Best Life Insurance Companies in Irving

FAQs

• How are life insurance benefits distributed to recipients in Irving by insurance companies?

  Insurance beneficiaries in Irving may select from the following death benefit payout types:

  • Fixed Period: The insurer disburses the death benefit with interest over a certain time in installments.
  • Interest Option: The insurer preserves the death benefit while paying the beneficiary recurring interest payments.
  • Life Refund: The insurer offers a fixed monthly payment for life to the beneficiary, potentially exceeding the policy's stated death benefit if they live longer than expected.

• What happens to the premiums if the life insurance company in Irving denies a claim?

  If the life insurance company in Irving denies a claim, the insured's premiums must be returned to their beneficiaries. Insurance firms can only refuse to pay out the death benefit once they can demonstrate that the insured provided false information or omitted something on the application for the policy.

• Will the life insurance policyholder in Irving incur interest for a late payment?

  Within the 31-day grace period permitted, policyholders in Irving can still make a late payment on their life insurance without incurring interest. In Texas, there is a grace period that begins after the premium due date. Policyholders who made their payments within that time are still covered. Beneficiaries will get the death benefit less any unpaid premiums if the insured passes away during the specified time frame.

• Is it possible to reinstate a life insurance policy in Irving?

  Individuals may reinstate a life insurance policy in Irving within a year of its lapse, as stated in Section 1106.006 of the Texas Life Insurance Statute. They must pay the unpaid premiums from when it lapsed to the reinstatement date. Additionally, the insured is responsible for paying the interest on those premiums, which will not exceed 6% annually throughout that period.

• Do all residents of Irving have access to life insurance automatically?

  No. Insurance companies set various standards to evaluate whether residents of Irving are eligible for life insurance. Age, gender, and health conditions are a few of the variables they take into account. To determine a person's risk level, insurers may also consider their jobs, lifestyle, and interests. Additionally, these elements may form the basis of premium costs.

• 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.