Best Life Insurance in Tennessee of 2022

Amanda Hester

Like most states, the cost of life insurance in Tennessee varies greatly depending on several factors. The benefit of life insurance is it can help replace the income that would be lost if a primary provider was to pass away unexpectedly.

To help you with the process of choosing a life insurance plan, we reviewed and compared the top life insurance companies based on policy pricing, available options, customer support, financial strength, and overall quality.

Flexibility to adjust coverage throughout your term

$8,000,000

Coverage Up To

No (up to $3M)

Medical Exam

Overview

With Ladder, you can customize your insurance coverage depending on your unique needs throughout your term. You can remove coverage when necessary and apply to add more. Rates start from $4.95/month based on a 20-year-old female for a 10-year term, preferred plus health class.

What we like

  • Flexibility to adjust coverage throughout the term
  • Quick and simple coverage you can manage online
  • No medical exam required for coverage up to $3M

What we don't

  • No riders are availabe
  • Coverage ends at 70 years of age

Budget friendly life Insurance with quick approval

$2,000,000

Coverage Up To

Not Required

Medical Exam

Overview

At Ethos, your journey to life insurance just got easier. Offering a simple and convenient process, applicants can access plenty of terms and coverage plans.

What we like

  • 100% online and hassle-free application process
  • Budget-friendly plans
  • No cancellation fees

What we don't

  • Term coverage available for over the age of 65

Easy going application with no medical exam

$1,500,000

Coverage Up To

Not Required

Medical Exam

Overview

Bestow determines the monthly premium for individuals based on how long a term they are looking for, their current health, and various other factors. You can receive a quote and determine the amount of coverage you are eligible for in minutes with no medical exam - you'll save yourself the hassle of going to appointments.

What we like

  • No medical exam
  • Individuals who do not smoke get better premiums
  • Flexible policy terms with coverage
  • Simple and straightforward application process

What we don't

  • No coverage for people over the age of 60
  • Only term life insurance is offered

Rewarding healthy lifestyle choices with better premiums

$3,000,000

Coverage Up To

May Need

Medical Exam

Overview

Sproutt uses their Guided Artificial Intelligence Assessment (GAIA) platform to evaluate individuals based on their movement, sleep, balance, nutrition, and emotional health to make an informed decision on life insurance coverage. The agency will reward you with lower premiums as you improve your lifestyle choices towards a healthy one.

What we like

  • Improving lifestyle choices will get lower premiums
  • The healthier you are, the more competitive your rate will be
  • Personzlied suggestions on lifestyle improvements

What we don't

  • If you are a smoker, you will end up paying more
  • May have to contact an agent for whole life insurance

Life insurance with a complete online application process

$3,000,000

Coverage Up To

May Need

Medical Exam

Overview

Haven Life simplifies the insurance application process to learn about your coverage options. There are two products: Haven Simple and Haven Term. Haven Simple requires no medical exam and has a lower coverage amount, and Haven Term may require a medical exam and has more options for coverage.

What we like

  • Healthy individuals will get cheaper premiums
  • 100% online application - no need to talk to an agent
  • Wide range of coverage options
  • Haven Term has various riders
  • No medical exam for Haven Simple

What we don't

  • Only offers term life insurance
  • Only selected regions are eligible for riders

Life insurance designed around for young families

$5,000,000

Coverage Up To

May Need

Medical Exam

Overview

Fabric understands that your family is extremely important, so it provides life insurance that will give the necessary financial security to your loved ones if you happen to pass on. In addition, Fabric offers its services online, and It is accredited by the Better Business Bureau with a grade of A+. The company offers accelerated underwriting for applicants who qualify, so you can be approved in minutes without a medical exam.

What we like

  • Healthy individuals with young families get better premiums
  • Convenience of applying and purchasing online
  • Creating free wills
  • 1% death benefit donated to charity (no extra cost)
  • 30-day grace period if payment fails

What we don't

  • Limited term length of 30 years
  • Not available in every state

Affordable life insurance coverage

$1,000,000

Coverage Up To

Not Required

Medical Exam

Overview

Walnut’s life insurance policies come with optional perks that include memberships to wellbeing services such as Headspace and Classpass. This provides you with tools to help live a healthier lifestyle.

What we like

  • Complete digital experience
  • Easy online application
  • Transparent pricing
  • No medical exam
  • Membership perks

What we don't

  • Low coverage for high-risk applicants
  • Coverage based on individual factors

What is the cost of life insurance in Tennessee?

Several factors can influence the cost of life insurance such as your gender, age, health history, tobacco use, lifestyle, and the type of insurance provider you choose. Since life insurance costs can vary among different companies, it is important to consider your budget and shop for rates affordable for you. This can also help you narrow down your options so you choose the best life insurance policy that fits your needs. However, the average annual life insurance premium and monthly premium rates in Tennessee are $609 and $51, respectively.

How are life insurance rates determined in Tennessee?

Life insurance policies are typically determined using the following criteria:

  • Age of the applicant: Older applicants tend to pay more than younger applicants because of a higher risk of passing away.
  • Gender: Rates can increase by 20-30% for men because their life expectancy is shorter than women.
  • Health conditions: Applicants with health issues such as heart disease, cancer, and diabetes typically pay higher rates than those with no health issues.
  • Family medical history: A person with a family history of certain types of cancer or other diseases may be at greater risk for developing those conditions. So they will typically pay higher rates than those without such health issues in their family history.
  • Smoking: Smoking cigarettes can cause many health issues that increase the risk of an earlier death, so smokers typically pay higher rates.
  • Drinking: A person with a history of alcoholism or other drinking-related issues may be at a greater risk for health problems and will typically pay more.

Differences between term and whole life insurance in Tennessee

When choosing a life insurance plan, there are two basic options: term and whole. Below there are more specific details about the differences between the two.

Term life insurance

Term life insurance in Tennessee is typically less expensive than whole life insurance because it is only designed to cover the policyholder for a specified period of time. A term can last for 10, 25, 20, or even 30 years.

A term life insurance is ideal for policyholders seeking:

  • Relatively low premiums with large amounts of coverage
  • Coverage for your loved ones during the time they need you most, such as when your children are young
  • Easy-to-purchase life insurance

Whole life insurance

Whole life insurance in Tennessee is designed to last throughout the policyholder’s life and typically pays out a higher benefit than term life insurance. Often referred to as permanent life insurance, this type of policy has no term limit and remains active until you pass away. However, the coverage is also higher for whole life insurance so it is not the best option for those on a budget.

What does life insurance cover in Tennessee? 

Life insurance is meant to provide the beneficiary a monetary benefit if their loved one passes away from sudden unexpected death. The benefit can be used to help pay for final expenses such as funeral costs and/or unpaid debts like a mortgage or credit card debt. Life insurance can also help the beneficiary with long-term care expenses, especially if their loved one was the main income earner in the household.

Beneficiaries typically use life insurance funds for things such as: 

  • Childcare costs
  • Daily living expenses
  • Education costs
  • A mortgage
  • Paying off any outstanding debt

How to choose the best life insurance plan in Tennessee

When you are choosing the best life insurance plan, many factors must be considered, including but not limited to your age, gender, health history, and lifestyle. It is advisable to choose a plan which provides good coverage at an affordable price.

Here are some tips on how to choose the best life insurance plan:

  • The amount of coverage: You should consider and decide how much you want your beneficiaries to receive once you pass away. There are different types of life insurance plans which offer different coverage amounts. It is important to know that term life plans offer less coverage than whole life plans.
  • Type of coverage: Life insurance comes in various types such as term and whole. Know the difference between the two so that you can choose according to your need. Term life plans provide good coverage for a shorter period while the whole life plans provide coverage for the entire lifetime of the policyholder.
  • Age: The cost of term life insurance increases as you age, so it is advisable to choose a plan accordingly. If you are still young, consider buying term life insurance. Children may have a lower premium rate because they are young and have no record of any illness or disease.
  • Health: The cost of life insurance also depends on your health. If you are in good physical condition, the cost is less for life insurance coverage whereas if you have certain chronic illnesses such as asthma, high blood pressure, etc., then your premiums are higher because of your increased risk of becoming seriously ill.
  • Family history: Also, consider whether anyone in your family has any disease or illness that can be inherited by the next generation. If yes, then it is important to check whether the life insurance policy covers these inherited diseases and illnesses. If not, consider making changes in your life insurance plan so that your beneficiaries are not at a loss.