If you are choosing whether you should increase or decrease your life insurance benefit, you should first know that there are several factors that will come into play. Take for example that your children are no longer living in your home; this can majorly influence the type of benefit that you will want to invest in. Speaking with an agent from The Select Insurance Agency serving the Coppell, TX area can also be of help. For now, let’s take a quick look at the three primary factors that influence whether you should increase or decrease your life insurance policy benefit.
What can you afford?
The first factor you need to consider when reassessing your insurance policy is the premium rate that you can actually afford. There is no need for increasing your policy if you can’t afford it. With that in mind, you should allocate a predetermined amount of money you can afford to spend on your policy and let your insurance agent customize a plan that can stay within your budget.
Do you have children living in your home?
If you have children living in your home who depend on you for income, then you will definitely want to make sure they are going to be taken care of financially in the event that you pass away. If, however, children have moved out of your home and no longer depend on you for support since the last time you updated your life insurance policy, then you may want to consider decreasing your policy amount. This will, of course, decrease your monthly premium too.
To learn more about the ins-and-outs of life insurance and whether you should increase or decrease your policy amount, please don’t hesitate to contact The Select Insurance Agency serving the Coppell, TX area. You can also contact us to learn about other types of policies, including commercial insurance.
Insurance is a smart investment – and usually a legal requirement in Dallas, TX – to protect your assets in case something goes wrong. But what do you do when worst comes to worst and you end up liable for damages that exceed your standard policy? This is where an umbrella policy can really save the day! Umbrella insurance provides extra coverage for your most important belongings, including:
1. Property Ownership – An umbrella policy can provide excessive liability coverage for your residence, small business, and any other type of real property you own. It’s especially useful if you host a lot of events or expect to have heavy foot traffic on the property, where the risk of accidents is greater.
2. Vehicular Liability – Whether you drive a car, motorcycle, or any other means of transportation, your standard insurance policy may not cover you entirely in case of an accident. An umbrella policy could be used to pay for excessive damages you cause to another person’s property; costs you may otherwise have to pay for out-of-pocket.
3. Personal Defense – In the digital age, there are more opportunities for us to make our opinions known to a wider audience. unfortunately, this also means you could be sued more easily for the things you do or say. An umbrella policy can can help protect you from damages resulting from slander, defamation, and other personal lawsuits.
4. Rentals – If you rent a car while on vacation, or rent the use of recreational vehicles such as an ATV or boat, umbrella insurance can cover any accidental damages to those vehicles while you use them. Some umbrella insurance can even cover your stay in a rental property such as a cabin.
These are just some of the ways umbrella coverage can give you extra peace of mind. Please contact Eichelmann Insurance Agency today to discover more about umbrella insurance, and how it can benefit you!