Tennessee Life Insurance: What you need to know

Employers have no obligation under Tennessee law to offer life insurance to their employees. However, if group life insurance is among the benefits offered to workers, the policy must contain certain provisions (TN Stat. Sec. 56-7-2305).
Policyholders must also be allowed a 31-day grace period within which to make a premium payment before coverage can be terminated.
The policy must include a provision guaranteeing the right to convert to an individual policy if the group member's employment is terminated or the member ceases for any other reason to be a part of the class eligible for coverage. Application for the individual policy must be made, and the first premium paid to the insurer, within 31 days after the termination of the group coverage. The amount of the individual policy may not be in excess of the amount of life insurance that terminated less the amount of any life insurance for which the employee is or becomes eligible under the same or any other group policy within 31 days after the termination.
If the group policy terminates, individuals who have been covered for 5 years must be allowed to convert to an individual policy. The insurer may limit coverage under the individual policy to the lesser of the amount under the group policy or $2,000.
An individual conversion policy may require that application and the first premium payment be made within a specified time period. Notice of the right to convert must be provided at least 15 days before the expiration date of such a period. If timely notice is not provided, the employee must be allowed 15 days after notice is given to elect conversion coverage.

>> Read more about Life Insurance

More on this topic:

State Requirements

National | Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | District of Columbia | Florida | Georgia | Hawaii | Idaho | Illinois | Indiana | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan | Minnesota | Mississippi | Missouri | Montana | Nebraska | Nevada | New Hampshire | New Jersey | New Mexico | New York | North Carolina | North Dakota | Ohio | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | South Dakota | Tennessee | Texas | Utah | Vermont | Virginia | Washington | West Virginia | Wisconsin | Wyoming |

Tennessee Life Insurance Resources

There are currently no resources for this topic/state.

Life Insurance Products

Healthcare Reform Webinar Recording
BLR Webinar: "Healthcare Reform: What the New Legislation Means for Employers; Get Prepared Now""
Safety Culture Webinar Recording
BLR Webinar: "Safety Culture: How To Assess – and Improve – Your Organization’s Safety Policies and Practices""
Global Rewards Webinar Recording
BLR Webinar: "Global Rewards: Practical Approaches to Successful Multinational Rewards Strategies""
Encyclopedia of Employee Handbooks
This practical tool gives you everything you need to create a customized employee handbook for your company. Includes tips on how to select your format, style and topics, how to prepare your handbook, and samples of employee handbooks and HR policies being used in actual companies. "
Benchmark Benefit Survey: Benefits for Part-Time Employees
In this economy more companies are turning to part-time employees. What sort of benefit package do you offer your part timers? Know what others are doing."
Free Special Reports
Get Your FREE HR Management Special Report. Download Any One Of These FREE Special Reports, Instantly!
Featured Special Report
Claim Your Free Copy of Critical HR Recordkeeping

Record retention is complex and time consuming. However, in addition to complying with various federal and state laws, keeping good, well-organized records can be very helpful in documenting and supporting an organization’s employment actions.
Download Now!

This special report will discuss how you can ensure your records are in good order, and establish a record-retention policy.

Topics covered:
1. Hiring Records
2. Employment Relationships
3. Termination Records
4. Litigation Issues
5. Electronic Information Issues
6. Tips for Better Recordkeeping
7. A List of Legal Requirements

Make sure you have the information you need to know to keep your records in order.