Term life insurance pays a benefit in case of death for a pre-specified amount of time – up to 30 years – but accumulates no cash value. First Tennessee offers two forms of Term Life Insurance:
Annual Renewable Term renews every 12 months as long as the premium is paid. Although rates increase each year, insurability is guaranteed once coverage is granted. Level Term provides coverage for a set period of time, after which the insured must reapply for coverage.