Which Type of Tennessee Term Life Insurance is Right for Me?

Which Type of Tennessee Term Life Insurance is Right for Me?

Deciding between the different types of term life insurance in Tennessee can be difficult at first. With the exception of people diagnosed with terminal medical conditions, many people do not know how long they will need life insurance because most people do not know when they will pass away. There are also different subtypes of term life insurance that come with different benefits and costs. If you have questions related to financial struggles or bankruptcy, consider talking to a Tennessee bankruptcy attorney for help.


There is one main type of term life insurance with five main types of Tennessee term insurance policies you can choose from. These include level term life insurance, decreasing term insurance, convertible term insurance, renewable term insurance, and a return of the premium policy. Depending on your situation, some of these policies might be more beneficial for you than others.

Level term insurance involves different time period presets you can purchase, depending on how long you want your life insurance benefits to last. For example, some of these presets last one, five, 10, or 30 years. You can also choose between presets that last up until a certain age, like age 75. The risk with term life insurance is that your family will only receive benefits if you pass away within your chosen preset.

Decreasing term insurance is a policy that involves benefits that decrease in amount as time passes. Many people apply this subtype of term insurance to things that decrease over time too like a house mortgage. Convertible term insurance gives you the option to change your term insurance to permanent life insurance if things do not go as planned.

Renewable term insurance allows you to renew your term insurance if your chosen preset ends before you want your insurance to end. A return of premium policy lets you have a refund of your premium if your insurance ends and your death benefits are not paid.


Deciding on Tennessee term insurance is not always easy because you have to project into the future to figure out what policy could best benefit you. Whether you want level term life insurance, renewable policies, or return of premium is entirely up to you.

The answer to what can help people with heavy decisions like this is weighing the risks and benefits of each option. You can ask yourself what the risks of choosing level term insurance versus renewable term insurance policies. Part of this involves looking at how much money you have now and how much money you expect to have in the future if you decide to purchase a new Tennessee life insurance policy.


Making the final decision on which type of life insurance policy you want can be an arduous task for almost anyone. Try reaching out to our legal team in Chattanooga, Tennessee, and North Georgia if you have any questions about your financial situation or bankruptcy. Contact Tom Bible Law at (423) 690-7712 to talk to a Bankruptcy lawyer in Tennessee for a free consultation today. Our Tennessee bankruptcy attorneys are located in Chattanooga and Tullahoma.

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