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Timing of Umbrella Insurance

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  • Anne
    replied
    Yes, get it now.

    1.  It's cheap.

    2.  Life gets busy and 5 years will fly by and you may suddenly realize your assets have grown faster than you thought they would.  You don't want to be constantly wondering when is the right time to buy it.  The right time is before you need it.

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  • G
    replied




    No debts/loans, about 20K in cash, 12k in roth ira, and some money in 401b
    Click to expand...


    phenomenal start!!!

    I'm also a fan of umbrella early.  get a quote from your auto/renter's/homeowner's and see if it fits your budget for the peace of mind.

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  • jhwkr542
    replied
    Yeah, get it, it's cheap. I have net worth around 0 and have $1MM.

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  • HILA88
    started a topic Timing of Umbrella Insurance

    Timing of Umbrella Insurance

    Hi everyone,

    I recently graduated from residency and just started my new job as an attending. As a new attending I don't have much in asset: No debts/loans, about 20K in cash, 12k in roth ira, and some money in 401b (but I believe this is protected from law suits). At this point should I already purchase an umbrella insurance? I read one should purchase equivalent to your asset but I really don't have much. If yes, how much should I get? If not now, when should I get it?

    I did hear they can come after your future earnings so I assume I should get it now? Thank you for your help!
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