Life insurance will ensure a sense of security for yourself and your loved ones. This form of insurance is a vital part of financial planning for the future. If you were to pass away unexpectedly, the right life insurance policy provides income for any dependents in your life. Depending on the policy, it can also account for funeral or burial costs, wealth inheritance, and estate taxes. If you're a Texan looking to find some life insurance, here is what you need to know about the Harvest Insurance Group.
There are two basic types of life insurance: term insurance and permanent insurance. Term insurance provides temporary protection in a specific time limit. Term insurance benefits will only be paid if you die during the term. In contrast, permanent insurance is lifelong protection. Whichever coverage is right for you will depend on circumstances in your life and the financial goals you wish to accomplish.
When it comes to life insurance, each U.S. state has its own set of regulations that policy buyers need to be aware of. In Texas, insurers are protected with a 30-day grace period in the case of late payments. During this window, insurers cannot cancel the policy. Insurance companies are required to start the settlement process within 15 days of a client's claim. It shouldn't take any longer than two months to settle a claim. Otherwise, interest will be paid alongside the benefits.
Insurers are also protected under Texas law. For example, if a client misrepresents information, the insurer has the right to cancel a claim. If suicide is the cause of death, Texas insurers do not need to pay a claim within the first year of the death.
If you're interested in purchasing a life insurance policy from Harvest Insurance Group, feel free to contact the agency at 940-441-7157. Our agents can answer your questions and help you get a quote on a policy.