Georgia Life Insurance

Georgia Life Insurance at its most basic level is a contract between you and a life insurance company to pay a sum of money to your beneficiaries in the event of your death, to cover expenses and make up for the lack of your income. There are basically two types of Georgia Life Insurance. Term Life insurance and Permanent Life insurance.

Why Do I Need Georgia Life Insurance?

You may wonder why do I even need Georgia Life Insurance? Take a look at these figures.

Georgia is ranked 41st out of 50 states and the District of Columbia in Life Expectancy, with an average life expectancy of 75.3 years.  For every 100,000 people in Georgia, over 1000 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number more than doubles to 2400, and at 75 to 84 well over 6000 Georgians die for every 100,000 residing in the state. More on mortality by age, sex and race, and the leading causes of death in Georgia can be found at: http://www.cdc.gov/nchs/pressroom/data/Georgia09.pdf

For more reasons why you should apply for Georgia Life Insurance, and for help in finding the best kind of life insurance for your needs, at the best value, take a look at our Family Guide to Life Insurance.

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Georgia Life Insurance Specifics

The insurance industry in Georgia is regulated by specified title of The State Insurance Code of Georgia. The state uses this code to regulate claims and provide certain provisions to protect Georgia Life Insurance consumers. Such as:
Free Look: According to the State Code a “free look” provision must be included in every Georgia Life Insurance plan. The free look allows you at least 10 days to change your mind even after you have signed the contract with the insurance company and received all policy documents. Some companies may give a free look for up to 30 days when purchasing a Georgia Life Insurance plan
Grace Period: The Georgia State insurance code also requires that all Georgia Life Insurance companies allow a 30-day grace period on late payments. If you miss a premium payment for any reason, you must be given 30 days to bring the account current before the insurer can cancel the policy for non-payment.

The Georgia Life Insurance state regulations also provide some protections to the life insurance companies against consumer fraud. For example, Georgia life insurance companies may challenge any information you reported on your Georgia Life Insurance application for up to two years from the effective date of the policy. If they find any discrepancies or misinformation, they can terminate the policy immediately.

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 insurance consumers and the Georgia Life Insurance industry.
http://www.gainsurance.org/

Georgia Life & Disability Insurance Guaranty Association - State guaranty associations are there to provide protection and continuing Georgia Life Insurance coverage, even in the event that a life insurance company becomes insolvent.
http://www.gaiga.org/

Georgia Life Insurance Company Ratings - These companies provide ratings for Georgia Life Insurance Companies based on financial strength and past performance
http://www.ambest.com/