Affordable Life Insurance Texas
What You Should Know About Affordable Life Insurance in Texas
We at MultipleHealthQuotes.com consider life insurance as one of the most affordable insurance Texas because it is the foundation of financial security for you and your family. It protects your financial resources against the uncertainties of life so you can plan for the future.
Life insurance protects your family by replacing lost income if a breadwinner should die. This is the main reason why most people purchase life insurance – to benefit their spouse or children. But you can also name any trust, individual, or organization as the beneficiary of a life policy.
Types of Life Insurance
Term life insurance is the most affordable type of protection, but after the term period of coverage ends, you will usually pay for a more expensive life policy.
Cash value life policies usually offer more benefits aside from a death benefit. These life plans usually have an accumulated savings benefit that you can withdraw or borrow against.
Whole life insurance combines the features of both term and cash value policies. As the name implies, this policy is in place for the entire life of the insured, and the premiums paid are the same throughout the course of the life plan.
The rates of Texas life insurance is generally the same as anywhere else in the U.S. Most life policies in Texas have a “right to return” clause for a period of 10 days from the start of the policy. You can get a full refund if you decide to cancel for any reason.
State legislation also passed a law on consumer rights that require life insurance carriers to validate your claim within 15 days and pay the benefits within the next 15 days. The insurance company is required to provide an explanation if the claim is not paid within this period.
In Texas, an individual life insurance policy accrues interest between the time the insurance company receives the proof of loss statement, and the time the claim is paid. This protects the consumer when the carrier delays paying the claim for any reason.
Whole life is best if you don’t want to pay different premium amounts, or needing to get a new policy every time a term insurance plan expires. Life plans provide a good sense of security and a level rate of premiums that we get comfortable with as time goes on.
To learn the best type of life insurance for your individual or family situation, consult any of our licensed life insurance agents for expert guidance.
Let us help. We’ll answer your questions and point you toward the right life plan. Start comparing plans now with our free online quotes.