Texas Life Insurance

Go to SaveOnLifeInsuranceNow.com to find the low cost life insurance options in your state. There are 598 licensed life insurance companies in Texas. 128 life insurers are domiciled in the state. 60,000 people in Texas are employed in the life insurance industry. $320 billion of life insurance companies’ assets is invested in Texas’ economy.11 million Texas residents are covered by individual life insurance policies with a total of $2 trillion in death benefit coverage. The average coverage amount is 100,000 per policyholder. in 2008, for instance, life insurers sold individual cheap life insurance policies with a total coverage amount of $130 billion. As far as group life insurance coverage, it amounts to $720 billion. Texas residents were paid $20 billion in the form of death benefits, annuities, and other payments in 2008.

Texas Life Insurance Regulations

Title 17 of the Texas Insurance Code outlines policy requirements and regulates the life insurance industry in the state. Consumers are entitled to the 30-day grace period on late premium payments, and new policy holders have a 10 days free look period. All claims should be settled within 60 days of receiving written notice of a claim. Any misrepresentation on a policy can lead to its cancellation i discovered by a life insure within the first 2 years. In case wit a misstatement of age death benefits will be recalculated to reflect the actual age of the insured.

Texas Health Facts

Over 24 million people life in Texas, and 26% of Texas residents are uninsured. The median annual income is $47,000. The data provided by American Human Development Report (2008-2009). Texas ranks 30th our of 5 for life expectancy. The life expectancy in Texas is 76 years. More information about state demographics, economy, health costs, and insurance coverage can be found at www.cdc.gov.

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Texas Department of Insurance

333 Guadalupe St.

Austin, TX 78701

Web site: http://www.tdi.state.tx.us/

Phone: (512) 463-6169

Consumer Hotline: (800) 252-3439