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Life Insurance in Tennessee

As a Tennessee resident, purchasing life insurance today is a smart move you can make to be sure that your loved ones will always be financially protected, even if you are not there to take care of them.

When shopping for life insurance in Tennessee, you need to be aware that there are certain provisions that vary from state to state. The Tennessee State Department of Insurance issues regulations for life insurance policies pertaining to free look time frames, premium payment grace periods and other features.

Why do I need life insurance?

With life insurance coverage, you can feel secure knowing that your beneficiaries will have some help covering your final expenses and other financial needs they’ll face without you.

Tennessee was ranked 43rd out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 76.33. With this in mind, people living in Tennessee may want to consider their life insurance options.

Tennessee life insurance specifics

Like most states, Tennessee’s Department of Insurance relies on The State Insurance Code of Tennessee to regulate life insurance policies. The state uses this code to provide certain protections for Tennessee life insurance consumers, such as:

  • Free Look Period
    According to the Tennessee state code, life insurance companies are required to give you a Free Look Period to review your policy and decide if you want to keep it. If you decide during this period (within 10 days of the issuance of the policy) that you don’t want to keep it, you can cancel the policy for a full refund.
  • Grace Period
    A grace period is allowed on all late payments under the Tennessee state insurance code. If you miss a premium payment for any reason, all Tennessee life insurance providers must give you at least 31 days or four weeks to bring the account current before the insurer can cancel the policy for non-payment.

Tennessee life insurance state resources

Tennessee Department of Commerce and Insurance
The purpose of the Department of Commerce and Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the Tennessee life insurance industry.

Tennessee Life & Health Insurance Protection Association
The state guaranty association is there to provide protection and continuing life insurance coverage in Tennessee, even in the event that a life insurance company becomes insolvent.

Life Insurance Company Ratings From A.M. Best, Standard and Poors and Moody’s
A.M. Best and Standard and Poors provide ratings for life insurance companies based on financial strength and past performance.

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