Tennessee Life Insurance

Perhaps more important than auto, home, or health coverage is life insurance. Without the others, you might face financial hardship for a short period of time, but without life insurance, your family could face a lifetime of financial struggle without a steady source of income or support. That’s why The Simple Dollar has aimed at making life insurance easier to understand for Tennessee residents. Below you’ll find a number of resources and information to help guide you in learning more about the industry and your options in Tennessee.

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Stats in Your State

The life insurance industry is more than a “just in case” luxury, and for many Tennessee residents it provides either a paycheck or a steady annuity payment to keep their finances and families afloat. The impact of the industry is undeniable, and the statistics listed below demonstrate just that.

Life Insurance in Tennessee

Roughly $8 billion in life insurance benefits, dividends, and annuities was paid to Tennessee residents in 2011, making a huge impact on the pocketbooks of thousands of families in need of financial support after a death in the family.

Number of Licensed Life Insurers 478
Total Life Insurance Coverage $546 billion
Average Policyholder Coverage $86,000 per policyholder*
Amount Paid Out in 2011 $7 billion**
Amount of Paid Annuity Benefits in 2011 $1 billion
Source: ACLI.com

*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.

Life Insurance Administered Programs

Of the Tennessee residents who benefit from government-administered life insurance programs, over 5,000 of them are disabled veterans, and nearly 7,000 others are national servicemen and women.

The Life Insurance Industry: Beyond Insuring You

The Tennessee job market sees a significant portion of jobs created by the life insurance industry, which is responsible either directly or indirectly for approximately 41,000 Tennessee jobs. And with $73 billion invested in the state economy in bonds and business investments, the industry plays a pivotal role in keeping the state’s economy strong.

Job creator 41,000 jobs
Invested in Tennessee 's Economy $73 billion invested in the Tennessee economy
Source: ACLI.com

Rules in Your State

Like other forms of insurance, it is important to understand your rights as a consumer. There are laws in place to protect you from being cheated or mistreated by insurance companies. Take a look at Title 56, Chapter 8, Part 1 of the Tennessee Code. If you're dealing with unfair practices or claims, focus on 56-8-104 and 56-8-105.

Representatives & Resources in Your State

The links and resources listed below are great starting points for consumers looking to learn more about life insurance and how it can benefit them and their families. Contact the Insurance Department for assistance in any dispute or difficulty, or get in touch with them to just learn more about the options and resources available to all residents.

Tennessee Department of Commerce and Insurance
Insurance Division
500 James Robertson Parkway
Nashville, TN 37243
(615) 741-2218
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Contact Information
Consumer Complaint Resource
Consumer Brochures and Information
At the above link readers will find information from the Insurance Division on different types of insurance, and brochures to educate consumers further about their options and how to choose the best policy in Tennessee.

Tennessee Life & Health Insurance Guaranty Association
150 3rd Avenue South Suite 1600
Nashville, TN 37201
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The Life and Health Insurance Guaranty Association provides financial support to your insurance company, and ensures that your policy will remain in effect even if your insurer withdraws from the market or becomes financially insolvent.