Will Your Wealth Vanish Into A Black Hole
It’s an all too common nightmare: a professional or business person works hard all of their lives to accumulate a certain level of wealth and then loses it all when they are hit by an unexpected lawsuit. Perhaps a visitor is injured in their home(s) or they are involved in an accident with an uninsured motorist.
If they do not have adequate insurance to cover the liability, personal assets may be seized. A life of success wiped away.
So-called umbrella policies are designed to provide a financial shield against this, but large umbrella policies can be costly and may involve complex underwriting.
One attractive but little known way to make this simpler and often less expensive, is to acquire group umbrella coverage.
Under this approach, a group of 10 or more individuals working in the same company or professional practice purchase the coverage under a group umbrella program. Each person can select their own limit, based on their individual needs, and even offer it as a perk to others in the company.
Everyone that I’ve talked to loves it. It’s an efficient way to place an all-important buffer between yourself, your assets, your lifestyle and the risks that can play havoc with all you’ve worked for.
