Tennessee Insurance Group: 90-Second Life Insurance Quote Request

Living in Tennessee is good. But even in Tennessee life is full of surprises. Life insurance that protects your loved ones from the hardships caused by life′s unforeseen events is a vital part of planning for your future and theirs. Among many things, the right life insurance plan can replace lost income, pay off debt, and cover college tuition. So when you request your quote, know that you're not just shopping for insurance, your also planning for your family′s financial independence should some thing happen to you.

Term Life Insurance
Also known as temporary life insurance, term life is only guaranteed for a set amount of time with 10, 20, and 30–year terms being the most common lengths. When compared with other primary forms of life insurance, term life is inexpensive, which makes it perfect for covering debt, large purchases, replacing lost income, and many other reasons such as proving for a child′s college education, which should always be considered before requesting a quote.

Whole Life Insurance
Whole life insurance is very much the opposite of term life. It′s a permanent product that cannot be outlived; therefore, it comes at a greater cost. The only similarities between term life and whole life are that the premiums are level throughout the life of the plan. Because of its higher cost, whole life insurance is better suited for covering smaller amounts of debt, final expenses, etc.

Universal Life Insurance
On the outside, universal life insurance may look very similar to whole life insurance in that it is a permanent product with planned level premiums, but it′s actually quite different. Universal life insurance is a flexible, permanent form of life insurance, which is based on cash value. All premium payments made above the cost of insurance are credited to the policy′s cash value, which grows tax–deferred making this a more tax–advantageous way to purchase life insurance. One key advantage to a universal life plan is its flexibility. The amount of coverage can be raised (subject to proof of insurability) or lowered at any time. Also, if a premium payment is missed the cost of insurance will simply be deducted from the policy′s cash value preventing the policy from lapsing or terminating.

Final Expense Life Insurance
Also known as burial insurance or simplified life, this type of coverage is essentially a whole life insurance product with a small face value typically ranging from $5,000 to $25,000. This type of insurance is designed to be conveniently purchased without the requirement of a medical exam or a complex questionnaire.

Mortgage Protection Life Insurance
Just like everywhere else, homes are expensive in Tennessee. Mortgage protection life insurance is designed to pay off an insured′s mortgage in the event of death. This type of protection is simply a term life plan with a decreasing death benefit. The face amount of the plan decreases in value as the amount of an insured′s mortgage also decreases. Mortgage protection life insurance is the most inexpensive form of term life insurance available.

Survivorship Life Insurance
Also known as joint and survivor life insurance or second–to–die life insurance, this coverage is intended to be an estate planning tool. This type of plan insures the lives of two people, typically a husband and a wife. Because it is designed to cover the cost of estate taxes, the death benefit is not paid to the beneficiary until the death of the second insured.

Wealth Transfer
While a will or a trust can be used to preserve wealth, these estate planning tools will do nothing to create additional wealth. A single premium life insurance plan has become an extremely valuable investment tool that will not only preserve and transfer existing wealth, but will also generate new wealth. This type of plan requires a single premium payment, which creates an immediate guaranteed death benefit that is much larger than the initial premium. Upon the death of the owner the death benefit is paid to the insured′s beneficiaries tax–free.

90-Second Quote Request!
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Life Insurance Companies We Represent

Please note that this page provides only an overview of the different types of Tennessee life insurance. The information displayed here is intended to help you request a life insurance quote. Please refer to your policy for more information concerning your coverage.