Best Life Insurance Companies in Bryan

FAQs

• What are the benefits of buying individual life insurance if you already have life insurance coverage through your employer in Bryan?

  Consider purchasing your own life insurance in Bryan because the policy will follow you, unlike employer-provided insurance in Bryan, which you may lose if you change jobs. Furthermore, group life insurance provided by employers is typically one-size-fits-all. With your own life insurance, you can tailor the death benefit amount to ensure that your family's specific expenses, such as funeral costs, mortgage payments, and child support, are met.

• Does your ex-spouse still have a claim on your life insurance benefits in Bryan?

  Typically, no. After a divorce, Texas Family Code Section 9.301 automatically terminates an ex-spouse's right to your life insurance. There are only three circumstances under which an ex-spouse can still make a claim on your life insurance. First, if you rename your ex-spouse as beneficiary after divorce. If the divorce decree directs that the ex-spouse be named as a beneficiary. Finally, if your ex-spouse has been designated as trustee to receive your death benefits for your children or dependents in Bryan.

• What is the free look period indicated on the new life insurance policy you purchased in Bryan?

  Life insurance policies issued in Bryan typically include a free look period of 10 to 20 days following the purchase date. You should be reviewing the new policy during this time. If you change your mind about the policy, you can return it to the insurer for cancellation within the free look period and receive a full refund of any premiums you have already paid. These are specified in 28 Texas Administrative Administrative Code 3.804 (3)(A)(v).

• When can beneficiaries expect to receive the life insurance death benefit in Bryan?

  After providing proof of death and verifying the beneficiary's claim, the life insurance company in Bryan should pay the death benefit to the beneficiary within two months. This is in accordance with Title 7 Section 1101.011 of the Texas Insurance Code and Section 3.5106 of the Texas Administrative Code. It should be noted that the death benefit earns interest from the time proof of death is received until the claim is settled. These accrued interests should be included in the payment by the insurer.

• Can your child be your life insurance beneficiary in Bryan?

  Yes. However, you should also name a custodian for the child under the Uniform Transfers to Minors Act, or name a trust/trustee as the beneficiary in place of your child. This is due to the fact that in Bryan, life insurance proceeds are not paid directly to minors. The death benefit for your child will be paid to a court-appointed custodian. You should appoint a custodian or trustee of your choice to manage the proceeds until your child reaches the age of majority.

• 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.