Life Insurance

A life insurance policy can make you feel more secure, knowing your family has some protection. Life insurance is an essential part of financial and estate planning, and we can ensure your financial wishes for your loved ones happen with a suitable life insurance policy. 

The Low Rate Insurance Agency of Texas, Inc. has provided insurance to Arlington and El Paso communities for over 30 years.  

What Is Life Insurance?  

Life insurance is a contract between you and the insurer. In exchange for your premium payments, your insurer agrees to pay the designated amount in your policy to your beneficiaries at the end of your policy’s term or following your death. 

Numerous types of life insurance may be available for you to explore. However, most life insurance policies fall into two categories of life insurance:  

Term life insurance provides money to your beneficiaries if you die during your policy’s term—often a period of 10, 20 or 30 years. However, your policy won’t pay out the death benefit if you don’t die during this period. At the end of the policy’s term, you can often either reapply for a new insurance policy or choose to forego continued coverage and not reapply for a new one. 

Whole life insurance lasts for the rest of your life once you’ve enrolled. Your policy generally won’t end unless you stop paying it. This type of insurance may also give you a cash value investment opportunity, which can be a source of income while you’re alive and the eventual death benefit.  

Not all policies are the same, and finding one that meets your needs can be difficult. We can help you explore the various types of life insurance to find suitable coverage for your financial needs. 

How Far Back Do Life Insurance Companies Look?  

As part of the underwriting process, an insurance company evaluates the level of risk they may incur by approving you for a policy and, subsequently, the premium they will charge you in exchange for that coverage. For example, your insurer or insurer’s underwriter might look at your health, age, medical history and other data. Depending on the insurer, they may look back years into your life to evaluate whether you had a serious illness or injury that would increase the risk associated with insuring you. Give us a call today to learn more about the underwriting process through our insurers. 

How Many Life Insurance Policies Can a Person Have? 

You may have multiple life insurance policies. Many insurers recommend you begin with a single policy, especially if you’re uncertain about how much coverage you need. If you have various needs for your insurance, you might consider having more than one policy. For example, you might choose to add a different term policy with an additional amount to cover your financial needs (e.g., mortgage and college tuition). It’s important to know that insurers may review your existing coverage to ensure you’re not exceeding your insurability limit and extending yourself financially. Our insurance professionals can discuss if additional policies would benefit your needs. 

How Much Life Insurance Should You Have? 

Determining the amount of life insurance you need can be daunting. The best course of action is to meet with a financial advisor and insurance professional to discuss your financial goals and obligations. As you grow older, start a family or incur large debts—such as a mortgage—you may want to amend your policy and add coverage.  

How Often Are Life Insurance Claims Denied? 

Life insurance claims are rarely denied, but it’s crucial to answer all life insurance application questions honestly. If the insurance company finds that the insured person lied on the application, they may have legal grounds to deny the claim after the insured person’s death.  

Life insurance claims may be denied for numerous reasons, including the following: 

• The insured person dies during the contestability period, which is typically two years from the date the policy was purchased.

• The insurer suspects that the policy was purchased by someone who intended to harm the insured person.

• The cause of death is excluded in the policy declarations.

• The policy premiums were not paid.

How Much Life Insurance Do I Need at 60?  

The amount of life insurance coverage you need varies according to your family’s needs, your financial situation and your goals.  

Your agent can help you determine how much life insurance to purchase by evaluating the future needs of people who depend on you for financial support, your current debts, whether you have a jointly owned business and your financial goals.  

Talk with your agent to determine the right amount of life insurance for your current stage in life. 

How to Get Life Insurance 

The Low Rate Insurance Agency of Texas, Inc. can help you obtain life insurance. Call our Arlington office at 817-635-0375 or our El Paso office at 915-248-1444 to get the policy you want for peace of mind.