You Only Get a Mulligan in Golf

This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA In golf the low scores wins. The player with the least strokes per round is the winner. If you hit a bad shot into the woods or the water hazards (ponds) you can get what is called a Mulligan. You … Read more

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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Why Defense First Wins Your Financial Planning Game

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This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA “Offense sells tickets. Defense wins championships.” Paul “Bear” Bryant – Former Head Football Coach University of Alabama and six-time National Champions. Defense wins championships. It appears the “Bear” knew what he was talking about with six National Championships. It’s the … Read more

Plan B

When we were down at the beach last summer, we pulled into a gas station to get some gas.  An old, blue, beat-up pickup truck pulled in next to us.  In the back of the truck was a small dinghy.  The name on the back of the boat was “Plan B.”  I wondered what the … Read more