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Texas Life Insurance Quotes

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Like everything else in Texas, the state laws on life insurance also seem to be bigger than life. However, you don’t need to lose sleep over reading and comprehending their meaning as NoExam.com is here to help you with that.

We have reviewed the statutes and rules so that you can have straightforward and factual information. Following are the prominent features of life insurance policies in Texas.

Texas Life Insurance Quotes

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Haven Life is backed by A++ rated Mass Mutual, and is our #1 recommendation. Competitive rates and best in class application process earn it the #1 spot for the best rates. Click the button below to see your custom rate.

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AIG, also know as American International Group, has been in business since 1919. AIG's strong financial rating, product selection and competitive pricing place it in the #2 spot for best rates. Get a quote by clicking below.

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Health IQ is a life insurance brokerage for people who like to exercise. If you exercise a few times per week you can qualify for much cheaper rates. They are a great choice for those looking for a low cost life insurance policy.

As life insurance companies offer the same premium prices across all the states in the US, there is no particular benefit attached to residing in Texas. However, there are several other factors which may affect the premium amount paid by you.

One of the biggest factors which affect the premium is your general health. If you possess general good health and do not have any significant ailment then you can negotiate better premium price. For example, people suffering from obesity are likely to pay higher premium.

Similarly, if you have family history of heart disease, diabetes, cancer or mental disorders, you may be charged higher premium price. Lifestyle choices such as tobacco use or smoking may also lead to higher Texas life insurance cost.

The term period of life insurance policy also affects the premium price. Life policies with longer tenure generally are more expensive than the policies with shorter tenure.

For example, the annual premium for a 30 years long policy will likely be higher than annual premium for a 10 year policy. Permanent policies such as whole life insurance and universal life insurance end up paying higher Texas life insurance rates.

Example

A 31-year old Houston woman weighing 131 pounds and having a height of 5’2” would be able to get $900,000 of Texas whole life insurance coverage for a premium of about $1,005 a year.

For the same amount of coverage ($900,000) for Texas term life insurance, the same woman would have to pay about $546 a year in premiums every year. If she has a family history of liver or heart disease, the premiums would go up.

Texas Life Insurance Laws

Life insurance in Texas is regulated by the State statutes. Following are the main features you need to keep in mind:

Grace Period

Life insurance policy holders in Texas have minimum 30 days after the due date of premium payment to submit the premium and avoid losing coverage.

However, if the insured person dies during such 30 days time period, the insurance company remains liable to make full payment to the beneficiaries. The grace period is intended to prevent the policy from expiring on account of missed payment. It also helps protecting beneficiaries from losing their legitimate claim. Grace period also acts as a buffer for owners against subsequent underwriting.

Free Look Period in Texas

Texas statutes do not provide any free look period provision. The free look provision allows prospective policy buyers to check the pros and cons of a policy for a specified period of time. All the payment becomes final only after the expiry of free look period.

If the person decided to rescind the policy then they are entitled to full refund, without any fee deduction or penalties.

Protection of Death Claim from Bankruptcy

Although it is pretty rare that an insurance company has to declare bankruptcy, however in any such extreme case, the Texas Life, Accident, Health & Hospital Service Insurance Guaranty Association, Texas offers an alternative plan for policy owners and beneficiaries.

The Guaranty Association protects life insurance owners for up to $300,000 of death claims and up to $100,000 in lost cash surrender value in the event of an insurance company going bankrupt. These limits are set irrespective of the size and the number of policies.

Texas Life & Health Insurance Guaranty Association
515 Congress Avenue, Suite 1875
Austin, TX 78701
Telephone: 512-476-2101
Website: www.txlifega.org

Timely Payment on Claims in Texas

Texas aims to settle all its claims in a fair and quick manner. For achieving this target, the state makes it mandatory for the insurance companies to begin the claim processing within 15 days of receiving the claims paperwork.

If the company takes more than 60 days to settle the claim then it may be held liable for paying interest on the claim to the beneficiaries.

Texas Department of Insurance

  • Telephone: 855-839-2427
  • Website: www.tdi.texas.gov
  • List of Life Insurance Companies With Texas as State of Domicile

    • American General Life Insurance Company 
    • American Health And Life Insurance Company 
    • American National Insurance Company 
    • American National Life Insurance Company Of Texas 
    • American-Amicable Life Insurance Company Of Texas 
    • Americo Financial Life And Annuity Insurance Company 
    • Best Life And Health Insurance Company 
    • Constitution Life Insurance Company 
    • Continental General Insurance Company 
    • Family Life Insurance Company 
    • Funeral Directors Life Insurance Company 
    • Garden State Life Insurance Company 
    • Government Personnel Mutual Life Insurance Company 
    • Great Southern Life Insurance Company 
    • Ia American Life Insurance Company 
    • Industrial Alliance Insurance And Financial Services, Inc. 
    • Investors Life Insurance Company Of North America 
    • Jefferson National Life Insurance Company 
    • Life Insurance Company Of The Southwest 
    • Mid-West National Life Insurance Company Of Tennessee 
    • National Farmers Union Life Insurance Company 
    • National Teachers Associates Life Insurance Company 
    • Occidental Life Insurance Company Of North Carolina 
    • Ohio State Life Insurance Company
    • Pioneer American Insurance Company 
    • Pioneer Security Life Insurance Company 
    • Puritan Life Insurance Company Of America 
    • Sagicor Life Insurance Company 
    • Standard Life And Accident Insurance Company 
    • Texas Life Insurance Company 
    • Unified Life Insurance Company 
    • United Fidelity Life Insurance Company 
    • Usaa Life Insurance Company 

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    It is easy to compare the prices and features of numerous Texas life insurance policies at NoExam.com. You will find it easy to compare rates on our site, and we will also provide you the right information you need to make the right choices. We represent the top-rated Texas life insurance companies.

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    Jonathan Holloway
    September 9, 2019
    John Holloway is a licensed life insurance agent and co-founder at NoExam.com
    Disclaimer: We make every attempt to make sure our information is up to date, but since things change often it is best to double check the data. This review is an opinion. Clicking on links may result in NoExam.com being compensated.