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: Legal & General America
Cheapest: Legal & General America
Best term life insurance: Legal & General America
Best no-medical-exam: Pacific Life
Best whole life insurance: MassMutual
Best for seniors: Prudential
Best for young adults: Legal & General America
Best for people with pre-existing conditions: Lincoln Financial
Best for marijuana users: Lincoln Financial
Best for smokers: Legal & General America
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
2025 Policygenius award winner
Legal & General America
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Legal & General America, which also does business as Banner Life and William Penn, 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 Legal & General America, which also does business as Banner Life and William Penn, 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, Legal & General America is an all-around solid choice.
Legal & General America 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
Legal & General America
Legal & General America 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
Legal & General America
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. Legal & General America 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
2025 Policygenius award winner
Pacific Life
4.8
All 50 states
No-medical-exam option
Why we chose it
Pacific Life offers some of the lowest rates for term life insurance across age brackets. It also has the most competitive rates for many health conditions and builds.
Pros and cons
Pros
Extremely affordable across age brackets
Affordable guaranteed universal life insurance option for people who need lifetime coverage
Favorable underwriting for many health conditions
Cons
Traditional term life not available in NY
There are better carriers for active duty military, people who have a history of alcohol abuse, and people who have been through bankruptcy
The best company for no-medical-exam life insurance in Tennessee is Pacific Life. You may be able to get up to $3 million in coverage without taking a medical exam, and Pacific Life accepts no-med applicants as old as 70.
A no-medical-exam life insurance policy is like a normal term life policy, except getting coverage takes less time since you don’t need to go through a medical exam. You can usually only get this kind of coverage if you’re in good health, though each company has different eligibility rules.
Best whole life insurance
2025 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 & good customer satisfaction ratings
Higher potential for dividends for whole life policyholders than many competitors
Term coverage has strong conversion privileges to permanent coverage
Cons
High term life premiums
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
2025 Policygenius award winner
Prudential
4.1
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
Legal & General America
Legal & General America is the best life insurance company for young adults in Tennessee. It offers some of the cheapest life insurance rates for people in their 20s and 30s regardless of their health profile. The company offers no-medical-exam and instant-decision options for young people who are in excellent health or have just one or two minor and well-controlled health conditions.
Best for people with pre-existing conditions
2025 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
Legal & General America
The health risks associated with smoking mean that smokers will have to pay a lot more for life insurance than non-smokers. But Legal & General America 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 | |
|---|---|---|---|---|
Legal & General America | 4.9 / 5 | Overall, cheapest, term life, smokers, young adults | 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 | |
Pacific Life | 4.8 / 5 | No-medical-exam life | Term life, no-medical-exam life, universal life, indexed 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.
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