Insurance is designed to protect you from financial loss or damage. While it isn’t necessary for each individual to have every type of insurance there is, it is important to understand the different insurance policies that are out there and why you do or don’t need it. Here are a few common insurance myths.
- Myth #1: The Only Person in the Household That Needs Life Insurance is the Main Source of Income- It’s estimated that with the combination of housekeeping, food preparation, childcare, being the home accountant, and school transportation, a non-working spouse contributes at least the equivalent of a full-time job. Therefore, their absence would cause extreme financial loss and they should have a New London, CT life insurance policy.
- Myth #2: Whole And Universal Life are always the Best Life Insurance Choices- While this might be the best choice for some, CT Term Life insurance can be a very good choice. This type of life insurance policy is considered “budget-friendly”, as their premiums are generally much cheaper than cash-value policies, especially if you are young in in good health. Learn more by studying the basics of life insurance policies
- Myth #3: Umbrella Insurance is only for Certain Individuals- New London, CT Umbrella Insurance is designed to give individuals added liability protection above and beyond the limits on homeowners, auto, and watercraft personal insurance policies. Lawsuits have become more and more common, and an umbrella policy will protect you if you are confronted with one. We make sure that your Umbrella Liability coverage extends your limits only as much as you actually need, and no more.
The Byrnes Agency provides signature personal insurance solutions to affluent individuals and families in high net worth communities in and around Connecticut. Contact our local Connecticut insurance location nearest you today.
- Windham County / Dayville Insurance Office
- New London County / Norwich Insurance Office
- Windham County / Woodstock Insurance Office