NASHVILLE — Tennessee Governor Bill Lee has proclaimed September as Life Insurance Awareness Month in Tennessee. The Tennessee Department of Commerce & Insurance (TDCI) supports this proclamation by emphasizing the significance of life insurance coverage in safeguarding families’ futures and alleviating financial burdens after a loved one’s passing.
“Life insurance is a critical insurance product, and I am thrilled to fully support Governor Lee’s proclamation—which serves as a reminder to all Tennesseans to assess their families’ financial needs and decide if life insurance is right for them,” said TDCI Commissioner Carter Lawrence. “During Life Insurance Awareness Month, I encourage consumers to evaluate their current benefits, seek advice from qualified insurance professionals, and take the actions necessary to achieve a financially secure future for their loved ones.”
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For assistance in locating a loved one’s life insurance policy, consumers can utilize the National Association of Insurance Commissioners’ (NAIC) Life Insurance Policy Locator Service. This free tool helps determine if an individual is a beneficiary of a life insurance policy. In 2024, the locator service has already helped locate over $13.6 million in benefits for Tennesseans.
“Life insurance policies are intended to help cover financial burdens such as medical bills, funeral costs, and other financial obligations that can occur after losing a loved one,” said TDCI Assistant Commissioner for Insurance Bill Huddleston. “I encourage consumers who have questions about whether they are beneficiaries of a policy to file a search request or contact our team today.”
For more details about the locator service, visit our blog or contact our team at 1-800-342-4029 or (615) 741-2218.
Things All Life Insurance Policyholders Should Know:
– Update your policies after major life events, such as the birth of a child or a divorce, to ensure appropriate beneficiaries are listed.
– Review your policies annually to confirm all beneficiaries are included and their contact information is correct.
– Inform your beneficiaries about the policies to save time and reduce confusion.
– Provide beneficiaries or trusted advisors (such as accountants and attorneys) with the name of the life insurance company holding the policy.
– Keep a current copy of the policy with your will or other estate paperwork in a safe place where family and beneficiaries can easily find it.
– Tennessee offers a “free-look” period of 10 days after purchasing a life insurance policy, during which you can return the policy for a full refund without fees or penalties.
– Insurance companies have 60 days to pay a death claim to beneficiaries, with interest added if the claim is not paid within 15 days of the date of death.
– There is a 30-day grace period for missed payments in Tennessee, ensuring coverage continues for 30 days even if a payment is missed.
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