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Life Insurance in Texas

As a Texas resident, purchasing life insurance today is a smart move you can make to be sure that your loved ones will be financially protected, even if you are not there to take care of them.

Learn more about state regulations for life insurance in Texas to so that you are prepared to find a policy that fits your needs and includes the features you want.

Why do I need life insurance?

With life insurance coverage, you can feel secure knowing that your beneficiaries will have some help covering your final expenses and other financial needs they’ll face without you.

Texas was ranked 32nd out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 78.54. With this in mind, people living in Texas may want to consider their life insurance options.

Texas life insurance specifics

The insurance industry in Texas is regulated by the state insurance code, which regulates claims and includes provisions to protect customers purchasing Texas life insurance plans or obtaining Texas life insurance quotes. Such protections include the following:

  • Free Look Period
    According to the Texas state code, life insurance companies are required to give you a Free Look Period to review your policy and decide if you want to keep it. If you decide during this period (within 10 days of the issuance of the policy) that you don’t want to keep it, you can cancel the policy for a full refund.
  • Grace Period
    A grace period is allowed on late payments under the Texas state insurance code. If you miss a premium payment for any reason, most Texas life insurance providers must give you at least 31 days to bring the account current before the insurer can cancel the policy for non-payment.

Texas life insurance state resources

Texas Department of Insurance
The Department of Insurance exists to execute state insurance laws in a manner that protects insurance customers as well as the Texas life insurance industry.
www.tdi.state.tx.us

Texas Life & Health Insurance Protection Association
The state guaranty association is there to provide protection and continuing life insurance coverage in Texas, even in the event that a life insurance company becomes insolvent.
www.txlifega.org

Life Insurance Company Ratings From A.M. Best, Standard and Poors and Moody’s
A.M. Best and Standard and Poors provide ratings for life insurance companies based on financial strength and past performance.
www.ambest.com
www.standardandpoors.com/en_US/web/guest/home
www.moodys.com

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