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Texas Life Insurance Reviews
If you’re looking for Texas Life Insurance reviews, it’s probably because your employer offers their life insurance coverage. This page will tell you more about the company and their financial strength. But if you’re shopping for coverage outside your employer, you won’t be able to buy from Texas Life Insurance. The good news? We can guide to dozens of insurers and policies that you can buy outside of work. Click here to get started with a free quote!
Texas Life Insurance Company
- P.O. Box 830
Waco, TX 76703
Advantages of Texas Life Insurance Company
Texas Life Insurance has online policy management capabilities. Through its online customer portal, you have easy access to make payments and update beneficiaries. If you’ve already looked for Texas Life Insurance reviews online, you’ve probably seen that there are very few company complaints and a high level of consumer satisfaction.
The company’s strong financial rating can give you peace of mind knowing that if the worst happens, your family will be financially secure thanks to the policy’s death benefit. A poorly rated company runs the risk of not being able to meet their financial obligations, which could result in death benefits not being paid, or being paid in an extremely slow manner.
Additionally, because Texas Life Insurance exclusively offers permanent coverage, you won’t have to worry about coverage expiring. However, if you leave the employer through which you bought the policy, you will be responsible for making payments on your own to keep the policy in force.
Disadvantages of Texas Life Insurance Company
The biggest disadvantage of Texas Life is their lack of individual life policies. You can only purchase a plan from them if your employer offers coverage as part of your employee benefits package.
If your employer does offer their coverage, there are only two plans available. This can make it difficult to find the level of coverage you need while also staying within a budget. Texas Life does not sell term life insurance policies, which are often regarded as the most flexible and affordable plans. There is also extremely limited information on how much coverage is available, so it can be difficult to comparison shop to truly determine if Texas Life is the right fit for your insurance needs. If your employer does offer Texas Life policies, you’ll need to contact your benefits administrator for quotes, rates, and policy details.
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Products Offered by Texas Life Insurance Company
Texas Life Insurance Company only sells permanent life insurance plans, so if you’re interested in a term life policy, this may not be the best fit for you. They sell two permanent policies and have several available riders. As mentioned above, you can only purchase these policies through an employer.
Whole Life Insurance
Whole life insurance provides coverage for your entire lifespan with a guaranteed death benefit up to age 121. You can apply for coverage if you’re between the ages of 17 and 70, and the maximum level of coverage available is $200,000.
Their whole life policy includes level premiums, meaning you won’t have to worry about an unexpected increase in cost, ever. There is also a cash value component that will grow at a fixed interest rate of three percent. Money can be withdrawn from the cash value once the balance reaches a certain amount to be used as a personal loan.
Universal Life Insurance
Universal life insurance is also a permanent policy. It’s more flexible than a whole life policy due to its adaptable premiums and adjustable death benefit. Should you find yourself in need of more or less coverage, your policy can be updated to reflect that.
This policy is available for anyone between the ages of 17 and 70, with a guaranteed death benefit paid up to age 121 and a maximum coverage amount of $200,000.
Life Insurance Riders
A life insurance rider is an add-on meant to extend coverage or fill potential gaps. Most riders come with an extra cost, which increases your overall premium payment. Riders can be attractive if you’re looking to customize your policy to meet your unique needs. No policy is one-size-fits-all, but the addition of one or more riders can help you achieve the perfect level of coverage for your needs. Here’s what Texas Life Insurance Company offers:
Terminal Illness Rider: included in every life insurance policy from Texas Life at no additional cost. This rider allows the policyholder to use up to 92% of the funds from their death benefit in the event they are diagnosed with a terminal illness. These funds can be used to pay for end-of-life expenses such as medical bills, medications, hospice care, and more.
Waiver of Premium Rider: available for policyholders between the ages of 17 and 59, this rider will waive the premium cost with no penalty if the policyholder becomes totally disabled for 180 days and is unable to work. The premiums paid during the 180 days prior to the waiver being active will also be refunded.
Accidental Death Benefit Rider: available for policyholders between the ages of 17 and 59, an accidental death benefit rider will result in double the amount of the death benefit being paid to the beneficiary if the policyholder dies due to a covered accident. There is a qualifying time frame depending on what state the policyholder lives in.
Texas Life Insurance Company Ratings
Financial stability ratings are assigned by independent rating agencies. These agencies conduct an in-depth review of a company’s finances and financial history. Each company has its own review process and categories, which we explained in depth for you here.
Ratings in the “A” category are the best. This indicates strong financial stability. There is an excellent probability that a company will be able to meet their financial obligations. This is important to consider when comparing life insurance companies. You want to be sure that a company has the financial backing to pay their obligations to you. One day, they'll need to pay a death benefit to your beneficiary following the death of the policyholder.
Texas Life Insurance Company has been rated A+/superior by the A.M. Best Company, one of the top rating agencies for life insurance companies. This is the 2nd highest of 16 rating categories by A.M. Best and indicates that Texas Life has very stable finances.
| Agency | Rating | Description |
| A.M. Best | A+ | Superior |
| Standard & Poor´s | N/A | -- |
| Moody´s | N/A | -- |
| Fitch | N/A | -- |
Conclusion
When it comes to shopping for life insurance, it’s important to compare multiple policies and companies to ensure you find the best fit for you. Texas Life Insurance Company may be a good fit if you’re an employer looking to add life insurance coverage to your employee benefits package.
If you’re shopping for coverage outside of work, you won’t be able to buy from Texas Life Insurance Company. Instead, see who you can buy from…with a free quote here on our website. We work with over 40 of the country’s top-rated carriers. Our agents are here to help you compare quotes and give you advice on which policy will give you adequate protection. Get a free quote today to find the best protection for your tomorrow!
