Texas Service Life Insurance Review
- Texas Service Life Insurance Company offers innovative life insurance products to Texans. Learn about its preneed funeral policies and other coverage options.
Texans who are in the market for life insurance or preneed funeral coverage and who don't like working with financial conglomerates may want to consider a niche provider such as Texas Service Life Insurance Company.
This small firm offers whole life coverage alongside plans designed to cover the costs of funerals and other end-of-life expenses. Learn about the company's preneed funeral policies and other coverage options.
About Texas Service Life Insurance Company
Founded in 1985, Texas Service Life Insurance Company is a relative newcomer to the insurance industry.
The firm, which delivers innovative insurance products to Texans, works with individuals and corporate clients.
It also partners with area funeral homes to offer preneed funeral coverage and provides third-party administration, agenting and marketing consulting services to other insurance companies.
TSLIC, which serves over 100,000 policyholders, employs a bilingual staff to provide for the diverse needs of the region.
It maintains a conservative investment strategy and is looking to expand into several other states.
What Life Insurance Products Does Texas Service Life Insurance Company Offer?
TSLIC sells only life insurance, and their Family1 brand of products fall into two distinct categories: whole life insurance and preneed funeral coverage.
Whole Life Insurance
TSLIC's whole life coverage products offer level premiums and a death benefit that's guaranteed as long as payments are made according to contractual terms and any cash value loans have been repaid.
At the time of initial purchase, policyholders may also add on optional riders such as child coverage or accidental death benefits.
Policy options include:
- Full benefit life insurance with a cash value component: Alongside the guaranteed death benefit, this permanent plan offers policyholders a cash value component, which may be borrowed against as funds accrue.
Full benefit insurance is only available to individuals in good health, as determined by TSLIC's simple assessment process.
- Full benefit life insurance without a cash value component: This policy offers lower premiums than similar plans that include a cash value component.
It’s only available to individuals in good health, as determined by TSLIC's simple assessment process.
- Graded benefit life insurance without a cash value component: Designed for individuals in poor to moderate health, this policy provides modest coverage.
Its death benefit increases incrementally during its initial two years, after which the policy pays out in full if the insured dies.
Preneed Funeral Coverage
Preneed funeral coverage through Texas Service Life Insurance Company helps cover final expenses such as burials and unpaid medical bills.
These plans let policyholders make their own decisions about funeral planning, and they freeze costs of products and services to guard against rising prices.
Policy options include:
- Full benefit insurance: For applicants who qualify for coverage, full benefit insurance pays for 100% of a preplanned funeral and costs are locked in at the time of purchase.
Plans, which are designed for individuals in excellent health, may be funded with a single payment or paid off over a period of 3, 5, 7 or 10 years.
- Graded benefit insurance: Designed for individuals in poor to moderate health, coverage through graded benefit insurance increases over time.
Funeral costs are locked in at the time of purchase, and the funeral home collects the difference between the total contract price and the applicable death benefit if the insured dies prior to reaching 100% coverage.
- Monthly increasing benefit plans: Regardless of health concerns or other risks, any consumer may purchase a monthly increasing benefit plan.
The policy’s death benefit reflects the amount paid up until the insured passes away. If the policy is considered paid in full at that time, beneficiaries receive the complete death benefit.
The Pros and Cons of Texas Service Life Insurance Company
Potential policyholders will likely find both pros and cons to working with a small, regional provider such as Texas Service Life Insurance Company.
Because the firm specializes in a small segment of the insurance industry, customers can feel confident that its agents have the expertise needed to help them select the appropriate plan for their needs. In addition, the company prides itself on having a bilingual staff, so Spanish-speaking customers won’t find a language barrier.
However, because Texas Service Life Insurance Company is a niche provider, plan options are limited, and policies are currently only available to residents of Texas.
Individuals in poor health should also note that full benefits packages require an assessment of health prior to approval.
Texas Service Life Insurance Company Reviews: What People Are Saying
Customers who've purchased preneed policies through Texas Service Life Insurance Company often note the peace of mind that comes with both the coverage and being able to preplan a funeral.
Other reviewers note the ease of the company's approval process and find the staff helpful and pleasant. However, some reviewers cite difficulties during the claims payout process, including unexpected denial letters.
Is a Texas Service Life Insurance Policy Right for You?
If you’re a Texan who’s in the market for life insurance or preneed funeral coverage, a policy through Texas Service Life Insurance Company may be worth looking into.
As a specialist in preneed funeral insurance, the company offers coverage that lets individuals preplan their funerals, removing the decision-making burden from grieving family and friends.
Some plans may also freeze the costs of products and services, making them a great choice for individuals who may be worried about the rising prices associated with funerals and burials.