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Life insurance helps protect the people who depend on you for financial support by replacing some or all of your lost income when you die. It can help pay expenses that your income normally would have covered, including mortgage payments, bills, and a dependent´s child care or college tuition.Some types of life insurance also accumulate cash value during the policyholder´s lifetime that can be withdrawn or borrowed against.
Insurance agents, brokers, and companies must be licensed by the Texas Department of Insurance (TDI) to legally sell life insurance in the state.To learn whether an agent, company, or broker is licensed, call TDI´s Consumer Help Line or view company or agent information using the "Insurer Search" and "Agent Search" features on the TDI website www.tdi.state.tx.us 1-800-252-3439 , 463-6515 in Austin
It makes good sense to ask a life insurance agent or company to help you. Selecting a life insurance company and purchasing a policy is a very important decision. It involves a long-term financial commitment and usually a long-term business association with an insurance representative An agent can be particularly useful in reviewing your insurance needs and in giving you information about the kinds of policies that are available. If one kind doesn't seem to fit your needs, ask about others.
Life insurance basics
When you buy a life insurance policy, you specify whom you want to receive the policy´s death benefits when you die.The people you specify are called "beneficiaries.The primary purpose of life insurance is to help your beneficiaries maintain their standard of living after you die - it isn´t an investment. A life insurance policy is generally guaranteed to pay death benefits when the policy holder dies.With an investment, there´s a risk to the payoff – an investor might earn money, but he or she also might lose some or all of it.
Texas law prohibits marketing life insurance as an investment or retirement income source
While some types of life insurance include a savings component that can provide some retirement income, If an agent or company tries to sell you a life insurance policy as a good investment, be careful. Many life insurance companies also sell a legitimate investment product called "annuities." complicating matters somewhat. People often purchase annuities to provide for retirement because they can provide a steady stream of income over a long period of time.
The company will consider certain "risk factors" about you, including your age, gender, medical condition, and whether you smoke or not, called "underwriting".Young applicants who are in good health and who don´t smoke will generally be charged lower premiums. Older applicants who have health problems or those who smoke can expect to pay significantly more, however, as their risk of early death are deemed to be statistically higher. Some companies may determine that, based on its review of an applicant´s risk factors, the applicant is too great a risk and decline to issue coverage altogether.
If a company declines to cover you or charges you more for coverage because of your health status keep shopping- Different companies have different underwriting guidelines. If you are accepted for coverage, but at a higher rate, ask if your premium can be lowered later.Some companies will lower your premium if you maintain good health for a specified period of time, give evidence that your health has improved, and/or change to a lesshazardous occupation.
Glossary
Accidental Death Benefits - If a policy includes an accidental death benefit, the cause of death will be examined to determine whether the Insured´s death meets the policy´s definition of accidental.
Accelerated Death Benefits - If your policy has an accelerated death benefits provision, it will pay you - under certain conditions - all or part of the policy death benefits while you are still alive. These conditions include proof that the policyholder is terminally ill with a life expectancy of less than 12 months, has a specified life-threatening disease or is in a long-term care facility such as a nursing home. If you have a group term life policy or certificate, the amount of accelerated benefit you may receive is limited by law to: the greatest of $25,000 or 50% of the death benefit. By accepting an accelerated benefit payment, a person could be ruled ineligible for Medicaid or other government benefits. The proceeds also may be taxable
Company Profile - A synopsis of a company´s performance in the state of Texas. Includes licensing data, a rating provided by A.M. Best Company, financial information regarding the company´s assets and liabilities, complaint history and a record of the companies activities as it pertains to the interests it has in Texas.
Cash Surrender Option - Nonforfeiture option, which specifies that the policy owner can cancel the coverage and receive the entire net cash value in a lump sum.
Credit Life Insurance - This is a special type of coverage usually designed to pay off your loan or charge account balance if you die. Some lenders or sellers may require credit life insurance before they will approve your loan. If credit life is required, the lender or seller cannot require you to purchase it from them or a particular insurance company. If you have an existing life policy, the creditor has to accept an assignment of benefits under your existing policy instead of requiring you to purchase a credit life policy. Credit life insurance premium rates for loans of 10 years or less are regulated by the Texas Department of Insurance, but premium rates for loans that are more than 10 years old are unregulated.
Conversion Privilege - The right to change (convert) insurance coverage from one type of policy to another. For example, the right to change from an individual term insurance policy to an individual whole life insurance policy.
Evidence of Insurability - To qualify you for a particular policy at a particular price, companies have the right to ask you for information about your health and lifestyle. An insurance company will use this information - your evidence of insurability - in deciding if your application for insurance is acceptable and at what premium rate.
Extended Term Insurance Option - A nonforfeiture benefit under which the net cash value of the policy is used to purchase term insurance for the amount of coverage available under the original policy.
Group Life Insurance - This type of life insurance provides coverage to a group of people under one contract. Most group contracts are sold to businesses that want to provide life insurance for their employees. Group life insurance also can be sold to associations to cover their members and to lending institutions to cover the amounts of their debtor loans. Most group policies are for term insurance. Generally, the business will be issued a master policy and each person in the group will receive a certificate of insurance.
Home Service Life - Home service refers to a method of selling and servicing insurance, mostly life and health insurance, and does not identify the type or relative cost of the product that is sold. Some companies that market on a home service basis sell what is known as "industrial life insurance." These are most often low death benefit policies with face amounts that may vary from $1,000 to $5,000 and which accumulate cash values at a very low rate. They are intended primarily to cover the expenses of a last illness and burial. The relative cost of industrial life insurance is extremely high compared to some other cash value policies and term life insurance policies.
Indexed Life Insurance - A whole life plan of insurance that provides for the face amount of the policy and, correspondingly, the premium rate, to automatically increase every year based on an increase in the Consumer Price Index (CPI) or another index as defined in the policy.
Mortality Charge - The cost of the insurance protection element of a universal life policy. This cost is based on the net amount at risk under the policy, the Insured´s risk classification at the time of policy purchase, and the Insured´s current age.
Policy Loan - An advance made by a life insurance company to a policy owner. The advance is secured by the cash value of the policy.
Rated Policy - A policy issued at a higher premium to cover a person classified as a greater-than-average risk, usually due to impaired health or a dangerous occupation.
Single-Premium Whole Life Policy - A type of limited-payment policy that requires only one premium payment.
Underwriting - The process an insurance company uses to decide whether to accept or reject an application for a policy.
Universal Life Insurance - The key characteristic of universal life insurance is flexibility. Within limits, you can choose the amount of insurance and the premium you wish to pay. The policy will stay in force as long as the policy value is sufficient to pay the costs and expenses of the policy. The policy value is "interest-sensitive," which means that it varies in accordance with the general financial climate. Lowering the death benefit and raising the premium will increase the growth rate of your policy. The opposite also is true. Raising the death benefit and lowering the premium will slow the growth of your policy. If insufficient premiums are paid, the policy could lapse without value before the maturity date is reached. (The maturity date is the time your policy ceases and cash surrender value would be payable if the policyholder is still living.) Therefore, it is your responsibility to pay consistently a premium that is high enough to ensure that your policy´s value will be adequate to pay the monthly cost of the policy. The company is required to send you an annual report and also to notify you if you are in danger of losing your policy due to insufficient value.
Variable Life Insurance - A type of whole life policy in which the death benefit and the cash value fluctuate according to the investment performance of a separate account fund that the policyholder selects. - Regulated by the Securities and Exchange Commission, you must be presented with a prospectus before you purchase a variable life policy.
Whole Life Insurance - Whole life insurance policies are one type of cash value insurance. Whole life policies offer protection through a lifetime From the day you buy the policy, you pay a scheduled premium,which may be level or may increase after a fixed time period, but it will not change from the amount shown in the policy schedule.
It is important to look at the policy schedule to be sure you understand what your premium payments will be and that you can afford them over time. This life insurance premium is based on your age at the time of purchase. Initially, it will be higher than the premium paid for a term policy, but you are likely to end up paying less in premiums if you keep the policy for a long time. when you are older, Part of each premium payment will go to cash value growth, part for the death benefit and part of it for commissions and administrative cost.. There is no need to renew your whole life policy -- as long as you pay your premium when due, your coverage will continue in force throughout your life.
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For answers to general insurance questions call the Consumer Help Line between 8 a.m. and 5 p.m., Central time, Monday-Friday
For answers to general insurance questions call the Consumer Help Line between 8 a.m. and 5 p.m., Central time, Monday-Friday 1-800-252-3439, 463-6515 in Austin
•You may file an insurance-related complaint with TDI several ways
You may file an insurance-related complaint with TDI several ways by e-mail at ConsumerProtection@tdi.state.tx.us :
oby our website at www.tdi.state.tx.us/consumer/complfrm.html
by our website at www.tdi.state.tx.us/consumer/complfrm.html oby fax at 512-475-1771
by fax at 512-475-1771 oby mail at
by mail at Texas Department of Insurance
Consumer Protection (111-1A)
P.O. Box 149091
Austin, TX 78714-9091
Comparing the major types of life insurance
TERM LIFE WHOLE LIFE UNIVERSAL LIFE
PREMIUM Lower initially. Increases with each renewal. Higher initially than term. Normally doesn´t increase. Flexible premiums.
PROTECTS FOR A specified period. Entire life if you keep the policy. A flexible time period.
POLICY BENEFITS Death benefits only. Death benefits and eventually a cash and loan value. Flexible death benefits and eventually cash and loan value.
ADVANTAGE TO BUYER Low outlay. Initially buyer can purchase a larger amount of coverage for a lower premium. Buyer could consider developing outside investment program. Helps buyer with financial discipline. Generally fixed premium amount. Cash value accumulation. Buyer can take loan against policy. More flexibility. Takes advantage of current interest rates. Offers the possibility of improved mortality rates (increased life expectancy because of advancements in medicine, which may lower policy costs).
DISADVANTAGES TO BUYER Premium increases with age. No cash value. Costly if you surrender early. Usually no cash value for at least three to five years. May not meet short-term needs. Same as whole life and buyer assumes greater risks due to program flexibility. Low interest rates can affect cash value and premiums.
OPTIONS May be renewable or convertible to a whole life policy. May pay dividends. May provide a reduced paid-up policy. Partial cash surrenders permitted. May pay dividends.Minimum death benefit. Partial cash surrenders permitted.
also
Free Term Life or whole life insurance policy rate quotes in Austin, Texas from local agents with personalized service.: beneficiaries, Insurance agents, brokers, and companies licensed by the Texas Department of Insurance (TDI), Accidental Death Benefits , Credit Life, cash value, Universal and variable life, Austin, Round Rock, Cedar Park, Pflugerville, TX
Life insurance quotes in Austin, Texas
Local agent - personalized service.
Free Life term or whole life insurance policy rate quotes in Austin, Texas from local agents with personalized service.: beneficiaries, Insurance agents, brokers, and companies licensed by the Texas Department of Insurance (TDI), Accidental Death Benefits , Credit Life, cash value, Universal, term and variable life, low cost health insurance, austin tx insurance protective Serving Austin, Round Rock, Cedar Park, Pflugerville, TX
MORITZ FINANCIAL GROUP
Executive, Individual and Employee Benefits
