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Having life insurance makes sure your loved ones and other dependents are financially secure after you die.
Life insurance policies can be taken out by anyone who can prove they have an insurable interest in the person, meaning financial or emotional interest in the insured person’s life. This includes family members and even business partners.
Anyone who has someone dependent on them and their finances should see if life insurance is right for them.
Consider what position those people would be in if you died. Could they cover funeral expenses, tuition fees and other bills? If not, you might want to consider getting a life insurance policy.
Life insurance can cover:
The main types of life insurance are:
Term life insurance offers coverage for a specific period of time, such as 20 years or 30 years or for as long as the premium is being paid.
This is generally the most affordable type of life insurance, but can only be used within its term period.
Some companies will allow policyholders to renew an expired policy. However, premiums will likely be higher.
Whole life insurance provides coverage for your whole life.
While the premium may be higher than term life policies, the policyholder pays the same premium for the rest of his or her life.
Universal life insurance provides flexibility.
Within limits, the policyholder can choose the amount of insurance and the premium they want to pay.
The premiums the policyholder pays go into a policy account that earns interest.
The policy value is "interest-sensitive," meaning it varies in accordance with the current financial climate.
Variable life insurance is dependent on investment.
The death benefit and the cash value fluctuate according to how well the investment account performs. So, if the investments are not successful, the benefit and value of the policy will decrease.
Talk to your agent to see if life insurance is right for you.
Make sure you understand what the policy covers, if and when the policy expires, and how the money will get to your beneficiaries.
If you want more information about life insurance, visit
naic.org/documents/consumer_guide_life.pdf.
Life insurance premiums will be more expensive for individuals with a higher risk. This includes:
To file a claim after a loved one has died, contact the insurance agent or file a claim directly with the insurance company. You will need the policy number and a death certificate.
Your agent can help you with the claim filing process.
If you have a loved one who died and you're not sure if you are a beneficiary of a life insurance policy, use the Lost Policy Service.
In 2020, $12.7 million was located for Tennesseans through this service.
Get a death certificate. This can be obtained from the funeral home used for burial services.
Visit https://eapps.naic.org/life-policy-locator/#/welcome
Insurance companies will look up the provided information and determine if they have a policy with you as a beneficiary.
Most beneficiaries of life insurance policies receive the benefit in a lump sum payment.
However, some policies allow an installment option. Talk with the insurance agent to determine what is right for you.
Life insurance proceeds generally do not count as taxable income.
If you believe your claim is being wrongfully-denied or you are experiencing other issues with your agent or company, file a complaint at tn.gov/commerce/insurance/consumer-resources/file-a-complaint.html or call Consumer Insurance Services at 615-741-2218.
Losing a loved one is already hard. When making funeral arrangements, keep your finances safe and don't become a victim of fraud.
Make sure the funeral home, crematory, cemetery are licensed in Tennessee, compare prices, and understand the contract before you sign.
For more tips, contact the Department's Funeral Boards at 615-741-5062 or Funeral.Cemetery.Board@tn.gov. Visit tn.gov/commerce for more.