Best Life Insurance Companies in McAllen, TX

FAQs

• Are there BMI limitations for life insurance in McAllen?

  Yes, there can be BMI restrictions for McAllen life insurance, which vary by the insurance provider and policy type. Insurers typically use their own build chart to evaluate BMI's impact on eligibility and pricing. The National Heart, Lung, and Blood Institute categorizes BMI as underweight (below 18.5), healthy weight (18.4–24.9), overweight (25.0–29.9), and obese (30 and above), which insurers may reference when assessing applicants. Your specific BMI and its relationship to these categories can influence your insurance options and premiums.

• It is legal to own several life insurance policies in McAllen?

  Yes, as long as the total coverage does not exceed your ability to be insured, owning multiple life insurance policies is legal in McAllen. When purchasing multiple life insurance policies, it is critical to inform the insurance company of all existing coverage. By knowing about all of your existing coverage, insurance providers can effectively estimate the risk and set the appropriate premiums for each policy.

• Can sleep apnea raise the cost of your life insurance in McAllen?

  Yes, having sleep apnea in McAllen can raise your life insurance premium. To determine the severity of your illness, insurers will look at your medical history, including the outcomes of any prescribed therapies and any sleep studies. Your premiums may rise in proportion to the risk posed by your sleep apnea.

• When is it not advisable to convert your McAllen whole life insurance policy into a reduced paid-up life insurance?

  If your McAllen whole life insurance policy includes a number of riders that you rely on for financial security, you should not convert it to a lower paid-up life insurance policy. For example, if you change your whole life policy to a reduced paid-up policy, you will lose the disability rider. You would be unable to rely on this income if you were unable to work.

• Who needs voluntary life insurance in McAllen?

  Applicants who are unable to qualify for a private policy, such as those with long-term medical issues such as diabetes or heart disease, should consider purchasing McAllen voluntary life insurance. This is because candidates for voluntary life insurance typically do not need to have a medical exam in order to obtain a policy. If a person already has a life insurance policy but wants more coverage for financial security, voluntary life insurance may be beneficial.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.

• How does life insurance work?

  The details of how life insurance works depend on your individual plan, but the basics are as follows: 

  • You pay a premium to purchase the insurance. Typically the premium is paid monthly, but it could be rolled into quarterly, bi-annual, or annual payments. 
  • As long as you are meeting or have met premium obligations, if you pass away, the insurance company makes the agreed-upon payment to the beneficiaries you designated. 
  • Beneficiaries usually have to provide the insurance company with a death certificate to receive their payments.

• How much is life insurance?

  The cost of life insurance ranges widely. Term life insurance can cost as little as a few dollars a day, and whole life insurance can cost thousands per month on the high end. Factors that impact the cost of your life insurance include whether you're choosing term life insurance or whole life insurance, your age, how much coverage you want, your overall health, and your gender.

• Is life insurance taxable?

  Life insurance proceeds are the funds paid via your plan to your beneficiaries if you pass away. These are also called death benefits. Typically, these are not considered income for taxes. If you take out cash value from a whole life insurance investment and the amount exceeds how much you paid in premiums, the difference may be considered taxable income.

  
  

• Can I buy health insurance that is not Obamacare?

  When people say "Obamacare insurance," they typically mean insurance within the health insurance marketplace. You can get health insurance outside of the marketplace by going through your employer, choosing COBRA coverage if you leave your job, or buying a short-term health insurance policy through an insurance agent. ACA-compliant plans meet all the benefits and coverage requirements of the Affordable Care Act. But you may be able to find supplemental or short-term coverage that simply provides peace of mind for major medical expenses.

• Can I buy health insurance anytime?

  To buy health insurance in the marketplace, you must purchase it within open or special enrollment periods. But you can purchase short-term coverage to bridge the gap between now and the next open enrollment period. These plans are meant to be used for less than a year. You can purchase them online or via insurance agents, but they may not be ACA-compliant.

• Who should buy supplemental health insurance?

  Supplemental health insurance is a product that helps cover the cost of services that your primary health insurance policy doesn't. One popular option is secondary insurance that helps cover some of the costs associated with high deductibles. Medicare supplemental insurance is also popular. Medicare doesn't cover everything, and older adults on a limited income can face large prescription or medical bills after Medicare pays. Supplemental insurance helps reduce those patient costs.