Texas Life Insurance

Buying life insurance can often be an awkward and unfamiliar process, and buying Texas life insurance is no exception.  Even though the death of yourself or a loved one may be far off, it is important to make plans well in advance to provide for your family if something unexpected were to happen.  If you live in Texas, life insurance may be the answer.  The purchase of Texas life insurance is a smart and easy way to ensure that your loved ones will always be protected, both now and in the future.

Why do I need Texas life insurance?

If you live in Texas, you might want to be aware of a few facts and figures.  According to the United Health Foundation, Texas currently ranks as the 44th healthiest state in the country.  That is to say, only six states are less healthy than Texas.  That is not good news.  In fact, Texas ranks last in the number of residents without health insurance and in the bottom ten in its rate of infectious disease, percent of children in poverty, and obesity, as well as ranking poorly in its diabetes rate. 
What does this all mean for customers looking to purchase life insurance in Texas?  The most recent data from the Centers for Disease Control paint a grim picture for Texas residents.  Some of the leading causes of death include heart disease, cancer, stroke, and chronic lower respiratory disease, all of which are more prevalent in Texas than in other states.  To put it another way, Texas is ranked 30th in life expectancy at 78.3 years, a full three years shorter than Hawaii and Minnesota, the top states.  For these reasons and more, purchasing a quality Texas life insurance plan should be a priority for all Texas residents.

Texas Life Insurance Specifics

The insurance industry in Texas is regulated by 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:

  • Grace Period – All Texas life insurance plans require the policyholder to pay a monthly premium to remain enrolled in the plan.  The grade period law in Texas provides some flexibility for consumers who may be facing a tight budget or find themselves short of cash when a bill is due.  Texas life insurance law allows a 30 day grace period for late payments.  If you happen to miss a payment, for whatever reason, you have thirty days to make the missed payment before the insurer can cancel the policy for non-payment.  Some Texas life insurance companies will even allow you the same 30 days to turn in a policy for a full refund.
  • Death Benefit Processing – According to state law, companies selling life insurance in Texas are required to process any death benefit claim within fifteen days of death notification.  If documentation is in order and legitimate, full payment of any death benefits can be made within an additional fifteen days.  This means that you can receive full death benefits from a Texas life insurance policy within a month following notification.
  • Fraud Protection – Texas statute regulations have been enacted to prevent insurance fraud, which is a serious crime and affects the rates that all customers pay for Texas life insurance.  Insurance companies have the right to challenge any claim made to a Texas life insurance policy within two years of the original claim.  This is done to protect honest policyholders from having to pay for fraudulent claims through higher policy rates.

Texas Insurance 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 insurance industry.
  • Texas Life & Health Insurance Protection Association – Protects TX life insurance customers by guaranteeing that protection will continue to exist in the event an insurance company becomes insolvent.
  • Texas Life Insurance Company Ratings – Provide ratings for TX life insurance companies based on financial strength and performance that can help consumers choose the best company for the money.

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