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I'm 55, single, retired, and have a net worth of approx. $1.2 million. I rely solely on my investments for my living expenses - no pension (I took a lump sum) and 7 years to social security.

I currently carry a $1 million umbrella policy, which I think is adequate. My insurance agent keeps telling my I should increase it to $2 million. What are the guidelines on how much coverage I need? Any retired insurance guys out there?
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Hi, Billjam,

The object of an umbrella policy is to protect your assets. Of course, you could always hit a busload of brain surgeons and top your limits, but that's just the nature of risk.

The umbrella policy is in addition to your underlying coverage (homeowner and auto), which in most cases is going to be $500k. That brings your total up over your current assets.

That said, the Sleep Factor is always the deciding one. How safe do you need to be to rest well at night?

Bulldogger, a CPCU in a former life
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