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Home » Houston TX Voluntary Life Insurance

Houston TX Voluntary Life Insurance

Do you find yourself wondering if a Houston TX Voluntary Life Insurance is right for you? If so, chances are your employer offers this policy at a reduced or zero-dollar cost. Best Life Insurance Houston Agency can help you find alternative policies and compare your options before selecting your employer-provided policy.

Our agents at Best Life Insurance Houston Agency have a combined fifteen years of experience helping clients find a life insurance policy that provides for their loved ones. You can get peace of mind by considering your options and purchasing a policy.

An Overview of Life Insurance

Houston TX Voluntary Life Insurance

Call our agents to get your free Houston TX Voluntary Life Insurance quote!

Basic life insurance is a contract between an individual and their insurance company that guarantees death benefits in exchange for premium payments. These death benefits go to a named beneficiary when the policyholder dies.

The majority of the time, any benefits will go toward paying for funeral expenses, lost income, and leftover debt. If there is any remaining, the beneficiary can also choose to use it for medical bills and other costs.

This probably sounds straightforward enough. However, for insurance companies, the process is a bit more complicated. When a person applies for coverage, their family medical history, current health condition, and age are just a few factors taken into consideration.

You see, providing insurance coverage for a person’s life comes with an astounding amount of risk on the insurance company’s part. The healthier a person is, the less risk involved with insuring them.

In part, this is why it is so difficult for specific individuals to qualify for coverage. Cancer patients, and those with a terminal or chronic illness, are among the individuals that often have a more challenging time finding appropriate coverage at an affordable price.

That said, the life insurance market has evolved in the past decade. It now offers an expanded amount of coverage, including for those individuals listed above. Guaranteed issue and special considerations policies provide death benefits to the insured without charging premiums that are completely outrageous.

You cannot be turned down for guaranteed issue coverage, which is a great relief for those who have previously been denied. After all, those who are already suffering from cancer or a chronic or terminal illness deserve to receive the same peace of mind knowing their loved ones are taken care of, right?

Houston TX Voluntary Life Insurance Explained

Houston TX Voluntary Life Insurance is a type of life insurance policy that an employer typically provides to their workforce. As a result, it is an optional, or voluntary, policy. While your employer might pay the full premium amount, this is never a guarantee. Therefore, if your opt-in for this coverage, be prepared to pay part or all of the premium.

Even if your employer provides Houston TX Voluntary Life Insurance,  it is not for everyone. And, although it is cheaper, it might not have the full coverage that you need and expect. This is because voluntary policies are a form of guaranteed issue policies, which means they do not turn down coverage for anyone. Death benefits tend to be lower on this type of policy, so shopping for a policy that meets your needs might be the wiser choice.

If you decide to opt-in for your employer’s life insurance, know that there are supplemental policies you can purchase that increase or add to your benefits. These are called ‘riders’ and are purchased alongside a principal life insurance policy, much in the same way you can buy supplemental insurance for your home.

Types of Voluntary Policies

There are two types of Houston TX Voluntary Life Insurance: term and whole. Term life insurance provides coverage for a specific term period. Once that period is over, you must either renew the policy or allow it to lapse.

If the policyholder dies during the term, death benefits are provided to named beneficiaries. The length of term you choose should depend on factors like age, the debt amount, the age of your kids, and so forth. Financial obligations, future goals, and life circumstances will change over time. As a result, it is ideal to reevaluate where you are when the term ends.

Riders for Voluntary Life Insurance

Houston TX Voluntary Life Insurance

Houston TX Voluntary Life Insurance

Insurance riders are additional insurance policies that amend your principle policy to include extra benefits. A voluntary life insurance policy can often provide the additional coverage you need in order to feel like your family is well taken care of when you’re gone. And they tend to come at a lower cost.

Accidental Death & Dismemberment (AD&D)

One example of a life insurance rider is an accidental death & dismemberment (AD&D) policy. This policy provides its holder with a cash benefit amount if a dismemberment accident happens that keeps them from working.

Additionally, if accidental death occurs, the policy coverage will typically extend to offer death benefits. Keep in mind that the term ‘accidental death’ pertains to death from fire, drowning, or an auto or plane accident. It does not include death from self-inflicted injuries and rarely includes homicide.

Accelerated Death Benefits (ADB)

In addition to purchasing your voluntary policy, you have the choice of adding an accelerated death benefits option. Those that choose this rider are typically terminally ill patients who need assistance providing quality of life care and payment for medical bills. Accelerated cash benefits allow the policyholder to receive cash payments from their life insurance policy in advance. Insurance agents often refer to these as terminal illness or living benefits.

Houston TX Voluntary Life Insurance

Houston TX Voluntary Life Insurance

Best Life Insurance Houston Agency has the best team to help you with a quote.

For more information about our retirement, business, and personal policies, visit our website! You can also contact us for assistance finding a policy that works for you. Let Best Life Insurance Houston Agency work with you to find a Houston TX Voluntary Life Insurance that gives you peace of mind for your loved ones.

Houston, TX Fun Facts:

  • Downtown Houston has a 9-mile tunnel system that is open to visitors during the workweek.
  • The museum district offers free admission to visitors on Thursday evenings.
  • The Port of Houston is one of the busiest in the nation.
  • Sam Houston, a Texas Revolution hero, is the namesake of the City of Houston.
  • For more information about Houston, TX, visit the city’s website!

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