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When is the right time to get an umbrella policy?

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  • xraygoggles
    replied
    I got it during fellowship, so you should consider it ASAP.

    The amount you will be paying is paltry to cover any tail risks which may arise - huge ROI if needed, in other words.

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  • CordMcNally
    replied
    Umbrella is about the cheapest insurance you can get these days. Get $1M or $2M and then you can reassess in a few years.

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  • Random1
    replied
    Before it rains, because most docs are walking around with a bullseye on their back.

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  • DynamicHipScrew
    replied
    I pay $279 for a $2 million policy. Cheap stuff.

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  • jacoavlu
    replied
    yesterday

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  • JBME
    replied
    if you can afford it, get it now. It's cheap stuff...like $50/month (maybe less?) for a $1m umbrella

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  • When is the right time to get an umbrella policy?

    Hi all,

    Hoping to get some thoughts from the brain trust about when is the best time to get an umbrella insurance policy? I am currently in fellowship with about 2-3 more years of training. My wife and I make a combined $150-170k a year and have about $300k in assets. Our debts include my student loans ($200k) and our mortgage ($280k). We don't have any expensive toys or hobbies, max out our retirement accounts (403b and backdoor Roth IRA), and have all the other important insurance policies in place (term life, disability).

    Thanks for all of your help!
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