What to know about Texas Life Insurance
eTermLifeInsurance specializes in helping consumers with their Texas Life Insurance . Having lived and dones business in the state of Texas for over 15 years, we know exactly what to look for in a Texas Life Insurance policy. Let’s review some key facts about life insurance companies, contact information for Texas Consumers and the protections and regulations that impact Texas policyholders.
Click here to get a Texas Life Insurance Quote
Texas Life Insurance Key Regulations
Contestability of Texas Life Insurance Policies
With Texas Life Insurance law, death claims submitted within two years of the issue are eligible to be investigated by the insurance company to find out if the claims made by the insured on the application are accurate. If the application has untruthful statements and misrepresentations, the life insurance company can deny the claim, rescind the policy and return the premium that was paid over the life of the plan.
Your rights as a Texas Life Insurance Policyholder
A Texas life insurance contract consists of many policyholder rights and the individual who can take advantage of those rights during the insured’s lifetime is known as the owner of the policy. Some of the most common rights of a Texas Life Insurance policyholder are:
- designation of beneficiary
- select settlement options
- assign policy benefits
- transfer ownership
- make policy loans and cash surrender policy
Click here to get a Texas Life Insurance Quote
Protection for Texas Life Insurance Policyholders
If your life insurance company falls upon hard times, or goes out of business, there are protections in place for Texas Life Insurance. The state of Texas Life & Health Guaranty Fund protects life insurance contracts against non payment of the contract due to the insolvency of the insurance company, resulting in the failure to pay claims.
Texas Life & Health Insurance Protection Association – Texas Life Insurance policy holders have some guarantees for their coverage, even in the event that a life insurance company doing business in Texas becomes insolvent. They serve as the safety net for consumers, and will guaranteed that your Texas life insurance benefit remains relevent.
http://www.txlifega.org/
Texas Life Insurance Grace Period: In addition, the Texas State insurance code demands that all Texas Life Insurance companies allow a 30-day grace period on late payments. If the consumer happens to miss a life insurance payment for any reason, you are automatically given 30 days to bring the account current before the insurance company can cancel due to non payment. Some Texas Life Insurance Companies will give you as much as 30 days to turn in a policy and receive a full-refund. This time is given so that policyholders can review for the first 30 days of receipt, known as a free look period.
Death Benefit Processing: Texas Life Insurance companies are mandated that they process any death benefit claim no more than 15 days from receiving the notification. This is intended so that the consumer will receive the benefit in no more than 30 days from the claim date. If the company does not comply with this feature, they may be subject to interest on the amount and additional penalties.
Additional Texas Life Insurance Resources
We have put together a list of consumer resources that are available to Texas Life Insurance policyholders. Please visit the following websites and contacts if you have any additional questions or concerns about your Texas Life Insurance policy.
Texas Department of Insurance – The Texas Department of Insurance exists to faithfully enforce the laws in a manner that protects insurance consumers and the Texas Life Insurance industry.
http://www.tdi.state.tx.us/
Texas Company Ratings -These life insurance ratings companies provide independent and unbiased ratings based on financial strength of Texas Life Insurance companies.
http://www.ambest.com/
Texas Life Insurance Contacts
| Contact Method | Contact Information |
|---|---|
| TDI Physical Location: | 333 Guadalupe, Austin, Texas 78701 |
| DWC Physical Location: | 7551 Metro Center Drive, Suite 100, Austin, TX 78744-1645 |
| Mail Letters to: | P.O. Box 149104 , Austin, Texas 78714-9104 |
| Agency Switchboard: | 1-800-578-4677 and in Austin, 463-6169 |
| DWC Switchboard: | 1-800-372-7713 and in Austin, 804-4000 |
| Relay Texas: | 1-800-735-2989 |
| E-mail: | PIO@tdi.state.tx.us |
| Web site: | www.tdi.state.tx.us |
Please feel free to contact us if you have any specific questions about your Texas Life Insurance policy.
