Over $13.6 million in benefits located for Tennesseans so far in 2024
Tennessee Governor Bill Lee has proclaimed September as Life Insurance Awareness Month in Tennessee. To support the proclamation, the Tennessee Department of Commerce & Insurance (“TDCI”) highlights the importance of life insurance coverage, which can help families protect their futures and ease financial burdens after a loved one’s death.
“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.”
Consumers who need help locating a loved one’s life insurance policy can use the National Association of Insurance Commissioners’ (“NAIC”) Life Insurance Policy Locator Service, a free tool, to determine if an individual is a beneficiary of a life insurance policy.
So far in 2024, the locator services helped located 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,” 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:
- Life insurance policies can be taken out by anyone who can prove they have an insurable interest in the person — that is, financial or emotional interest in the insured person’s life. If you have a life insurance policy, your responsibility does not stop with the paperwork. As a policyholder, there are important steps you should take now and, in the future, to help your loved ones:
- Have you had a life-changing event such as the birth of a child or a divorce? It is important to update your policies after a major life event to make sure that you have the appropriate beneficiaries listed.
- Check your policies once a year to make sure that all beneficiaries are included and that the contact information for those listed beneficiaries is correct.
- Let your beneficiaries know about the policies. Good communication can save everyone time and reduce confusion in the long run.
- Provide beneficiaries or trusted advisors (such as accountants and attorneys) with the name of the life insurance company holding the policy.
- Place a current copy of the policy with your will or other estate paperwork in a safe place where family and beneficiaries will be able to easily find it.
- In Tennessee, there is a “free look” period of 10 days after the purchase of a life insurance policy. You can return the policy with a full refund without fees or penalties within those 10 days.
- An insurance company has 60 days to pay a death claim to beneficiaries. If a claim is not paid within 15 days of the date of death, the company must also pay interest.
- There is a grace period of 30 days for missed payments in Tennessee. If you miss a payment, you will be covered for 30 days even if the missed payment is not made up
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