Life Insurance

Just like auto or homeowners insurance, life insurance is meant to protect you and your family in the face of an unfortunate occurrence. As a breadwinner, there’ll come a time when you won’t be around to provide for your family, and that’s when your life insurance coverage steps in. It’s difficult to imagine such a time, but it’s imperative that you think about it and plan for it.

Life insurance programs such as those offered by Choice Insurance Agency LLC, Tennessee, are designed to help you plan for the future. Every state has its own life insurance regulations. Tennessee is not different, and before you purchase a life insurance policy in The Volunteer State, look at how these rules and regulations affect your policy ownership. The most relevant life insurance rules in the state are:

• Free Look Period. This rule gives you ten days to decide if a policy meets your needs. You can decide to keep the policy or cancel it without a penalty or any other consequences.
• Grace Period. The grace period lasts for 30 days in Tennessee, meaning that you remain covered for one month even if you miss a payment. The insurer is obligated to pay even if the last premium payment was missed.
• Guarantee of Death Benefit and Cash Value. In the event that a life insurance provider is unable to make a payment for some reason such as insolvency, the Tennessee Life and Health Insurance Guaranty Association ensures that payments are made. The amounts protected by the association are $100,000 of lost cash surrender value and $300,000 in missed death benefit payments.

Choice Insurance Agency LLC, Tennessee, offers two basic types of life insurance coverage: temporary and permanent life insurance. Temporary life insurance includes term life and group life policies. Permanent life insurance constitutes whole life, universal life, and variable universal life policies. Get in touch with us for more information on available life insurance policies via phone and speak to one of our agents.