Getting an instant quote for life insurance in Tennessee is simple with our Instant Life Insurance Quote box to the right. If you need help determining your Health Class, feel free give us a call at 757-777-2545. Or read on to learn all you need to know about acquiring affordable life insurance in Tennessee.
REASONS TO GET LIFE INSURANCE IN TN
I was in Nashville for the flood of 2010. I was working with a nonprofit at the time, and it felt good to help those in need. In fact, I enjoyed it so much there that I decided to move to Nashville. I had spent the past few years working with victims of natural disasters, and they always seemed to share the same sentiment. Even those who had lost everything they owned were happy as long as they and their families were safe. Devastating events like tornadoes, floods, hurricanes and earthquakes tend to help people put things into perspective.
But what happens to our loved ones when we pass away? It is difficult enough losing someone close – but imagine adding on top of that unresolved financial obligations and you’re left with something that is more than many people can handle on there own. And it is a situation that is entirely unnecessary if properly planned for. If you have dependents, debt, a mortgage, a business partnership, or simply want to ensure that there is an inheritance left when you pass on, then life insurance should be a factor in your financial planning.
Most life insurance companies in America offer the same products, at the same rate, throughout the United States. So there isn’t any particular benefit or downfall to purchasing insurance in Tennessee.
HOW TN LIFE INSURANCE PREMIUMS ARE CALCULATED
Premium rates are set by the underwriting departments at the respective insurance companies. So what exactly do the underwriters look at when determining how much you will pay? Let’s take a look at the factors that determine premium rates for life insurance:
Amount of Insurance – the more insurance you want, the more you can expect to pay
Length of Insurance – generally, the longer you need the insurance to be in effect, the more it is going to cost
Health Classification – the better health you are in, the less you are going to pay. Someone in perfect health is going to pay far less for the exact same policy than someone with serious health complications.
Age – the older you are, the more you can expect to pay
Lifestyle Choices – the most common factor here is smoking. Non-smokers are going to pay less than smokers. But other things that can contribute to a higher insurance premium are whether you have a bad driving record, any DWI’s, a criminal record, or if you enjoy life-threatening hobbies such as jumping out of airplanes. And certain professions deemed more dangerous by the insurance companies, such as piloting small aircraft, will be rated more strictly than someone who sits at a desk all day.
GETTING THE BEST RATE ON LIFE INSURANCE IN TN
The most important advice I can offer to someone looking for the most affordable life insurance is to be sure to apply through an independent agent. So-called ‘captive agents’ only work with a single company, whereas independent agents can work with any company. This means that you will almost always be getting a better deal by working with an independent agent, since that agent will be able to compare rates between different companies in order to find you the most affordable option for your situation.
The situation where this comes the most in handy is for people with medical conditions. Each life insurance company has its own underwriting guidelines – so different companies are going to rate specific medical issues differently. A good independent agent will know which companies are going to rate certain conditions better than others. If yours is a particularly complicated health situation, the agent can send out for ‘trial offers’ from the different companies to see how you will be rated.
Of course, there is always going to be an insurance company that is more competitive on price for a specific policy type than its competitors. So even if you are in perfect health, if you’re not working with an independent agent, then you are most likely not getting the best deal.
Since insurance premiums are set by the underwriters, and agents have no control over insurance costs, no one independent agent is going to be able to offer you a better deal than another. There are benefits to working with a smaller agency such as us here at Huntley Wealth, however. If you go with a large agency like SelectQuote, you will probably only speak with your agent once – then get passed on to another department. If you work with us, you are free to call your agent at any time with any questions you may have.
GETTING STARTED ON LIFE INSURANCE IN TN
You can get started by filling in the information on the ‘Instant Life Insurance Quote’ box to the right. If you are not sure of your Health Class, give us a call and we’ll help you get it figured out. Once you get the quote, if you like what you see, you can follow the link to request an application. We’ll give you a call just to make sure that we are getting you the best deal for your situation. Or, if you’d prefer to work directly with an agent, feel free to give us a call at 757-777-2545.
