In early August, Gov. Bill Lee declared September as Life Insurance Awareness Month in Tennessee.
NASHVILLE, Tenn. (WKRN) – In early August, Gov. Bill Lee declared September as Life Insurance Awareness Month in Tennessee.
To support Lee’s proclamation, the Tennessee Department of Commerce and Insurance (TDCI) is reminding people to plan for financially secure futures for themselves and their loved ones by evaluating their current benefits and seeking professional advice.
“As you get older, your needs change and your insurance should change with you to accommodate those needs,” said Kevin Walters with the TDCI.
Walters said it is important to understand what your policy covers, when it expires and how the money will get to beneficiaries.
“Life insurance is something that can apply to anyone at any age,” Walters said. “A life insurance policy can cover the people that are left behind and left after the passing of a loved one. It can be an uncomfortable conversation to have, but having that conversation in the long run can prove really crucial and really important to you and to your family.”
According to the TDCI, life insurance can cover:
Funeral expenses (ex: cost of a casket, burial and cremation)
Mortgage payments
Tuition for your child
Debts
Utility bills
Other significant expenses
“Your loved one set this up to cover you and your family in the wake of their passing,” Walters said. “It’s a tool to help your family and to help your loved ones move forward.”
Walters said there’s no need to fear if you’re unsure if you’re a beneficiary. The National Association of Insurance Commissioners offers a free Lost Policy Service which has helped locate over $13 million in benefits for Tennesseeans this year. In 2023, the service matched more than 3,500 policies to $148 million in benefits.
If you have any questions or would like more information about life insurance, visit the TDCI’s website.