Need Tennessee Life Insurance Quotes?

Purchasing life insurance in Tennessee is an important matter and as such, it deserves significant thought and consideration. Several factors may affect your decision regarding the type and amount of life insurance that you choose to purchase. Regulations regarding life insurance vary from one state to the next. Be sure to consider the following facts, when considering the purchase of Tennessee life insurance.

Insolvency coverage is limited to $300,000 in life insurance death benefits, but not more than $100,000 in net cash surrender and net cash withdrawal values for life insurance; in the event that your insurance provider is unable to fulfill your policy.

In terms of debt collection, beneficiary's interest in amounts payable under policy wholly protected from creditors of insured provided beneficiary is spouse, child or dependent relative of insured.

Tennessee imposes an inheritance tax and an estate tax that is intended to absorb the difference between the inheritance tax and the maximum credit against the federal estate tax. Transfers to spouses are fully exempt from tax. So are transfers to a U.S. government entity (federal, state, or local) or organizations formed for charitable, educational, or religious purposes. In addition, a single exemption amount of up to $700,000 is deducted from the estate of a decedent dying in 2003 ($850,000 in 2004; $950,000 in 2005; $1 million in 2006 and thereafter).

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