Life Insurance While Abroad Texas TX
Reader’s Question:
I will be traveling the Middle East for about six-months next year, would that in any way impact my life insurance coverage here in Texas?
Jared
Grand Prairie, TX
Interesting question. It is possible for your life insurance policy or premiums to be affected if you are traveling outside the country. Unlike moving from state to state within the U.S, there are many factors outside the country that may not be covered by a regular term life insurance or whole life insurance policy. Being an expatriate has many associated risks (both while traveling and while living in foreign soil) and this can be recognized by life insurance companies as beyond the level of protection or insurance coverage you currently have and therefore justify an additional premium.
It would depend on who your insurance carrier is if your rates and coverage will stay the same or go up (or coverage might not even take effect at all). If your insurance carrier there in Texas has global presence, then you may be able to get an international expatriate insurance policy which can come as a term life, decreasing life or whole life policy. It works the same way as any other life insurance but would mainly be for travelers and expatriates.
It would be advisable to contact your life insurance agent or your carrier directly to inquire if your current policy covers international travel or if you would have to buy a separate life insurance policy to cover you while abroad. Remember, regardless of where you are life insurance is very important, especially for those who rely on you financially.
Tags: Life insurance, International Life Insurance, Life Insurance Advise, Insurance Information, International Life Insurance
How To Lower Life Insurance Costs In Texas
Reader’s Question:
Is there any way that I can lower my life insurance premiums with my provider here in Texas?
Alasdair
Arlington, TX
With the recent economic crisis the whole world is experiencing (especially in The United States) more and more people are feeling the crunch and would naturally want to find ways to cut costs. Life Insurance is no exception here. It might be tricky, but there are definitely ways to lower how much you are paying your life insurance provider there in Texas. Listed below are a few tips to shave off much needed dollars on your policy:
1. Most life insurance companies give discounts on their premiums if you agree to pay on a yearly basis. Even if it seems like a huge expense to you upfront, you’ll be glad you did since you will save money in the long-run doing so.
2. See if you have group insurance with your employer. Most companies that offer life insurance benefits shoulder a significant portion, if not all, of their employees life insurance package and this may be a better deal than having to pay a separate policy that would just be redundant. Save that money elsewhere.
3. If you are a smoker, quitting immediately would be a great way to significantly lower premiums by a third of what they originally cost. Talk to your provider to see how soon they can lower your premiums to a non-smokers rate once you have stopped smoking.
4. Shop around, you may have had that policy for a while now that you have not been able to see what the competition is offering out there. You may be able to get a lower rate for the same amount of coverage!
Whole life Insurance Information Texas TX
Reader’s Question:
I’m a single, healthy, non-smoking career woman and I’ve agreed to a whole life insurance policy that a life insurance agent here in Texas sold me. Is this a good choice of life insurance?
Marinelle
Arlington, TX
This is a very interesting question. Whether you made a good choice or not to go with a permanent life insurance will really depend on your circumstances, however, a permanent life insurance policy will work as well as a term life insurance, but will actually cost you more in the long run. One information that the life insurance agent there in Texas might not have been able to (or chose not to, as with a lot of cases) tell you is that it will cost you more to maintain a permanent life insurance policy as compared to a term or temporary life insurance coverage.
To help you understand better let’s use a general example, let’s say you are in your mid-30s and is in good health, you can choose to get a permanent life insurance policy that has a death benefit (face value) of half a million dollars, you might get an average premium of around $60 – $80 a month depending on your provider, but on a term life insurance with the same face value amount, you would only pay around $27 – $30 a month over a 20-year period. Again these are just numbers that would generally come out of a life insurance quoting system but you get the picture. It would be much more cost effective for you to get a term life and save up the money (and keep yourself healthy) until you are old enough to retire and then get a permanent life insurance.
Tags: permanent life insurance, life insurance, life insurance information, advise
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