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The Insurance Team

22246 S Ellsworth Rd
Queen Creek, AZ 85142

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The Insurance Team Blog

Why Does Personal Umbrella Coverage Become More Important as You Age?

The agents at The Insurance Team offer more than insurance policies to Queen Creek, AZ residents. We provide savvy financial information that helps our customers protect their financial security. As experienced insurance agents, we know the importance of updating insurance coverage as you age and adding umbrella insurance policies that can help protect your net worth.

An Umbrella of Protection

Our insurance agents recommend umbrella coverage to those 50 or older who frequently entertain at home, volunteer to coach sports, or volunteer in scouting groups. These types of activities increase liability risk. If an accident occurs and the injured party sues without umbrella coverage, a person could wipe out their savings and retirement accounts by paying off a settlement.

What That Means to Someone 50+ Years Old

If such a scenario occurred in the at-fault party’s 20s or 30s, they would have decades to rebuild their savings and retirement accounts. In the U.S., the typical retirement age ranges between 65 and 71. If found at fault for an accident after age 50, a person would have about 15 to 20 years to replenish their retirement accounts and savings.

Existing Liability Coverage

If you cause an accident with your vehicle, your auto liability covers it – up to the policy maximum. Home and condo policies include a small liability component, too. These typically cap at about $5,000 to $15,000. The average payout for a premises liability case stands at about $90,000, leaving a hefty out-of-pocket sum.

Buy Umbrella Coverage

Umbrella coverage costs just a few dollars a month for a million-dollar policy. Don’t take chances with your retirement funds! Contact The Insurance Team today to buy an umbrella policy to protect your financial stability. If found at fault for an accident, your primary policy, typically home or auto, pays out its maximum first. Your umbrella policy automatically kicks in once the primary policy pays out, saving your savings for you.

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