Tennessee Life Insurance

Tennessee life insurance laws deal primarily with claims issues. However, familiarizing yourself with some basic regulations is still key to making wise coverage decisions.

This page:

Briefly describes Tennessee life insurance regulations.

Explains the Tennessee Guaranty Association's protection.

Links to more information about life insurance in Tennessee.

Life Insurance for as Little as $20/Month?

Premiums can vary by as much as 50% for the same coverage and options, so it pays to get quotes from as many reputable insurers as possible. Us our quick 60-second quote form to find the coverage that's right for you, and a monthly premium that you can afford. Click here to get your fast free quote

Tennessee life insurance rights and regulations

The insurance industry in Tennessee is regulated under Title 56 of the Tennessee Insurance Code. These codes outline claims procedures and policy requirements for the benefit and protection of you, the consumer.

One such protection is the 30-day grace period on late premium payments required, by law, on all Tennessee life insurance policies. During this window, an insurer will not cancel the policy, and coverage will continue uninterrupted so long as the account is brought current.

Tennessee insurers are also obligated to settle claims within 2 months of receipt of proof of death. Any benefits that take longer to settle may begin accruing interest. Your insurer's exact claims procedure should be outlined in your policy.

However, Tennessee law extends some protections to insurers, too. Consumer misrepresentation on a policy or application, if discovered within the first two years of the policy, can result in its cancellation. The insurer won't be obligated to honor any claims.

A misstatement of age can be discovered at any time and will result in the reduction of death benefits to reflect the actual age of the insured.

Tennessee insurers are also exempt from paying claims made within the first two years where suicide is the cause of death.

Sidebar
If you are ready to apply for a Tennessee term life insurance policy, or if you just want a quick online quote, visit Insured Street now.
If you are not sure about what type of life coverage you want, you can also try InsureME. They will put you in touch with agents who can answer any questions that you might have.

The Tennessee Life Insurance Guaranty

Licensed insurance companies in Tennessee pay annual fees to the Tennessee Life and Health Insurance Guaranty Association. This organization is designed to protect insurance consumers, like you, by helping cover policies lost through insurance company insolvency.

However, there are restrictions on this protection. In Tennessee the compensation for lost death benefits is limited to $300,000, and compensation for lost cash surrender or withdrawal is limited to $100,000. These limits are per person, and apply even in the event of multiple policies with a higher total amount of coverage.

And your insurer must be licensed in Tennessee to qualify for the guaranty's backing. To check the status of an insurer, you can call the Tennessee Department of Commerce and Insurance at 1-800-342-8385.

Sidebar
Apply for a quote with confidence at Insured Street
(for Tennessee term life insurance), or InsureME.
Your insurer will be licensed in Tennessee.

More TN life insurance help

If you want more help getting the best value on your TN life insurance policy, start with our guide to term life insurance or sign-up for our free life insurance course (see below).

To find out more about TN life insurance laws and regulations, visit the official website of the Tennessee Commerce and Insurance Administration.