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Purchasing life insurance policies is a sound investment for anyone who wishes to provide some kind of financial protection to his or her dependents in the event of untimely death. However, there are also some life insurance policies offered in the state and in the rest of the country that provide more than just death benefits. These policies actually have cash values that policyholders may use for other financial transactions, such as loan collateral.

With a myriad of life insurance policies available and offered by numerous insurance providers in Tennessee, it would not be surprising for the consumers and potential policyholders to get confused on which exact life insurance policy to get. One good basic rule to remember is to determine the specific insurance needs and priority of the consumer. If the consumer is just looking for a policy to protect him and his dependents for a fixed period of time, then term life insurance policies would be suitable. This kind of life of insurance policy is considered to be more affordable than any other kind of similar policies. Permanent life insurance policies, on the other hand, are enforced all throughout the life of the policyholder and have inherent cash values. Another huge consideration in the part of the policyholder would be premium rates. To this end, policies with cash values are typically more expensive than term life insurance policies, making the latter more accessible to the average consumer. However, most term policies also carry provisions for converting it to permanent life policies should the policyholder have the added financial resources to do so.

The state of Tennessee forbids any insurance provider to cancel or non-renew a life insurance policy for any other reasons than those specifically allowed by the state. These reasons could be nonpayment and misrepresentation of facts given by the policyholder. This particular rule is designed to provide protection in the part of the consumer against any unfair practices and discriminatory treatment from insurance companies. In addition, there is a free-look period of ten days after the receipt of policy in which policyholders can change their minds, return the policy in exchange for a full refund of premium paid.

In addition, the state has also created the Tennessee Life and Health Insurance Guaranty Association which was designed to provide limited protection to policyholders whose insurance company has gone bankrupt. All insurance companies selling health and life insurance products in the state are required to be a member of this association. Consequently, only policies offered by these companies are eligible for protection. To this end, consumers must make sure that their insurance provider and the policy they purchased are duly licensed by the state.