Tennessee Life Insurance

Search SaveOnLifeInsuranceNow.com for low cost life insurance quotes in your state. There are 504 licensed life insurance companies in Tennessee. 12 life insurers are located in the state. The life insurance industry invests approximately $60 billion of their assets in Tennessee’s economy and employs approximately 15,000 people in Tennessee.Group life insurance coverage amounts to $200 billion with $500 billion in death benefit coverage. In addition, 4 million people are covered under individual life insurance policies. The average coverage amount is $76,000 per policyholder. Last year Tennessee residents were paid $7 billion in the form of death benefits, annuities, and other payments.

Tennessee Life Insurance Regulations

Title 56 of the Tennessee Insurance Code regulates life insurance industry. Under these codes, consumers have the 30-day grace period on late premium payments. Tennessee life insurance companies are also obligated to settle claims within 2 months of receipt of proof of death. Consumer misrepresentation on a policy will lead to thee policy’s termination, and in case of a misstatement of age the death benefits will be recalculated. Claims where suicide is the cause of death will not be settled if the policy owner committed a suicide in he first two years of coverage. Get cheapest term life insurance quotes online.

Tennessee Health Facts

Over 6 million people live in TN. 16% of the population is uninsured. The median annual income is $40,000. The state ranks 45th out of 50 for life expectancy. The life expectancy in TN is 75 years. The data provided by American Human Development Report (2008-2009). Major causes of death are stroke and heart disease. More information about state demographics, economy, health costs, and insurance coverage can be found at www.cdc.gov.

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Tennessee Department of Insurance

Davy Crockett Tower, 5th Floor

500 James Robertson Parkway

Nashville, Tennessee 37243-0565

Web site: http://www.state.tn.us/commerce/

Consumer Hotlines: (615) 741-2218 or (800) 342-4029