Texas Life Insurance Reviews
Products Offered by Texas Life Insurance Company
Texas Life Insurance Company only sells permanent life insurance plans, so if you’re interested in a term life policy, this may not be the best fit for you. They sell two permanent policies and have several available riders. As mentioned above, you can only purchase these policies through an employer.
Whole Life Insurance
Whole life insurance provides coverage for your entire lifespan with a guaranteed death benefit up to age 121. You can apply for coverage if you’re between the ages of 17 and 70, and the maximum level of coverage available is $200,000.
Their whole life policy includes level premiums, meaning you won’t have to worry about an unexpected increase in cost, ever. There is also a cash value component that will grow at a fixed interest rate of three percent. Money can be withdrawn from the cash value once the balance reaches a certain amount to be used as a personal loan.
Universal Life Insurance
Universal life insurance is also a permanent policy. It’s more flexible than a whole life policy due to its adaptable premiums and adjustable death benefit. Should you find yourself in need of more or less coverage, your policy can be updated to reflect that.
This policy is available for anyone between the ages of 17 and 70, with a guaranteed death benefit paid up to age 121 and a maximum coverage amount of $200,000.
Life Insurance Riders
A life insurance rider is an add-on meant to extend coverage or fill potential gaps. Most riders come with an extra cost, which increases your overall premium payment. Riders can be attractive if you’re looking to customize your policy to meet your unique needs. No policy is one-size-fits-all, but the addition of one or more riders can help you achieve the perfect level of coverage for your needs. Here’s what Texas Life Insurance Company offers:
Terminal Illness Rider: included in every life insurance policy from Texas Life at no additional cost. This rider allows the policyholder to use up to 92% of the funds from their death benefit in the event they are diagnosed with a terminal illness. These funds can be used to pay for end-of-life expenses such as medical bills, medications, hospice care, and more.
Waiver of Premium Rider: available for policyholders between the ages of 17 and 59, this rider will waive the premium cost with no penalty if the policyholder becomes totally disabled for 180 days and is unable to work. The premiums paid during the 180 days prior to the waiver being active will also be refunded.
Accidental Death Benefit Rider: available for policyholders between the ages of 17 and 59, an accidental death benefit rider will result in double the amount of the death benefit being paid to the beneficiary if the policyholder dies due to a covered accident. There is a qualifying time frame depending on what state the policyholder lives in.
