Best Life Insurance In Tennessee

When it comes to protecting your loved ones and securing their financial future, life insurance is an essential investment. However, with so many options available, it can be overwhelming to choose the right policy and provider. If you’re a resident of Tennessee, you’re in luck! In this blog post, we’ll be discussing the best life insurance companies in Tennessee that offer reliable coverage, competitive rates, and excellent customer service. Whether you’re looking for term life insurance, whole life insurance, or any other type of policy, we’ve got you covered. So, let’s dive in and explore the top life insurance providers in Tennessee!

Choose kindness.

You never know what battles people may be fighting.

Tennessee Life Insurance 101

Let’s start with the basics.

What Is Life Insurance?

Life insurance is a contract between an individual and an insurance company, where the individual pays regular premiums in exchange for a payout to their beneficiaries upon their death.Life insurance aims to provide financial protection and support to the insured’s loved ones after their passing. It can help cover funeral costs, pay off debts, and provide a source of income for the insured’s dependents.

Different Types of Life Insurance Policies

There are primarily two types of life insurance policies: term life insurance and permanent life insurance.
  1. Term Life Insurance: This policy covers the insured for a specific period or term. If the insured passes away during this term, their beneficiaries receive the death benefit. If the insured outlives the term, no benefit is paid out.
  2. Permanent Life Insurance: Unlike term insurance, permanent life insurance provides lifelong coverage. It also has a cash value component that can grow over time. There are several types of permanent life insurance, including whole life, universal life, and variable life insurance.

How Life Insurance Works

When you purchase a life insurance policy, you agree to pay a certain amount, known as a premium, to the insurance company. This premium can be paid monthly, quarterly, or annually. In return, the insurance company promises to pay a death benefit to your chosen beneficiaries upon your death. The death benefit amount and the premium you pay are determined by several factors, including age, health, lifestyle, and the type of policy you choose. For example, a term life insurance policy for a healthy 30-year-old will typically have lower premiums than a permanent one for the same individual. In the case of permanent life insurance, part of your premium goes towards the death benefit, while another part goes into a cash value component. This cash value can grow over time and be borrowed against or withdrawn during your lifetime under certain conditions.

Leading Causes of Death in Tennessee

Condition Deaths in 2021
Heart Diseases 24,016
Cancer 14,811
External Causes 9,400
Lung Diseases 7,266
Nervous System Diseases 6,780

Life Insurance Laws In Tennessee

Tennessee’s life insurance laws are governed by Title 56 of the Tennessee Code.

  • 10-day free look period (TN Admin Code 0780-01-40-.02)
  • 31-day grace period for all payments except the first one (TN 56-7-2305)
  • Insurers are required to pay interest on death benefits beginning 15 days after the insured’s death (TN 56-7-315)
  • Guarantees up to $300,000 for lost death benefits and $100,000 for lost cash surrender value (source)

Keep in mind that life insurance laws are very similar from state to state (for example, Texas’s life insurance laws and Utah’s life insurance laws are nearly identical to those of Tennessee).

Would you ever sneak out to avoid paying a dinner bill?

So why would you leave your family with a $10,000 final expense bill?

Top Life Insurance Companies In Tennessee

In Tennessee, the life insurance industry is dominated by several major companies that have established a strong presence within the state. The top 50 life insurance companies in Tennessee, based on their 2022 premiums and market share percentages, reflect the competitive landscape of the industry as well as the preferences of consumers in the state.

At the top of the list is Northwestern Mutual Group, holding the 1st position with $254,975,139 in Tennessee premiums, accounting for a notable 7.0% of the market share. With its comprehensive range of life insurance policies and a reputation for financial strength and stability, it is no surprise that Northwestern Mutual Group leads the pack.

Following closely behind is Metropolitan Group, ranking 2nd with $201,633,716 in Tennessee premiums and a market share of 5.5%. Metropolitan Group has established a strong presence in the state, offering a range of life insurance products combined with personalized service to cater to the specific needs of Tennessee residents.

New York Life Group takes the 3rd position, generating $188,453,691 in Tennessee premiums and capturing a market share of 5.2%. Known for its longstanding history and financial strength, New York Life Group continues to be a popular choice for consumers seeking reliable life insurance coverage in the state.

In the 4th and 5th positions are Tennessee Farmers Group and Prudential Of America Group, with $174,898,360 and $173,592,288 in Tennessee premiums, respectively. These companies command a market share of 4.8% each, reflecting their competitive standing and strong customer base.

Other notable companies that feature in the top 50 include Mass Mutual Life Insurance Group ranking 6th, Lincoln National Group at 7th, and State Farm Group at 8th. These companies have consistently remained prominent players in the Tennessee life insurance market, providing policyholders with diverse coverage options and quality customer service.

Although the top 50 life insurance companies in Tennessee account for a significant portion of the market, there are numerous additional insurers spread across the state. The variety of companies available enables consumers to choose policies that align with their unique requirements, ensuring they can adequately protect their loved ones and assets.

Overall, the top 50 life insurance companies in Tennessee demonstrate the competitive nature of the industry as well as the commitment to providing reliable coverage and services to residents of the state. As individuals and families face various life events and financial circumstances, the availability of a diverse range of life

Rank Company 2022 Tennessee Premiums Tennessee Market Share %
1Northwestern Mutual Group$254,975,1397.0%
2Metropolitan Group$201,633,7165.5%
3New York Life Group$188,453,6915.2%
4Tennessee Farmers Group$174,898,3604.8%
5Prudential Of America Group$173,592,2884.8%
6Mass Mutual Life Insurance Group$172,470,1994.7%
7Lincoln National Group$145,139,3294.0%
8State Farm Group$140,813,6283.9%
9Minnesota Mutual Group$99,936,0782.7%
10Unum Group$97,000,2852.7%
11Sammons Enterprises Group$80,347,6412.2%
12John Hancock Group$79,823,2982.2%
13American International Group$79,679,3932.2%
14Globe Life Group$75,177,5442.1%
15Mutual Of Omaha Group$73,622,1412.0%
16Aegon US Holding Group$72,600,3042.0%
17Guardian Life Group$71,037,1101.9%
18Dai‐Ichi Life Holdings Group$65,873,1691.8%
19Pacific Life Group$63,146,6891.7%
20Nationwide Corporation Group$56,777,7991.6%
21Cuna Mutual Group$45,953,4341.3%
22Primerica Group$45,908,0271.3%
23Hartford Fire Cas Group$42,259,6081.2%
24Brighthouse Holdings Group$36,453,0911.0%
25Penn Mutual Group$36,050,7821.0%
26Ohio National Life Group$34,246,2340.9%
27Arkansas BCBS Group$33,781,3930.9%
28Principal Financial Group$33,323,0880.9%
29West Southern Group$30,158,9120.8%
30Equitable Holdings Group$30,005,6070.8%
31Genworth Financial Group$28,715,6210.8%
32Homesteaders Life Company$27,991,4930.8%
33Banner Life Group$27,605,8750.8%
34Oneamerica Financial Partners Group$27,295,4530.8%
35Voya Financial Group$23,394,9550.6%
36CNO Financial Group$23,120,8350.6%
37Woodmen World Life Insurance Soc$23,007,9590.6%
38Zurich Insurance Group$22,275,4480.6%
39Tokio Marine Holdings Group$21,923,6020.6%
40United Services Automobile Association Group$21,905,9110.6%
41Global Atlantic Group$21,011,3250.6%
42Sumitomo Life Insurance Group$20,860,0640.6%
43Lincoln Heritage Life Insurance Company$19,808,1110.5%
44National Guardian Life Insurance Group$18,746,5570.5%
45National Life Group$18,719,0340.5%
46Ameriprise Financial Group$18,183,3800.5%
47Kuvare Group$18,057,6640.5%
48American National Financial Group$17,237,5770.5%
49Sun Life Assurance Company Of Canada Group$16,948,3230.5%
50Allianz Insurance Group$15,791,2860.4%