Best Life Insurance Companies in Clarksville

Frequently Asked Questions

• Is it better to have term life insurance than whole life insurance in Clarksville?

  It depends on the Clarksville individual's needs. Term life insurance is best suited to individuals who would want financial protection for their younger children compared to those older and who have working spouses. Whole life insurance is more appropriate for individuals with enough income because it is costlier initially. It can also be more of a help for financial needs such as long-term health costs, debt payments, and college education savings.

• Are there ways to save money when buying a life insurance policy in Clarksville?

  Yes. Buying life insurance when still young can save you more money. Choosing a term life insurance or its combination with permanent life insurance is less costly than just buying permanent life insurance. For policies that require regular medical exams, staying healthy through exercise, not smoking, and limiting alcohol consumption can help keep premiums lower. Other ways to save on premiums in Clarksville include getting only the coverage you need, shopping for discounts, and paying your premiums annually or upfront rather than monthly.

• What is the period of contestability in life insurance in Clarksville?

  In Clarksville and throughout the state, the contestable period in in life insurance is two years since the policy is signed and becomes effective. If a claim is filed during this period, the policyholder will be investigated for reasons such as fraud and misrepresentation. When there are sufficient reasons, the insurance company may deny payment of benefits or reduce the amount. If no adverse findings are found, the beneficiaries may receive the payout amount agreed upon.

• Does the Tennessee Department of Commerce and Insurance provide services for lost policies in Clarksville?

  Yes, persons in Clarksville can seek help from the Tennessee Department of Commerce and Insurance to locate lost individual or group life insurance policy. Those legally allowed to file a request are possible beneficiaries such as the deceased's surviving family members, legal representative, and executor. For more information on this service, contact the main line of the Consumer Insurance Services at (615) 741-2218 or its toll-free number at (800) 342-4029. Its mailing address is: TN Department of Commerce and Insurance Insurance Division 500 James Robertson Parkway Nashville, TN 37243

• How can you spot good value in a life insurance quote in Clarksville?

  Check if the benefits from the life insurance in Clarksville vary each year. Comparing each quote's cost of premiums is not enough to determine the value of the coverage. Consider how the benefits in each policy build up and if there are any portions of the premium that are not guaranteed. Additionally, consider what will be the effect on the interest if the premiums will be paid at different periods in the policy.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.