Life Insurance in Georgia
A life insurance plan at its most basic level is a contract between you and an insurance company to pay a sum of money to your beneficiaries in the event of your death. If you pass away while your policy is in force, the payout can help cover your final expenses and help make up for the lack of your income.
As a Georgia resident, purchasing a life insurance policy is one way you can help ensure that your loved ones are financially protected after you’re gone.
Why do I need life insurance?
With life insurance coverage, you can feel secure knowing that your beneficiaries will have some help covering your final expenses and other financial needs they’ll face without you.
Georgia was ranked 41st out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 77.38 years. With this in mind, people living in Georgia may want to consider their life insurance options.
Georgia life insurance specifics
The insurance industry in Georgia is regulated by The State Insurance Code of Georgia. The state uses this code to regulate claims and provide certain provisions to protect consumers, such as:
- Incontestability
Life insurance companies in Georgia must recognize your life insurance policy as incontestable after the policy has been in effect for two years, except for instances where customers don’t pay their policy premiums. - Grace Period
The State Insurance Code of Georgia also requires that all Insurance companies allow a 30-day grace period on late premium payments. If you miss a premium payment for any reason, you must be given 30 days to pay your premium before the insurer can cancel the policy for non-payment.
Georgia life insurance state resources
Georgia Department of Insurance
The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects Georgia life insurance customers and the insurance industry.
http://www.gainsurance.org/
Georgia Life & Disability Insurance Guaranty Association
State guaranty associations are there to provide protection and continuing coverage, even in the event that an insurance company becomes insolvent.
http://www.gaiga.org/
Life Insurance Company Ratings from A.M. Best
A.M. Best provides ratings for life insurance companies based on financial strength and past performance.
www.ambest.com
