What Is the Two Year Contestability Period for Life Insurance?

Most states have either a one or two year contestability period for life insurance policies. If you are purchasing a new life insurance policy, this is something that you need to be aware of and understand. Here at Ty Lawrence Insurance Agency, serving the greater Austin, TX area, we want to help everyone understand what this is and how it can affect you. Here is what you need to know about the two year contestability period for life insurance. 

When you purchase a new life insurance policy, the insurance company has the option to delay and investigate a death that occurs within two years of taking out the life insurance policy. If they find that the death was caused by the pre-existing condition or a condition that the insured knew about, then they can deny life insurance coverage.

This is important for life insurance companies, as it helps ensure that those who find out that they are terminally ill cannot run out and buy a life insurance policy knowing that they will die soon. However, this is also important for you to understand, as it can help you understand why a claim may be delayed if your loved one passes away within this two year period. If it is deemed that the death was not caused by something they knew about, then the claim will be paid. 

If you are looking to take out a new life insurance in the greater Austin, TX area, Ty Lawrence Insurance Agency would love to help you. We can help you find the right policy and help you to understand it. Contact us today to get started and protect your loved ones in case of your untimely death today. 

What’s the Difference Between Term Life Insurance and Whole Life Insurance?

Life insurance allows you to provide for your family in the event that you pass away in Austin, TX. Your descendants can use the money to pay for your final expenses, pay off debts, and replace your income for a period of time. Having adequate insurance will help your family to not have to think about paying bills at a time when their hearts are aching. 

When you buy life insurance from Ty Lawrence Insurance Agency, you will make payments to the insurance company and if you die, the company will pay your family a lump sum. If you have a major life change, like getting married, having a child, or buying a home, you may want to adjust the amount of life insurance you need. 

There are two major types of life insurance policies. Whole life insurance policies are a lifelong commitment. As long as you pay the premiums, this policy will pay out when you die. Whole life policies also often have an investment or savings portion, from which you may be able to withdraw funds if you need them in an emergency. Term life insurance policies work differently than whole life policies. They are only good for a certain amount of time. The term could be 20 years or 30 years, but however long the term is, the policy will pay out if you die during that time period. Once the set amount of time is over, the policy expires and you are no longer covered. You receive no benefits or payments once the term is over. 

Term life insurance is typically less expensive than whole life insurance. The reason for this is that the term policies only are good for a set amount of time. Whole life policies are intended to be permanent and include the savings component.

If you have more questions about term or whole life insurance, you can call the Ty Lawrence Insurance Agency, serving Austin, TX and the surrounding area.

Do you Have to Have Commercial Insurance on a Business that you Owe Money On?

Owning a business is a huge investment for both time and money and can be very rewarding. That being said, you need to make sure you have the proper insurance to protect your investment and to protect your business from anything that may happen to it. Things like commercial policies are not required for any business owner but they are certainly beneficial for those that do have a business. For those that live in the Austin, TX area, the agents with Ty Lawrence Insurance Agency can help you find the policy that works best for you.

For the most part, a business does not have to be insured if you own it outright. That being said, if you owe money on your business, you are going to have to take the time to find out what type of insurance policy you have to have. For the most part, the bank or whatever lender you are going through is going to require that you have a policy in place to protect their investment. A bank that holds your loan on your building will require it be insured, if you took out a loan to buy equipment or inventory you are going to have to have insurance on the property.

You need to make sure you check with your lender to determine what sort of insurance policy you need to have in place to both be protected and to be covered by your lender should something happen. For those that live in the Austin, TX area, the agents with Ty Lawrence Insurance Agency can help you to find the perfect policy for your needs so that you can be covered both legally and safely should something happen.  

Does my business need protection and indemnity insurance?

If your Austin, TX business involves the use of watercraft such as sea-going vessels or ships, your business faces many unique liability risks every day. Protection and Indemnity insurance (also called P&I) is specific liability coverage that protects against liability arising from property damage or bodily injury that arises from the ownership or use of declared vessels. Protection and Indemnity insurance is a form of ocean marine insurance, but is separate and distinct from freight insurance, cargo insurance and hull and machinery insurance coverage.

Do I Need Protection and Indemnity Insurance?

If you or your company owns a ship or other type of sea-going vessel, and it is used for business pursuits, you need specific commercial liability insurance coverage for protection from third-party liability. Protection and Indemnity coverage is tailored to the needs of business owners of watercraft that transports cargo and goods for commercial purposes.

What Does Protection and Indemnity Cover?

As a ship owner, you are exposed to many daily liability risks – from liability from causing property damage to piers, docks and other fixed installations to liability for the injury or death of a passenger or crew member.  Ty Lawrence Insurance Agency P&I coverage provides you with broad liability coverage in the event that any bodily injury damage occurs related to your watercraft.

If you own sea-going vessels, here are a few examples of some of the liability risks your Austin, TX company can face which Protection and Indemnity insurance coverage will protect you against.

  • Bodily injury or death of longshore or harbor workers
  • Physical property damage to harbor, docks or piers
  • Damage to property owned by others
  • Property damage to transported cargo or goods,
  • Collision damage to third-party property
  • Bodily injury or death of a passenger or crew member

For more information about how Protection and Indemnity liability coverage can help protect your sea-going business assets, contact Ty Lawrence Insurance Agency today.

What are the required policy limits for motorcycle insurance in Texas?

The state of Texas has straightforward laws concerning motorcycle insurance policy limits and required equipment that a driver must wear when riding around town. Coverage stipulations include mopeds, bicycles with motors, and all types of motorcycles. You should not ride around Austin, TX without understanding these facts about policy limits on bikes brought to you by Ty Lawrence Insurance Agency. 

Policy Limits for Motorcycles in Austin, TX
State lawmakers are continuously making efforts to reduce the number of uninsured and underinsured motorists in Texas. As such, legislatures have established coverage amounts for bodily injury as well as property damage that drivers may use as a guide when searching for the best indemnity plan. 
Coverage amounts for motorcycles are as follows:

  • $60,000 for bodily injury per accident
  • $25,000 for property damage per accident
  • $30,000 for each person injured in a crash

Personal Gear Requirements
The state of Texas has a helmet law that requires both the driver and passenger of a motorcycle to wear protective headgear such as a helmet while riding around town. The exception to such mandate is when a person is over the age of 21-years-old and can show proof of his successful completion of an MSF basic or advanced course.

An exception to the helmet rule may also be applied when a person shows proof a healthcare plan that covers medical expenses incurred as a result of being injured while riding a motorcycle. The state of Texas does not require any other type of personal gear when riding a bike. 

Understanding your rights and obligations when operating a motorcycle in Austin, TX is the first step down the road to safety. Call Ty Lawrence Insurance Agency today for a consultation on what policy may work best for your situation. 

Umbrella Insurance Can Work For Anyone

Many people mistakenly believe that umbrella insurance is for celebrities or high-profile politicians and lawyers. It certainly works well for them, but why not make it work for you? If you work in a public place with customers, or you provide counseling to the public, you have at least one reason to seriously consider umbrella insurance. Call us at Ty Lawrence Insurance Agency, serving the Austin, TX area, and ask us what umbrella insurance does for the average person. You might find that umbrella insurance answers a need you didn’t realize you had.

The fact is that lawsuits can happen to anyone. This kind of litigation can ruin both your present and future financial prospects. Having the added liability coverage that umbrella insurance provides is one of those steps any person can undertake to protect themselves, their family, and their finances. Whether you work directly with the public or you handle their data, you might consider what we can do for you at Ty Lawrence Insurance Agency to prepare for this potential personal disaster. We have experienced agents ready to research the policies available from a variety of solid, dependable insurance providers so that you know exactly what is available at the present time. 

Proud of our connections in the Austin, TX area, we have worked hard to provide reliable information and useful insurance policies that help our customers recover when financial disaster threatens. Preparing ahead of time is the key to preventing financial ruin and the intense stress that can threaten a family if a lawsuit happens. We not only have roots in Texas, we have the experience of knowing what kinds of serious litigious situations Texans might face. We stand ready to offer you peace of mind.

Contact us today.

Getting Married Is a Great Time to Evaluate Your Life Insurance Needs

While we do not suggest you get married to your life insurance policy the considerate agents of Ty Lawrence Insurance Agency in Austin, TX recommend you get to know it extremely well. An expertly written life insurance policy speaks for you after you are gone. It represents your best intentions for your financial legacy as well as your active responsibility for your loved ones when you are no longer around. 

Just as you are alive your insurance policy is viable and should change, grow and evolve as your life changes, grows and evolves.


Now that you have become married it is a great juncture to carefully review your policy. Add your spouse to the list of beneficiaries if he or she is not already a part of your policy. Consider what responsibility you want to take for the former beneficiary and if the responsibility is necessary at all. Many single people simply list their parents or next of kin as their beneficiary. Your circumstances may be that you want to continue some sort of financial responsibility for a parent though you are now married. Speak with your insurance agent about having multiple beneficiaries. Building cash value is another important facet of your policy that needs review now with the burgeoning responsibilities of marriage.        

Ty Lawrence Insurance Agency in Austin, TX is committed to changing the mindset of the burden of having to have insurance into a well planned asset. In addition to life insurance we offer: automobile, homeowners, commercial, motorcycle, ATV, RV and umbrella insurance policies. Stop by, email or telephone us today to find out how we can serve the insurance needs of your entire life. 

Does Commercial Insurance Cover Building Vandalism?

Unfortunately, vandalism happens and when it does, it can be costly for the building owner. Broken windows, graffiti on the side of a building or copper and wires stripped from air conditioning units can add up fast. If you own a commercial building, one of the questions that you may have is whether commercial insurance covers building vandalism. This is a question that we at Ty Lawrence Insurance Agency, serving the greater Austin, TX area, are frequently asked. Here is the answer. 

If The Building Is Occupied

If the building is occupied, either by you or by a tenant that you have rented the space out to, vandalism is covered if it exceeds the amount of your deductible. If the vandalism is less than the amount of your deductible, you or the tenant are responsible for damage, depending on the wording in your lease. If the damage is more than the cost of your deductible, your commercial insurance policy will cover it. 

If The Building is Vacant

If the building is vacant at the time it is vandalized, odds are, your insurance company will not cover the damage. Most commercial insurance companies will only cover buildings that are occupied. This is because an empty building is far more likely to be targeted by vandals or squatters who can do damage. If your building is vacant, you may want to look into vacant building commercial insurance. This type of policy will protect your building if it is empty. 

If you own a commercial building in the greater Austin, TX area, you may be looking to purchase a commercial insurance policy. If you are looking for quotes or ready to buy, contact Ty Lawrence Insurance Agency today! We can help you find the right insurance policy. 

What Is Umbrella Insurance?

Do you ever wonder if the amount of insurance you have is enough? If something devastating happened in your life, would you have the means to safeguard your assets? If this is something that’s been weighing on your mind, it may be a good idea to consider getting some additional coverage. Umbrella insurance, also known as excess liability, might just be the right solution for you. So, what exactly is umbrella insurance? More importantly, is it something that you need?


Umbrella insurance is a type of liability insurance that is meant to supplement your basic policy. In other words, it covers additional liabilities that are not covered already by your home or auto policies. The main goal of umbrella insurance is to protect your assets in the event of an unexpected event, such as a lawsuit judgment against you.

How Does It Work?

An umbrella policy will go into effect once your basic liability policy limits have been reached or if the claim is not covered at all under basic coverage. Umbrella insurance will pay any lawyer’s fees or settlement amounts up to the limit of your coverage. Be aware, however, that any amount beyond your limit will need to be paid for out of pocket. Reach out to Ty Lawrence Insurance for more details on how this works in Austin, TX.

Do I Need Umbrella Insurance?

Many are not sure if they actually need umbrella insurance since they already have auto and homeowners policies. When making a decision on whether or not you should invest in an umbrella insurance policy, consider your life and the lives of the people around you. Do you have loved ones, property or any other precious assets that you want to protect in the event of a devastating financial loss? If so, you should consider an excess liability plan.

For more information or a quote, visit Ty Lawrence Insurance in Austin, TX. A knowledgeable member of the team will be able to help you out with any questions you may have.

What Motorcycle Safety Gear is Required in Texas?

Before you hit the road this summer for that epic road trip on your new motorcycle, Ty Lawrence Insurance Agency is here to provide you with some tips to help you stay safe and informed.  Whether you are in Austin, TX or cruising the interstates, you can avoid receiving a ticket by following some simple safety gear rules and regulations.

Under 21 Must Wear a Helmet

If you haven’t celebrated your twenty-first birthday, you must wear a helmet whether you are driving or riding on a motorcycle according to Texas law.  If you are taking your kid brother across town for some ice cream, remember that passengers must be at least five years of age.

Over 21 Must Meet State Safety and Health Requirements

If you are no longer a minor, the state requires that you either wear a helmet or provide proof you have completed a motorcycle operator safety training course and are enrolled in a motorcycle health insurance program.  While you can’t be pulled over just to check your compliance, failure to adhere to these regulations can result in burdening you with all the costs associated with an accident.

Extra Gear is Always a Good Idea

Since Texas is leaving the responsibility for your health in your hands, don’t forget that a helmet is only one part of body protection every good rider should wear. Motorcycle impact vests or jackets protect your spine in case of a spill while wearing leather pants can help reduce road rash when you get dumped.  Boots protect your feet from casual impact with the road and help to prevent burns from hot parts on your ride. 

Should you have any questions about motorcycle insurance and are in the Austin, TX area, give the friendly and knowledgeable agents at Ty Lawrence Insurance Agency a call. They’ll be glad to help.