Clyde And Claudette' S Financial Future Is Now Ruined

Clyde and Claudette's financial future is now ruined!

These tips will help you protect yourself from the time- bomb that devastated them. Make sure it doesn' t happen to you. I talked with Clyde and his wife, recently, Claudette. Everything had been going great for Clyde and Claudette- -he had a secure job with excellent benefits. In fact, Clyde brought his son to one of my popular financial seminars so he could learn to avoid the mistakes his father had made. Their home was almost paid for. Life and their future looked bright.

Their kids were doing well in school. Then one day, Claudette was driving home from the store just like she always did. In just seconds Clyde's and Claudette's lives were forever changed. A drunk driver speeding in her direction hit a car on his side of the road, careened off of it, jumped across the median and plowed into Claudette's car. Luckily she wasn' t killed. As often happens, the police never caught the drunk driver. But she is permanently handicapped.

Their medical bills quickly mounted and they soon discovered their financial weakest link- -they only had$ 50, 000 of uninsured motorist coverage in their auto policy. How much medical and liability coverage is in your automobile policy? How much uninsured motorist coverage do you have? If you' re like most people, you probably don' t even know. Clyde and Claudette were lucky to be able to pay most of their immediate medical bills, but only after they had to go to court, sue their insurance company, and pay out a big chunk of their$ 50, 000 in lawyers' fees. And it could be a ticking time- bomb waiting to devastate your financial future. But what about their future?

Their financial future is ruined. Claudette will never be able to work again and the cost of caring for her increased medical needs will continue for the rest of her life. It didn' t have to be that way. It would have only cost them pennies each day. The financial devastation that occurred could have been easily prevented if they had increased their coverage amount. Instead, it cost them much more.

I might have been able to help prevent their financial devastation. I wish I had met them sooner. It's too late for them, but it's not for you. If you are like most people, it has probably been several years since you' ve done so. Sit down with a qualified property and casualty agent and review your automobile and homeowners insurance policies to make sure that the coverage is adequate. Your situation or damage awards in your state could have changed since then. Isn' t it worth a phone call to your agent to find out?

Perhaps you don' t need as much insurance as you did in the past, perhaps you need more. It was for me. The point is, it only takes a little time to make sure you and your family is properly covered, and it doesn' t have to cost an arm and a leg to do so. I recently was able to switch insurance companies, increase my coverage limits and keep my premiums the same. You should also consider an umbrella liability policy. I especially recommend them to my Private Wealth Management clients that are doctors because they are prone to lawsuits. It provides blanket liability protection in addition to that offered by your automobile and homeowners policies.

I recommend them if you have a swimming pool or trampoline or if you own a potentially hazardous recreational vehicle such as a boat, jet- ski, or ATV. Take these simple steps to make sure you don' t make the same mistake Clyde and Claudette did: 1) Make an appointment to have your property and casualty insurance policies reviewed. 2) Consider an umbrella liability policy if you don' t currently have one. 3) Consider increasing your deductibles to lower your premiums. 4) Call around and compare rates from different carriers.