Alyssa Lane
TexasLife Insurance Company is the oldest life insurance company domiciled in Texas, founded in 1901. The company provides permanent life insurance that can be kept for the entirety of the insured's life. TexasLife's PureLife-plus policy is a form of universal life insurance, which is a type of permanent life insurance. Whole life insurance is another type of permanent life insurance that is offered by State Farm and USAA in Texas.
| Characteristics | Values |
|---|---|
| Type | Whole life insurance |
| Provider | Texas Life Insurance Company |
| Founded | 1901 |
| A.M. Best Rating | A+ (Superior) |
| Features | Voluntary Permanent Life |
| PureLife-plus | |
| Death Benefit | One of the highest death benefits available at the worksite |
| Cash Value | Minimal |
| Guarantees | Guaranteed death benefit to age 121 |
| Level premium guarantees coverage for a significant period | |
| Refund of Premium | Unique in the marketplace, PureLife-plus offers a refund of ten years' premium |
| Accelerated Death Benefit Rider | Option to receive 92% of the death benefit, minus a $150 administrative fee ($100 in Florida) |
What You'll Learn
TexasLife is the oldest life insurance company in Texas
TexasLife's PureLife-plus policy is underwritten by the company and offers one of the highest death benefits available. It also has a minimal cash value, which means that the policyholder can direct their investment dollars towards tax-favored retirement plans. PureLife-plus also offers long guarantees, with a guaranteed death benefit up to age 121 and level premiums that ensure coverage for a significant period.
In addition to the high death benefit, TexasLife also offers a unique feature in the marketplace: a refund of ten years' premium if the policyholder surrenders the policy and the premium increases. The company also offers an accelerated death benefit rider, which allows policyholders diagnosed with a terminal illness and given a 12-month life expectancy to receive 92% of the death benefit, minus administrative fees. This benefit provides peace of mind, allowing policyholders to access the majority of their death benefit while still alive.
TexasLife's permanent life insurance is also portable, meaning policyholders can keep their coverage even when they change jobs or retire, as long as they pay the necessary premiums. This is in contrast to group or voluntary term insurance, which is typically not portable if the policyholder changes jobs and may cost more to maintain after retirement.
TexasLife is committed to providing peace of mind to its customers and has been doing so for over 120 years, making it the oldest life insurance company domiciled in Texas.
Suicide Cases: Life Insurance and Dependents
You may want to see also
PureLife-plus is underwritten by TexasLife and has a high death benefit
PureLife-plus is a voluntary permanent life insurance product underwritten by TexasLife Insurance Company. It is designed to be in force when you die and can be kept even when you change jobs or retire, as long as you pay the necessary premium. This makes it a portable policy, which is not usually the case for group or voluntary term insurance. PureLife-plus also has one of the highest death benefits available at the worksite, giving your loved ones peace of mind.
PureLife-plus is designed to provide a high death benefit at a reasonable premium. This means that, unlike some other policies, it has a minimal cash value. This frees up investment dollars to be directed towards tax-favored retirement plans such as 403(b), 457 and 401(k). PureLife-plus also offers long guarantees, with a guaranteed death benefit up to age 121 and a level premium that guarantees coverage for a significant period. After the guaranteed period, premiums may decrease, stay the same, or increase.
PureLife-plus also offers a unique refund of ten years' premium if you surrender the policy if the premium you pay when you buy it ever increases. In addition, if you are diagnosed as terminally ill with an expectation of death within 12 months, you will have the option to receive 92% of the death benefit, minus a $150 administrative fee ($100 in Florida). This valuable living benefit gives you peace of mind, knowing that you can take the majority of your death benefit while you're still alive.
You may apply for this permanent, portable coverage not only for yourself but also for your spouse, children, and grandchildren.
Does USAA Offer Life Insurance to Marijuana Users?
You may want to see also
TexasLife is rated A+ (Superior) by A.M. Best
A.M. Best's financial ratings are based on a comprehensive quantitative and qualitative evaluation of a company's balance sheet strength, operating performance, and business profile. The ratings take into account a range of factors, including a company's financial strength, creditworthiness, and ability to pay claims. These ratings are widely recognized in the insurance industry and provide valuable information for consumers when choosing an insurance provider.
TexasLife's A+ rating reflects its strong financial position and ability to fulfill its commitments to policyholders. It indicates that TexasLife has a stable and secure financial future and can be trusted to provide reliable insurance products and services.
The A+ rating from A.M. Best is a testament to TexasLife's long-standing presence in the industry. Founded in 1901, TexasLife is the oldest life insurance company domiciled in Texas, providing peace of mind to its customers for over 120 years. The company specializes in voluntary permanent life insurance, which can be purchased through employers and provides lifetime coverage for employees and their families.
In addition to its superior financial rating, TexasLife also offers a range of features and benefits with its life insurance products. These include high death benefits, long guarantees, and unique offerings such as a refund of premium and an accelerated death benefit rider. TexasLife's products are designed to provide peace of mind and financial security for individuals and their loved ones.
TD Bank's Life Insurance Offerings: What You Need to Know
You may want to see also
TexasLife offers permanent life insurance
TexasLife Insurance Company is the oldest life insurance company in Texas, founded in 1901. The company provides permanent life insurance that employees and their families can keep for their lifetimes. TexasLife's permanent life insurance is underwritten by the company and includes PureLife-plus, a voluntary universal life product with several benefits.
PureLife-plus offers one of the highest death benefits available at the worksite, giving loved ones peace of mind. It is designed to provide a high death benefit at a reasonable premium, freeing up investment dollars for tax-favored retirement plans. The policy has a guaranteed death benefit up to age 121 and level premiums that guarantee coverage for a significant period.
TexasLife's permanent life insurance also includes a unique refund feature. If the premium increases from what you initially paid when purchasing the policy, you are entitled to a refund of ten years' worth of premiums if you surrender the policy. Additionally, PureLife-plus offers an accelerated death benefit rider. If you are diagnosed with a terminal illness and are expected to pass away within 12 months, you have the option to receive 92% of the death benefit, minus a small administrative fee. This valuable living benefit allows you to access the majority of your death benefit while you are still alive.
TexasLife's permanent life insurance is portable, meaning it is yours to keep even if you change jobs or retire, as long as you continue paying the necessary premiums. This is in contrast to group or voluntary term insurance, which usually cannot be retained if you change jobs and tends to be more expensive with declining death benefits.
Overall, TexasLife's permanent life insurance provides security and peace of mind for individuals and their families, ensuring financial protection in the event of premature death or terminal illness.
Travelers' Life Insurance: What You Need to Know
You may want to see also
TexasLife insurance can be kept for the policyholder's lifetime
TexasLife Insurance offers permanent life insurance that can be kept for the policyholder's lifetime. Permanent life insurance is a type of insurance that generally lasts for the lifetime of the insured and has a cash value. It may also pay dividends. Permanent life insurance is more expensive than term life insurance because of the savings feature and because you're buying coverage for a longer period.
TexasLife's PureLife-plus policy is a form of voluntary universal life insurance that is designed to be in force when you die. This policy is yours to keep, even when you change jobs or retire, as long as you pay the necessary premium. Universal life insurance is a type of permanent life insurance that usually lasts for the life of the insured and has a cash value. It is more flexible than whole life insurance as you can adjust your death benefit and premiums.
The cash value for a whole life policy is a kind of savings account. Policyholders can take out a loan against the cash value and use it to pay premiums, although the death benefit will be diminished if those funds are not replenished. The cash value builds through premium payments and a fixed interest rate set by the insurance company. Because part of the premium payments go toward the cash value, whole life insurance is often more expensive than a term policy.
TexasLife Insurance has been providing peace of mind for over 120 years and is rated A+ (Superior) by A.M. Best.
Bipolar Disorder: Impact on Term Life Insurance Rates
You may want to see also
Frequently asked questions
Whole life insurance is a type of permanent life insurance that lasts for the lifetime of the insured. It has a cash value, which acts as a savings account, and may pay dividends. The cash value is built up through premium payments and a fixed interest rate set by the insurance company. Whole life insurance is generally more expensive than term life insurance.
Texas Life Insurance Company is the oldest life insurance company domiciled in Texas, founded in 1901. It provides permanent life insurance that can be kept for the lifetimes of employees and their families, and is paid for through the convenience of payroll deduction.
PureLife-plus is a voluntary universal life product underwritten by Texas Life Insurance Company. It is designed to be in force when the policyholder dies and can be kept even when changing jobs or retiring, as long as the premium is paid. It offers a high death benefit, minimal cash value, long guarantees, a refund of premium, and an accelerated death benefit rider.
Both whole life insurance and universal life insurance are types of permanent life insurance that last for the lifetime of the insured. However, universal life insurance offers more flexibility, allowing the policyholder to adjust the death benefit and premiums. While the cash value in whole life insurance is based on a fixed interest rate set by the company, the cash value in universal life insurance is based on a money market and can change over time.
