Life & Disability Insurance
Life Insurance in Texas
Serving Cedar Park, Houston, Georgetown and surrounding areas
Your family is your responsibility and your life, and there’s nothing better than watching them succeed and sharing in their ambitions, dreams, and conquests. But should something unexpected happen to you, you’ll want to be prepared for providing the assurance your family needs to keep their futures safe and sound. At Dowd Insurance Agency, we’ll work with you to keep your family protected in the event of your untimely death.
A proper Life Insurance policy can give you reassurance knowing that your finances and beneficiaries are secure – from temporary to permanent coverage. At Dowd Insurance Agency, we understand that as things in your life change, so will your financial and insurance needs. That’s why it’s important to review your Life Insurance options with a specialist you can trust.
Whatever your situation, we offer Life Insurance options, such as:
- Individual Life Insurance
- Group Life Insurance
- Long-Term Care Insurance
- Mortgage Protection Insurance
- Disability Insurance
- Second-To-Die Policy
- Key Person (Key Men) Insurance
Why Life Insurance?
Life Insurance is one of the most important investments you can make. It’s an investment in yourself and the future of your loved ones, and it’s a way to secure your financial responsibilities to your family.
Your Life Insurance policy can be used to pay off debts and estate taxes, provide money for continuing mortgage payments, and keep your business up and running upon your passing. But most important, it can be used to ensure that your family’s dreams for the future become realities.
Protect what matters most in your life with a policy from Dowd Insurance Agency.
Dowd Insurance Agency provides quality Life Insurance solutions for clients near Cedar Park, Austin, Leander, Georgetown, Round Rock, and Pflugerville.
As your personal situations change (i.e., marriage, birth of a child or job promotion), so will your life insurance needs. Care should be taken to ensure this product is suitable for your long-term life insurance needs. You should weigh any associated costs before making a purchase. Life insurance has fees and charges associated with it that include costs of insurance that vary with such characteristics of the insured as gender, health and age, and has additional charges for riders that customize a policy to fit your individual needs.
What are the types of disability insurance?
There are two types of disability policies: Short-Term Disability (STD) and Long-Term Disability (LTD):
- Short-Term Disability policies (STD) have a waiting period of 0 to 14 days with a maximum benefit period of no longer than two years.
- Long-Term Disability policies (LTD) have a waiting period of several weeks to several months with a maximum benefit period ranging from a few years to the rest of your life.
Disability policies have two different protection features that are important to understand.
- Non-cancelable means the policy cannot be canceled by the insurance company, except for nonpayment of premiums. This gives you the right to renew the policy every year without an increase in the premium or a reduction in benefits.
- Guaranteed renewable gives you the right to renew the policy with the same benefits and not have the policy canceled by the company. However, your insurer has the right to increase your premiums as long as it does so for all other policyholders in the same rating class as you.
In addition to the traditional disability policies, there are several options you should consider when purchasing a policy:
- Additional purchase options
Your insurance company gives you the right to buy additional insurance at a later time for an additional cost.
- Coordination of benefits
The amount of benefits you receive from your insurance company is dependent on other benefits you receive because of your disability. Your policy specifies a target amount you will receive from all the policies combined, so this policy will make up the difference not paid by other policies.
- Cost of living adjustment (COLA)
The COLA increases your disability benefits over time based on the increased cost of living measured by the Consumer Price Index. You will pay a higher premium if you select the COLA.
- Residual or partial disability rider
This provision allows you to return to work part-time, collect part of your salary and receive a partial disability payment if you are still partially disabled.
- Return of premium
This provision requires the insurance company to refund part of your premium if no claims are made for a specific period of time declared in the policy.
- Waiver of premium provision
This clause means that you do not have to pay premiums on the policy after you’re disabled for 90 days.
Call us today at 512-331-0787.