You aren’t happy with your existing life insurance company, or you’ve found someone who is offering a significantly better deal. Either way, you need to make the change, but you want to make sure that you’re going at it correctly. When you switch to a new auto insurance or homeowners insurance policy, the only thing you need to do to change insurance provider is to make sure that your coverage dates overlap. It’s more complicated with life insurance, which often has some form of financial benefit and other complexity associated with it.
One of the biggest considerations is that you have to re-qualify for health insurance with a medical screening. Not everyone is eligible for life insurance, and certain medical conditions do disqualify you. If you had a more favorable health profile when you first signed up for life insurance, you may want to reconsider the change.
The waiting period on death benefits for certain reasons, such as suicide, also resets, which is typically a two year waiting period. In addition, any upfront fees associated with the life insurance policy also have to be paid on the new policy. It’s certainly worth it for lower premiums, higher benefits, and other advantages that you can get from other insurance policies, but it’s important to know the process.
You also have to look into any tax implications surrounding closing an existing life insurance policy and opening a new one, if any. Get in touch with us so we can guide you through all of the steps required for making sure you aren’t incurring any penalties you don’t need to.
Finally, it’s always important to make sure that you have a new policy in place in Texas prior to cancelling your old one. We’re here to help make the transition as easy as possible, so make sure to get in touch or use our free online quotes system to find out what life insurance options you have.
Health insurance is an important part of living a happy, healthy life, especially with all of the preventative care included in insurance policies. There have been many changes in the medical insurance landscape over the past few years, so it's hard to know exactly what all of these alterations mean. Our independent health insurance agents in Addison, TX are more than happy to help guide you through the complex process of choosing an insurance plan that works for you and your family.
One of the biggest considerations for medical insurance is understanding whether you want to deal with one doctor, who lets you know whether you need a specialist, or any doctor of your choosing, including specialists. That's the main difference between a HMO and a PPO. If you're choosing a PPO, you have to stay within a network of providers. If you venture outside of that group, you're going to be paying significantly more, if not entirely out of pocket.
There are two parts to your financial responsibility with health care. The first is that you pay a monthly premium so you keep your insurance active. The second is when you need to file a claim. This payment is called a deductible, and you need to pay it in full prior to getting the insurance company to cover anything. Some plans don't require you to pay a deductible, but they typically charge very high prices for the monthly premium to compensate.
Get in touch with our insurance agents in Addison, TX to ask any questions you might have with the entire process. We're happy to explain all of the insurance complexities to you, whether you're looking to switch providers or you need to establish new policies.
Homeowners insurance is an important part of protecting you home, as the replacement and repair costs for many home problems range in the thousands. In Texas, it’s especially important to hold onto homeowners insurance because wildfires are an unfortunate fact of life, particularly during the summer season. While you can cut down the risk of your house catching on fire by keeping flammable materials away from your home, sparks flying through the air is sometimes all it takes to have everything end up catching.
Homeowners insurance also has you covered if you end up getting losses to personal items within the home. While these might not be as expensive as getting the outside of your house, or your house systems repaired, it’s also handy to not have to rebuy everything from scratch after a natural disaster.
The amount that gets covered for items in your home depends on how many assets you tell the insurance company about. They can’t provide coverage if you don’t tell them exactly what the approximate value of all of the items in the house are worth. It’s also handy to have a full house inventory, with pictures and MSRP, in a document of some sort. This helps the insurance company process a claim as quickly as possible.
Need homeowners insurance, or want help comparing rates with your existing homeowners insurance package in Texas? Get in touch with us to find out what kind of coverage you can get, comparison quotes, and what your insurance should be doing for you. We offer free online insurance quotes so you can find out this information when it’s most convenient for you.