How Long Does it Take to Process a Life Insurance Claim in Coppell, Texas?

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When your significant other or another family member has died and named you as the beneficiary to a life insurance policy in the Coppell area, you will want to make a claim on the policy. After you make a claim on a policy in the Coppell, Texas area, you can expect a prompt reply from the insurance company.

Texas Laws

In the state of Texas, life insurance companies are required to give you a prompt acknowledgement of any claim you make. State laws dictate that you will receive an acknowledgement of the death of your loved one within 15 days of giving the information to the company.

In Coppel, you can also expect to receive a lump sum payment within 45 days if there are no complications with the death.

Possible Delays

Although the state requires a prompt reply and a payment within 45 days, it is possible to face payment delays in certain situations. The most common reason for a delay is a pending investigation into the circumstances of the death.

If the circumstances are causing a delay or the company has other reasons for a late payment, then you will hear about the reason within the same maximum time period. The state requires the company to either pay according to the settlement you select or give you a reason for a late payment if circumstances are causing a delayed payment for any reason.

You will not need to wait long after making a claim as a beneficiary in the state of Texas. Since the state laws have specific guidelines, you can expect a reasonably short wait to obtain financial relief. To learn more about the state laws, contact us to talk to an independent agent.

Can a Will Override a Life Insurance Policy Regarding Beneficiaries in Coppell, Texas?

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Working out a will in the Coppell area is an important part of your personal peace of mind. Even though you want to organize your will so that you are giving an inheritance to the Coppell, Texas family members who are foremost in your mind, you also need to use caution when you are working out the details so that you do not make any accidental mistakes.

Beneficiaries Vs. Inheritance

A beneficiary on your life insurance policy is separate from your will. When you are working out inheritance, you are not able to override the current beneficiaries on your policy. The only way to change the beneficiary on an insurance policy is by talking to the company and making a change. Your last wishes cannot override the contract you made previously with the company.

Inheritance is a separate issue. Your last wishes can designate who receives your home, personal assets and belongings. For example, if you want to leave your house to your child, then your will can specify the individual above other family members.

An insurance policy and a will are separate contracts. The individual stated on your coverage contract is the person who will receive funds from your life coverage.

Working With the Company

If you want to change the beneficiary on your coverage, then you must discuss the issue with the company. Only the company can make a change and it is usually based on legitimate or legal reasons. For example, if you are divorced, then you can use the divorce paperwork to change the beneficiary to another individual.

Protecting your loved ones from financial burdens in Coppell is not the same as organizing your inheritance. Making a change on an insurance policy will require a change to the original contract with the company. It is separate from your last wishes. To learn more about adjusting your coverage, contact us to talk to an independent agent.

Does my umbrella policy cover me if my kid falls in my neighbor’s swimming pool in Coppell, Texas?

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An umbrella insurance policy provides additional liability protection above and beyond the liability coverage you already have with your home or auto insurance policy. If your kid is playing in your Coppell, Texas neighbor’s swimming pool and gets hurt, neither your home insurance policy nor your umbrella policy will pay for the medical bills that you might incur. Health insurance is a separate type of policy that you can buy to protect your child and your family if they are hurt either on or off your property.

Now, if your kid is injured while jumping in the swimming pool at your neighbor’s house, your neighbor’s home policy or umbrella policy may cover the cost of medical care if it is determined that your neighbor was at fault for the injury. Most insurance companies consider a swimming pool to be an attractive nuisance that, just by being there, presents a risk.

Homeowners throughout Coppell have liability for injuries to others or for damage to other individual’s property. While a standard home policy will usually be more than adequate to cover the cost to replace personal property that is broken or stolen, it may not be enough to cover a serious injury or death that happens in your home or on your property.

If you hold a birthday party for your kid and one of his friends falls down the staircase and breaks his neck, the medical bills could hit $500,000 or more. Your home liability insurance may only be sufficient to cover the first $100,000 of expenses. Umbrella insurance will pay the additional expenses.

There are many good reasons to have an umbrella policy. The extra coverage only kicks in after your primary policy reaches its limit. The cost of such coverage is minimal for the amount of protection it can provide. Why not give us a call and talk to an independent agent about adding this valuable coverage to your existing coverage?

What is the Difference Between Accidental Death Life Insurance and Regular Life Insurance in Coppell, Texas?

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Accidental death life insurance and regular life insurance are very different forms of coverage in the DFW area. As a resident of Coppell, Texas, you want to understand the differences between the two forms of coverage to determine the best solution for your needs or the needs of your family.

Accidental Death

An accidental death policy is related specifically to the conditions that caused death. It will only provide funds if the death occurred as a result of an accident. For example, if you or a loved one died in a car accident, then the beneficiary on the account would obtain the funds. If the death was related to a health condition or the cause of death was not an accident, then the funds are not provided to the beneficiary.

Accidental death policies are best when you are very young and you have excellent health. Since the risk of dying is low, it will provide some peace of mind in case an accident occurs that causes your death or the death of a loved one.

Regular Life Coverage

Life insurance that is not related to accidental death is a regular policy. Your beneficiary is paid if an accident, health condition or other problem causes your death. Depending on whether you select a term or whole-life policy, the specific details of your coverage will vary slightly.

In the case of regular coverage, the cause of death does not impact the funds in Coppell,Texas. The downside is that the coverage will cost more than an accidental death option. You might also be limited in the amount of funds provided.

Selecting the right type of coverage will depend on your specific situation. If you are not sure about the right type of coverage for your needs, contact us today to talk to an independent agent.

What if my Appliance is not Repairable? And I Have That Covered in my Home Policy in Coppell, Texas?

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When an appliance is not repairable, it is usually necessary to replace the item. Depending on the reason that the appliance is not possible to repair in the DFW area, home insurance may or may not provide a solution.

Replacing Due to Damage

When you have an appliance that was damaged in a storm, power outage or similar situation, a Coppell, Texas policy might replace the appliance or provide funds for a replacement. The replacement of a Dallas-Fort Worth home appliance will depend on the specifics of the situation, but any form of damage that is covered by the policy will result in a replacement.

Wear and Tear

When the item is damaged from normal wear and tear, most insurance companies will not replace the item. The reason is that you are responsible for management and general care of the item. If it is damaged as a result of normal wear and tear, then your coverage is not likely to provide funds or any repair costs.

Talking to the Company

The only way to determine if the item is covered in a personal plan is by talking to a representative of the current insurance provider. Ask about the coverage and explain the situation that caused the damage. In many cases, your provider should put in the claim or explain the reason that your claim is denied over the phone.

Each company has a different policy and will offer a wide range of options for coverage. The key to determining whether you are able to replace the item or not is talking to the company for more details. To learn more about household items that are covered by house coverage, contact us to talk to an Independent agent.

Do I Need to Include my Spouse or Civil Partner in my Home Policy Even Though They Have Their Own Insurance in Coppell, Texas?

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Obtaining home insurance in the DFW area is not difficult, but it does require some consideration into the individuals who are living in your house. When you are asking for a quote in Coppell, Texas, you will be required to name the other people living in your home and your relationship to those individuals.

Providing Details

Even if your spouse or civil partner has an insurance policy to protect personal assets, you are still required to name them in your house policy. Companies will require details about each person living in your house, though you can inform the company that your spouse or civil partner is already insured at the time you are obtaining a quote.

Getting Coverage

Obtaining coverage will depend on several factors. Your significant other will be named on your policy, but as a secondary individual in the house. It is a measure to protect your financial assets because the other individual might not have appropriate coverage or might not maintain coverage in the future. Although you will not need to have the same level of coverage for your significant other if he or she already has coverage, you will still need to name them on your policy to keep your own assets safe.

Insurance coverage is not always limited to personal items. In the case of homeowners coverage, you will need to list every individual living in the home and the major assets that you want protected from theft or damage. Even if the objects are not your personal belongings, you still want to protect assets within the house. If you want to learn more about finding the right coverage, then contact us today to talk to an independent agent.

What’s a Circle of Dependability shop, and why should I consider taking my vehicle there for repairs in Coppell, Texas?

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You may know that in the DFW area of Texas, many of the auto insurance companies employ direct repair programs to facilitate car repairs and settle property damage claims. These programs use a group of approved repair shops to handle body work and mechanical repairs, and recommend, if not insist, that policy holders take their vehicles to one of these facilities to have it repaired after an accident. Some insurance companies have their own repair program and calls each approved facility a Circle of Dependability shop. Before a body shop or repair facility is approved, they are required to be in compliance with all of the strict standards for auto repair that the insurance company has set forth in its program. Each Circle of Dependability shop has to have state-of-the-art frame and unibody repair equipment. All employees must be trained to comply with the program guidelines and each facility must only use paint and other materials that conform to EPA standards. If you have auto insurance from these companies and have an accident in Coppell, you should report that accident to your insurance company and then, decide what facility you want to use to get your car repaired. While the insurer will suggest a Circle of Dependability shop, you are not bound to use such a facility. If you have always dealt with an auto body shop near your Coppell, Texas home and are satisfied with the work they do, you can choose them and your auto insurance policy will cover your repairs. You might want to use a Circle of Dependability shop because there are rarely any disputes over the amount of money needed to make the repairs. Since there is an insurer-repair shop relationship, there is less red tape and your car can usually be repaired more quickly. Work is guaranteed and you receive a lifetime warranty on parts and labor from both the insurer and the Circle of Dependability shop. As your independent agent, we represent many different auto insurance companies that also provide excellent claims service through authorized repair shops. While an insurer with circle of dependability shop might be great for you, you can always speak to an independent agent and see what other options you have before the time comes to renew your car insurance policy.

What Is Meant by ENERGY STAR Rebate Program in Coppell, Texas?

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In an effort to encourage the use of more energy-efficient buildings, equipment and appliances, the U.S. Government’s Environmental Protection Agency established the ENERGY STAR rebate program in 1992. This voluntary program identifies and promotes the labeling of products to designate them as energy efficient, to help the nation meet its goal to improve its energy security.

If you have a home in Coppell, Texas and are interested in saving money while also helping reduce pollution, you will want to look into the various rebate programs available to homeowners.

For example, if you are getting ready to purchase a new washing machine and drier, check for the ENERGY STAR sticker to see how much energy you will save by using that particular model, compared to models that are less efficient and lack ENERGY STAR labeling. Depending on funding availability, you may be eligible to receive a rebate when you purchase such an energy-efficient appliance. You will not only save money immediately from the rebate, but additional money over the years as you use the appliance.

If you are buying a new home, there are opportunities to save money and energy if the entire home is considered to be energy efficient according to ENERGY STAR standards. A third-party organization will need to verify the home’s energy efficiency before it can be awarded an ENERGY STAR label. You’ll then have the satisfaction of knowing that you are living in a building that is cutting down on pollution while also saving money on your fuel bills.

As your independent agent, we can help you learn more about the ENERGY STAR rebate program or answer any other insurance policy questions you may have about your home in DFW. Please give us a call in Coppell, Texas today so that we can give you specific details for your circumstances. We’re looking forward to hearing from you!

What type of coverage should I have if I own a swimming pool in Coppell, Texas, and does the size and depth of it matter my policy?

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On those hot summer days in Coppell, Texas, it is always nice to take a dip in your swimming pool. Your house can be a popular place if you have a cool pool. You can have pool parties and your kids can invite their friends over to partake in the fun.

All around Dallas, Fort Worth and Coppell, Texas there are homes with backyard pools. Many are in-ground pools and some are of the above-ground variety. If you own a swimming pool in Texas, you need to be concerned about liability issues as well as the actual maintenance and protection of the structure and equipment used around the pool.

Your standard home insurance policy will provide both liability and structural damage coverage within certain limitations. For instance, you are covered by the liability portion of your home policy if someone gets injured while swimming or playing around in your pool. You are not covered if the ground around your pool shifts and the pool develops a big, ugly crack.

While the size and depth of your pool in the DFW area does not usually affect the premium you pay on your home policy, other factors do. You may have a difficult time getting your home insurance carrier to cover your pool if you install a diving board or slide. Both of those items increase the likelihood of someone getting injured. You may have to agree to an exclusion for injuries directly related to diving board or slide accidents.

You can lower the risk of swimming pool accidents by installing a fence around your pool with a safety gate and by covering it with a tarp when it is not being used in the winter months. Having a swimming pool in the DFW area is very common and insurance companies are quite willing to provide coverage for homes with swimming pools.

We get a lot of question about how much coverage is needed if a person has a swimming pool. Give us a call and an independent agent can go over everything from safety and maintenance to the different insurance carriers who offer the most complete home policies for pool owners.

Is There a Time Limit in Coppell, TX for the Beneficiary for Claiming an Amount After the Insured Dies?

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If you have life insurance, it means you are designating a specific person or your estate to receive funds at the time of your death. For those who have a loved one who has recently passed away, ensuring you claim the insurance is important. While it may not seem like you can handle receiving such money when you are dealing with grief, it may be a very important decision for you. You may not have a lot of time on your side.

What Are the Rules?

Unfortunately, for those who are a beneficiary of a life insurance policy, there is often a date by which you must make your claim. Keep in mind that this date changes based on the policy, though. That means that the terms and conditions of receiving the payout will differ based on the life insurance policy specifically. The best way to know when you have until, then, to make a claim is to read through the documentation.

However, there are some things to keep in mind:

  • As long as the beneficiary has the proof necessary to verify his or her identity, it is unlikely that the company will not pay out the funds owed.
  • In many cases, the insurance company will contact the individual beneficiary and provide information about the claim directly. You may not have to wait to learn of the life insurance.
  • Escheatment may occur in which the unclaimed funds from the policy are sent to the state. The state may hold onto these funds for some time until the individual claims them.

To find out more about your Coppell, Texas rights, contact an independent agent today. We can help you to get the life insurance you need at the right price.

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