Asset Protection Insurance

There are many reasons to buy insurance. When you’ve accumulated some wealth, asset protection becomes an insurance consideration. In the old days, you would make your castle bigger and then protect it against marauders with a moat and high walls. Today, most communities do not allow moats or high stone walls. And the marauders are trial lawyers who might try to take away everything you’ve worked to win!

A good insurance agent will work with you to have the best possible protection for your situation. It is important to have a balanced plan. You don’t want to have a 12′ front wall and a 1′ back wall. In insurance terms, this means not having $500,000 liability protection for your home combined with $20,000 liability coverage for your cars.

An example of an asset protection program might include ½ million liability on a home, car, RV, boat, etc. Life insurance of 7 to 10 times earnings can also be part of asset protection. (Your life and ability to earn is a very important asset!)

The next level could be a general policy. This begins where your other insurance ends. Umbrellas often start at half a million with larger quantities available. Disability, health and long-term care insurance are other considerations.

This article is not enough information to make an insurance plan. My suggestion is to find an insurance agent you trust and develop a plan for your needs. Then upgrade your coverage as your needs change. Texans can contact me at my Houston insurance agency