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  • State Motto is "Agriculture and Commerce"
    • Memphis, TN is the largest city

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April 11, 2011

If you are confused about how to secure the future of your family irrespective of your presence among them, then you can find your problem solved through a Tennessee Life Insurance policy. Tennessee is located in the southeast region of the United States. It has a total population of more than 6 million, thus making it the 17th largest state of the country. Tennessee, however, is ranked as the 45th among the other 50 states and District of Columbia in terms of life expectancy. It has an average life expectancy of around 76 years. On looking at the mortality figures of the state, you can see that over 950 citizens out of 100,000 in the age group of 55 to 64 die each year. The number doubles to 2,100 when you consider the age group of 65 to 74 and it increases to 5,000 when you look at people between the age 75 and 84.

The state of Tennessee has its own State Insurance Code that effectively standardizes the businesses of the many Tennessee Life insurance companies. The state uses the code for regulating the claims in its boundaries, and for providing a few safeguards so as to protect the interests of the consumers who buy the life insurance policies. Some of these safeguards provided by the State Insurance Code of Tennessee are given below:

Grace Period for life insurance policies:

The state insurance code of Tennessee makes it mandatory that every life insurance company that is registered in the state should provide a grace period of 30 days for consumers to pay their premium, as long as the documents are in order. This is regardless of what reasons you have for making a late payment.

Death benefit process:

In addition to the grace period that is mandatorily given by all Tennessee life insurance companies, the beneficiaries also have an additional benefit in the unfortunate event of the death of the policy holder. The beneficiaries noted in a life insurance policy are entitled to a quick and complete payment of the death benefits within a normal limit of thirty days. This, however, is subject to the condition that all the documentations are in the right order. The insurance companies are also bound by the state code to pay interests to the beneficiaries on the death benefits. This interest is applied from the time that the claim for benefits is filed by the beneficiaries.

Life insurance is very important for you and your family, and all the benefits and provisions of the state insurance code make buying Tennessee life insurance very easy.

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