assets to pay off the outstanding debts, including your home.

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7 Habits of Highly Effective People That Want to Retire

This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA

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1) Start Early

 

Do you want to increase your chances of retiring at a reasonable age? Start early. As The Rolling Stones said, “Time Is On My Side.” Well said.  Don’t kick yourself for not starting earlier. You can’t turn the clock back. Just begin where you are now.

 

2) Live Beneath Your Means

 

This goes without saying. Which is why it needs to be said. To get to your retirement, you’re going to need to have some assets and income.  Don’t fall into the trap of trying to keep up with the Joneses. Live beneath your means and get to the retirement finish line long before the Joneses.

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3 Proven Reasons You Need a Financial Advisor

1) You Don’t Have the Expertise Today, we live in a complicated world. Things are very complicated in financial planning. “You don’t know what you don’t know” is an appropriate quote. And so it is with financial planning. It doesn’t take much these days to have a complicated financial picture.  Sure, the more assets you … Read more