Best Life Insurance Companies in Tennessee

Having a life insurance policy allows your beneficiaries to receive financial support after you pass away. There are several life insurance companies in Tennessee, each charging different rates for varying life insurance coverage amounts. Shopping around can help you find the best prices for your ideal coverage. MoneyGeek compared life insurance quotes in Tennessee across various providers based on age, gender and smoking history. Using this comparison can help you find the best life insurance companies in Tennessee for your preferred policy limit.

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Best Cheap Life Insurance in Tennessee

The amount you pay for life insurance varies based on various factors, including the coverage amount. Higher coverage limits translate to higher monthly premiums. The cheapest insurance provider in Tennessee for a policy limit of $250,000 is MassMutual, charging an average of $9.99 per month for male buyers and $9.41 per month for female buyers.

Although insurance policies with lower coverage amounts feature cheaper monthly premiums, they provide your beneficiaries less financial support once they file a claim. That means you might need to get a policy with higher limits if you want to cover a large percentage of your beneficiaries' expenses in case you pass away.

From MoneyGeek’s analysis based on the cost of living, average income, average age and average personal debt, the ideal coverage limit for Tennessee residents is $652,000. The cheapest life insurance company in Tennessee for the $652,000 limit is MassMutual and Nationwide. The cost for men is roughly $16.60 per month for men through MassMutual and $14.09 for women on average through Nationwide.

Best Cheap Life Insurance Companies in Tennessee: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $652k
  • MassMutual
    $9.99
    $16.60
  • Nationwide
    $10.63
    $16.66
  • Mutual of Omaha
    $11.03
    $17.45
  • Transamerica
    $15.09
    $30.08
  • AAA
    $19.21
    $40.79
  • State Farm
    $23.10
    $41.74
  • Progressive Life
    $22.32
    $44.59
  • Prudential
    $26.47
    $66.64
Best Cheap Life Insurance Companies in Tennessee: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $652k
  • Nationwide
    $10.43
    $14.09
  • Mutual of Omaha
    $11.03
    $14.43
  • MassMutual
    $9.40
    $14.55
  • Transamerica
    $12.77
    $25.53
  • State Farm
    $19.97
    $32.00
  • AAA
    $16.63
    $34.61
  • Progressive Life
    $18.79
    $36.45
  • Prudential
    $19.34
    $39.36

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Tennessee using average buyer profile statistics in Tennessee, including average age of 31, average weight of 197 pounds for males and 156 pounds for females, and an average coverage need of $652,000.

What Is the Average Cost of Life Insurance for Companies in Tennessee?

Life insurance costs differ by gender. Women are more likely to get better rates on life insurance quotes in Tennessee because they have a longer lifespan.

From MoneyGeek’s research, a male buyer pays an average of $19.57 per month for a $250,000 limit and $41.35, which is $21.78 more for the recommended limit of $652,000.

A female buyer, on the other hand, pays an average of $16.64 per month for the $250,000 limit and $31.39 per month for $652,000. That is a difference of $14.75.

While the cost of the recommended $652,000 coverage amount is higher for both men and women, it offers your beneficiaries more financial support after you pass away.

Most Popular Life Insurance Companies in Tennessee

Life insurance companies in Tennessee with the largest market share may be the best since they are more stable financially. These companies are more likely to pay out your claims.

Market share is defined as the number of life insurance premiums an insurer has written compared with the total number of premiums written by the state. It is often represented as a percentage.

According to MoneyGeek, the seven best life insurance companies in Tennessee have a combined market share of 36.23%. The insurer with the highest market share is Northwestern Mutual, with 8.02%.

Most Popular Life Insurance Companies in Tennessee

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  • Company
    Market Share
  • Northwestern Mutual
    8.02%
  • Tennessee Farmers Life Insurance Co.
    6.23%
  • State Farm
    5.05%
  • Lincoln Financial
    4.95%
  • New York Life
    4.34%
  • MassMutual
    4.03%
  • Sammons Enterprises Inc.
    3.61%

Life insurance market share data for Tennessee is based off of total premiums written in the state and was sourced from 2020 S&P Global Data reports.

Which Companies Have the Best Life Insurance Rates for Young People in Tennessee?

Life insurance companies in Tennessee will consider your age when calculating your monthly premiums. You pay less if you are still young since insuring you doesn’t involve many risks. Waiting until you are older before purchasing life insurance will translate to higher premiums. If you have a young family, it is ideal to purchase your coverage early.

From MoneyGeek’s average data, the cheapest life insurance carriers in the state for young people are:

  • Mutual of Omaha: $14.62 per month
  • MassMutual: $15.01 per month
Best Life Insurance Companies for Young People in Tennessee

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  • Company
    Monthly Cost
  • Mutual of Omaha
    $14.62
  • MassMutual
    $15.01
  • Transamerica
    $15.70
  • Nationwide
    $18.59
  • Progressive Life
    $21.53
  • AAA
    $21.56
  • State Farm
    $23.27
  • Prudential
    $31.07

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Tennessee who is 5 ft 10 inches and 168 pounds that purchases a 20-year term contract at the average coverage need of $250,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Which Companies Have the Best Life Insurance Rates for Seniors in Tennessee?

In Tennessee, insurers charge seniors more for life insurance per month since older people are riskier to insure.

While the cost of life insurance is higher for seniors, you can still find affordable life insurance quotes in Tennessee. You can get a policy with as low as $100,000 for the coverage limit. Since your children are most likely adults, there is less need for investing in future income for them, and the benefits from your policy may only need to cover burial expenses.

The best insurers in Tennessee for seniors are, on average:

  • MassMutual: $38.37 per month
  • Mutual of Omaha: $43.47 per month
Best Life Insurance Companies for Seniors in Tennessee

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • State Farm
    $51.50
  • Progressive Life
    $69.17
  • AAA
    $72.34
  • Transamerica
    $73.59
  • Prudential
    $79.39

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Tennessee who is 5 ft 10 inches and 197 pounds that purchases a 10-year term contract at the average coverage need of $76,000.

Which Companies Have the Best Life Insurance Rates for Smokers in Tennessee?

Smokers tend to pay more for life insurance in Tennessee than non-smokers. Life insurance companies charge smokers more due to the health risks associated with smoking. You may, however, still find friendly rates as a smoker if your health is still good or average.

From MoneyGeek’s research, the best life insurance companies in Tennessee for smokers are, on average:

  • MassMutual: $111.47 per month
  • Nationwide: $118.61 per month
Best Life Insurance Companies for Smokers in Tennessee

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  • Company
    Monthly Cost
  • MassMutual
    $111.47
  • Nationwide
    $118.61
  • Mutual of Omaha
    $120.32
  • Transamerica
    $124.82
  • State Farm
    $143.92
  • Progressive Life
    $173.39
  • Prudential
    $175.31
  • AAA
    $208.34

Rates were determined by analyzing quotes for a 31-year-old male smoker in Tennessee who is 5 ft 10 inches and 197 pounds that purchases a 20-year term contract at the average coverage need of $652,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

Tennessee Life Insurance Laws You Should Know

To secure cheap life insurance in Tennessee, you need to shop around and compare quotes. You will also need to read and understand the life insurance laws that apply in the state.

The following are some of the laws that apply to life insurance in Tennessee.

  • Free look period - Also known as the free examination period, this is the period given to policy owners to review their coverage and request a refund if they are not satisfied with the terms. In Tennessee, the free look period is usually 10 days.
  • Grace period for missed payments - if you miss a payment in Tennessee for your life insurance, you will be given 31 days to make the payment. After this period, your insurer has the right to cancel your policy.
  • Time allowable to settle a claim - Life insurance companies in Tennessee have 60 days to process and pay death claims to beneficiaries. They will need to pay interest if it takes longer.
  • Contestable Period - In Tennessee, the contestable period for life insurance is two years. In this period, your insurer may decline to pay out your claim due to material misrepresentation on your application.

Methodology

MoneyGeek considered various factors when determining the best life insurance companies in Tennessee. These include the average personal debt, average age, average mortgage rate and per capita income from the U.S.Bureau of Economics. Life insurance costs vary significantly based on the mentioned factors, so these quotes don’t reflect the actual rates you’ll pay. Insurance companies will charge you more or less depending on your unique circumstances.

About the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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