If you don’t know how to evaluate insurance companies, shopping for the right life insurance policy in Tennessee may prove challenging. The most important thing is to identify a company with affordable rates and policies that fit your specific situation.
Luckily for you, we’ve already done most of the heavy lifting.
We used industry data, pricing from Policygenius carrier partners, and third-party ratings like AM Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.
Here are the best life insurance companies in Tennessee, along with the average cost of a policy and the state laws that protect you as a policyholder.
Best life insurance companies in Tennessee
Best overall: Banner Life
Cheapest: Banner Life
Best term life insurance: Banner Life
Best no-medical-exam: Brighthouse Financial
Best whole life insurance: MassMutual
Best for seniors: Prudential
Best for young adults: Brighthouse Financial
Best for people with pre-existing conditions: Lincoln Financial
Best for marijuana users: Lincoln Financial
Best for smokers: Banner Life
Methodology
Why you can trust our picks
Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.
Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.
Best overall life insurance
2023 Policygenius award winner
Banner Life
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Banner Life has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
Most Tennesseeans will find an affordable policy that meets their coverage needs with Banner Life, our pick for the best overall life insurance company in Tennessee. With competitive rates for a variety of applicants including people with pre-existing health conditions, Banner Life is an all-around solid choice.
Banner Life also stacks up well against competing carriers, with strong financial security and a NAIC complaint rating at 0.35, well below the nationwide average of 1.00.
Cheapest life insurance
Banner Life
Banner Life also offers some of the most competitive life insurance rates in Tennessee, with affordable policies for a range of residents including shoppers with certain pre-existing conditions and lifestyles.
Best term life insurance
Banner Life
Term life insurance covers the policyholder for a set number of years, with coverage expiring at the end of its term. Because of its affordability, term life is the most suitable option for most life insurance shoppers. Banner Life offers term length policies that cover you for up to 40 years, and competitive rates for most Tennessee residents.
Best no-medical-exam life insurance
2023 Policygenius award winner
Brighthouse Financial
5.0
No-medical-exam option
Why we chose it
Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.
Pros and cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-exam option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
Term life applicants limited to ages 25-50
No-medical-exam policies allow applicants to skip the medical exam and qualify for life insurance using their existing medical history. While no-medical-exam policies are generally more expensive, they offer quick application turnarounds and may be available to some Tennessee applicants that otherwise wouldn’t qualify for life insurance. Brighthouse Financial’s no-medical-exam insurance can provide up to $2 million in coverage, with applications turned around in as little as a day.
Best whole life insurance
2023 Policygenius award winner
MassMutual
4.9
All 50 states
Why we chose it
MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.
Pros and cons
Pros
Strong financial stability ratings
Higher potential for dividends for whole life policyholders than many competitors
Good customer satisfaction ratings
Cons
High term life premiums
Term life not available through Policygenius
Whole life insurance policies cover the policyholder for their entire lifetime at five to 15 times the cost of term life. They also feature a cash value component that lets you save and invest, and they may even pay dividends based on the company’s financial performance. MassMutual pays greater dividends than competing companies.
Best for seniors
2023 Policygenius award winner
Prudential
4.1
All 50 states
No-medical-exam option
Why we chose it
With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.
Pros and cons
Pros
Good for people over 60
More flexible income requirements than some other insurers
Considers applicants with a variety of immigration statuses (visas and green cards)
Cons
Younger applicants will likely find better prices elsewhere
Tennessee seniors who are just now shopping for life insurance will pay more for coverage because of their age, but that doesn’t mean they can’t find a great policy. Prudential offers competitive rates to seniors age 60 and over, even when they have certain pre-existing conditions that are associated with old age.
Best for young adults
Brighthouse Financial
The younger a life insurance applicant is, the less they’ll pay for life insurance. While young adults in Tennessee can find affordable coverage in many places, Brighthouse Financial offers some of the most competitive rates, with quick application processing and lower income requirements for college students.
Best for people with pre-existing conditions
2023 Policygenius award winner
Lincoln Financial
4.8
No-medical-exam option
Why we chose it
Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.
Pros and cons
Pros
Affordable rates
Good for many existing health conditions, including depression, stroke, and heart conditions
Good for marijuana users, including daily users
Cons
Term life not available in New York
Certain pre-existing conditions like high blood pressure or heart disease can make a big difference in how much policyholders will have to pay for coverage. Lincoln Financial offers better rates than most life insurance companies for applicants with many types of health conditions.
Best for marijuana users
Lincoln Financial
Many life insurance companies automatically assign smoker rates to marijuana users, which means the premiums are two to three times higher than they would be for a non-smoker. But marijuana users can still access lower non-smoker rates with Lincoln Financial.
Best for smokers
Banner Life
The health risks associated with smoking mean that smokers will have to pay a lot more for life insurance than non-smokers. But Banner Life offers lower rates to Tennessee smokers than the competition, and policyholders who quit can apply to reduce their rates after just one year, compared to the two-year waiting period that comes standard with many other insurers.
Comparing the best life insurance companies in Tennessee
Company | Policygenius rating | Best for | Types of policies | |
|---|---|---|---|---|
Brighthouse Financial | 5.0 / 5 | No-medical-exam life, young adults | Term life, no-medical-exam life, whole life, short-term life, universal life | |
Banner Life | 4.9 / 5 | Overall, cheapest, term life, smokers | Term life, no-medical-exam life, universal life | |
MassMutual | 4.9 / 5 | Whole life | Term life, no-medical-exam life, whole life, universal life, variable universal life | |
Lincoln Financial | 4.8 / 5 | Marijuana users, people with pre-existing conditions | Term life, no-medical-exam life, indexed universal life, variable universal life | |
Prudential | 4.1 / 5 | Seniors | Term life, no-medical-exam life, short-term life, universal life, indexed universal life |
What is the average cost of life insurance in Tennessee?
The factors that go into determining life insurance premiums include the applicant’s age, health history, the length of the term, and the coverage amount. Based on Policygenius data from 2023, the average monthly premium for a healthy 35-year old in Tennessee buying a $500,000, 20-year term life insurance policy is $30.79 for men and $25.76 for women.
What happens if a life insurance company goes bankrupt in Tennessee?
The Tennessee Life & Health Insurance Guaranty Association will cover Tennessee residents in the rare case that a life insurance company becomes insolvent and is no longer able to meet its financial obligations to policyholders. As long as the policyholder continues to pay for their policy, the guaranty association will cover up to $300,000 in death benefits and $100,000 in cash surrender value.
How to find a lost life insurance policy in Tennessee
Individuals who believe they may be the beneficiary of a life insurance policy issued in Tennessee, or the executor or legal representative of a deceased individual who may have purchased life insurance in Tennessee, can search the the National Association of Insurance Commissioners’ Life Insurance Policy Locator Service to look for life insurance policies and annuity contracts in the decedent’s name.
Tennessee life insurance laws
Life insurance policyholders enjoy state protections that dictate how policies must operate in the state of Tennessee.
Free look period
Tennessee residents get a free look period of 10 days after a new life insurance policy takes effect. During this time, the policyholder can review the policy and return it for a full refund from the insurance company.
Guaranty Fund protection
The Tennessee Life & Health Insurance Guaranty Association covers life insurance death benefits for up to $300,000 and cash surrender value for up to $100,000 for Tennessee residents affected by a life insurance company’s liquidation.
Contestable period
During the contestable period, life insurance companies can deny a claim if they can prove that the applicant lied or made misstatements on their life insurance application. In Tennessee, the contestable period lasts for two years starting from the date that the life insurance policy takes effect.
Time allowable to settle a claim
Life insurance companies must settle claims in Tennessee within 60 days. Unpaid death benefits begin to accrue interest starting after 15 days from the date of death.
Grace period for missed payments
Tennessee residents have a 30-day grace period to make up for a missed payment to their insurance company without losing coverage. As long as they make up for the missed payment within 30 days, the life insurance company cannot terminate the policy.
Frequently asked questions
What is the number one life insurance company in Tennessee?
Banner Life is our choice for the number one life insurance company in Tennessee because of the competitive rates it offers to applicants from a variety of health classifications and backgrounds. It also offers a wide range of term length options, with policies lasting up to 40 years.
What is the life insurance free look period and grace period in Tennessee?
Tennesseans have 10 days after receiving a new life insurance policy to cancel it and get a full refund of the premiums they already paid. They also get a 30-day grace period to make up for missed payments before the life insurance company can cancel their coverage.
What types of life insurance are available in Tennessee?
Tennesseeans can purchase whole life insurance and term life insurance, the two most popular types of life insurance. No-medical-exam policies and final expense insurance are also available, as well as additional, less common types of life insurance.
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