Life Insurance In Tennessee

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The US census estimates that the population of Tennessee in 2006 was 6,038,803. For these six million people, life insurance is an important financial consideration.

Five hundred and forty two life insurance companies are licensed to do business in Tennessee. Of these, 14 are domiciled in the state. According to the American Council of Life Insurers, individual life insurance coverage purchased in 2006 in Tennessee totaled $30 billion. Residents of Tennessee own 4 million individual life insurance policies, with coverage averaging $64,000 per policyholder. Six billion dollars was paid to Tennessee residents in the form of death benefits, matured endowments, policy dividends, surrender values, and other payments.

Tennessee Office Responsible for Life Insurance

Tennessee's Department of Commerce & Insurance is responsible for insuring that consumers can choose the best life insurance company possible, and that companies licensed to do business in Tennessee comply with all applicable laws.

The website offers summaries of the various types of insurance, laws and regulations, and a consumer page where one may lodge a complaint against a company if necessary.

The Department of Commerce & Insurance has also posted a warning on its site, making the consumer aware of a scam that has been targeting the families of recently deceased individuals.

If your insurance company has been declared insolvent, you may still be able to get your policies paid, by contacting the Tennessee Life & Health Insurance Guaranty Association, which was created by a statute in 1989. If a member company goes bankrupt, they will meet its liabilities.

The legal statutes that regulate life insurance are defined in Tennessee's Title 56, Chapter 43. These regulations concern how companies become licensed and then how they must conduct their business.

Contacting the Tennessee Department Commerce & Insurance