Texas Life Insurance

Buying Texas Life Insurance can be a little awkward. Nobody wants to think of his or her own death, or the death of a loved one. But just take a moment to think, “How would I provide for my family if I were out of the picture?”  The answer is Texas Life Insurance. Purchasing Texas Life Insurance today is the smartest move you can make to be sure that your loved ones will always be protected, even if you are not there to take care of them.

Why Do I Need Texas Life Insurance?

You may wonder why you would need Texas Life Insurance. Take a look at these figures.

Texas is ranked 30th out of 50 states and the District of Columbia in Life Expectancy, with a life expectancy of 76.7 years.  That breaks down as follows: for every 100,000 people in Texas, over 1,000 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number more than doubles to nearly 2,200, and at 75 to 84 well over 5,000 Texans die for every 100,000 residing in the state. More on mortality by age, sex and race, and the leading causes of death in Texas can be found at: http://www.cdc.gov/nchs/pressroom/data/Texas09.pdf

For more reasons why you should apply for Texas Life Insurance, and for help in finding the best kind of life insurance for your needs, at the best value, take a look at our Family Guide to Life Insurance.

Texas Life Insurance Specifics

The insurance industry in Texas is regulated by The State Insurance Code of Texas. The state uses this code to regulate claims and provide certain provisions to protect Texas Life Insurance consumers, such as:

Grace Period: Grace periods are provided to allow for some latitude when making monthly obligations such as a Texas Life Insurance premium. The Texas State insurance code requires that all Texas Life Insurance companies allow a 30-day grace period on late payments. If you miss a premium payment for any reason, you must be given 30 days to bring the account current before the insurer can cancel the policy for non-payment. In most cases you will have at least 10 days to cancel without penalty. Some Texas Life Insurance Companies will give you as much as 30 days to turn in a policy and receive a full-refund. 

Death Benefit Processing: According to the State Code, Texas Life Insurance companies are required to begin processing any death benefit claim within 15 days of receipt of death notification.  If all documentation is in order, this usually means that full payment of death benefits will be made within a subsequent 15 days, or 30 days entirely. Late settlement may be subject to accruing interest from the time the death claim was made.

Texas Life Insurance companies are also protected to some degree by State Statutes. These regulations are put in place to prevent insurance fraud. Insurance fraud is a serious crime, and affects the rates everyone in the state pays for Texas Life Insurance. Insurance companies can challenge any information you put on a Texas Life Insurance application for up to 2 years. If any inconsistencies or fraud is discovered, the life insurance policy may be terminated immediately, and you may be subject to criminal charges. One allowance is for discrepancy in age. Incorrect age information may be corrected without penalty at any time while the Texas State Life Insurance policy is in effect.

Texas Life Insurance State Resources

Texas Department of Insurance  - The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the Texas Life Insurance industry.
http://www.tdi.state.tx.us/

Texas Life & Health Insurance Protection Association - State guaranty associations are there to provide protection and continuing Texas Life Insurance coverage, even in the event that a life insurance company becomes insolvent.
http://www.txlifega.org/

Texas Life Insurance Company Ratings - These companies provide ratings for Texas Life Insurance Companies based on financial strength and past performance.
http://www.ambest.com/
http://www2.standardandpoors.com