How does umbrella insurance benefit retirees?

Ideally, you can focus on enjoying your family, hobbies, and other activities in retirement and not worry about money. One way to ensure that happens is through umbrella insurance that protects the assets you worked so hard to accumulate. Although this article covers the value of umbrella insurance for retirees, people of all ages should consider umbrella insurance as part of their insurance plan, and our team at The Policy Source, serving Austin, TX, is here to help you in that process.

How Umbrella Insurance Benefits Retirees

We buy insurance to protect against the unexpected. Still, accidents can happen, sometimes leaving us liable for damages that exceed our base home or auto policy limits. For example, Texas’s minimum auto insurance policy covers your liability up to $30,000 per person and $60,000 per accident. If your liability for an accident exceeds your policy’s limits, you are responsible for the difference, potentially putting your retirement savings, home, and other assets at risk.

Umbrella insurance solves this problem because it sits atop your standard policies and pays out only when you exceed those limits. Umbrella policies are not often needed, but they cover you when the worst happens. In addition, since they are seldom needed, they are relatively inexpensive yet offer extra protection for retirees who are often past their prime earning years.

Working With The Policy Source

Umbrella insurance provides a low-cost method of protecting you, your family, and your assets. If you live in or near Austin, TX, and want to discuss the protection offered by umbrella insurance, our team at The Policy Source stands ready to help. Call us today to discuss a plan that makes sense for you.