The state of Georgia has its own laws governing the life insurance business within its borders. If you are a Georgia resident, you must acquaint yourself with these provisions to make the best decisions regarding your life insurance policy.
In Georgia, your life insurance quote is affected by several factors such as your age, lifestyle and job. If you are engaged in a dangerous job, you may have to pay a higher insurance premium.
Similarly, older people are required to pay a higher premium than younger people. The habit of smoking may also cost you a pretty penny in insurance premiums.
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If you are a 38 year old woman in Georgia and weigh 118 pounds with a 5’3” height then you may have to pay around $574 in annual premium for a $700,000 term life insurance policy.
The same woman as described above will pay around $970 per year for a whole life insurance policy. However, if she has a less than perfect medical history, her premium is likely to be higher.
Life insurance in Georgia is governed by the provisions enacted under Title 39 of the Code of Georgia. You should acquaint yourself with the fine print of the Georgia code to get the proper understanding of life insurance business in the state. You may also look at the key points noted below.
Georgia state insurance buyers may test drive their policy for 10 days. They may cancel their policies within this time period and receive the full payment back. The insurance companies are not allowed to ask questions or make any deductions from the refund.
This provision seeks to help the policy holder with buyers’ remorse or people who may have been coerced into buying such policies.
In Georgia, the policyholders receive a 30 day payment grace period. This provision implies that if the policy holder is late in making the premium payment even then their policy will remain good for 30 days. They can make the payment during this time period and their policy will be restored to good standing and will not be canceled.
The state of Georgia provides for 30 days for the insurance companies to make the claim payments. The failure to discharge this responsibility results in the imposition of penalties. Further, the beneficiaries are also entitled to interest on their claims until such payments are cleared.
You can get further information from the Office of Insurance and Safety Fire Commissioner at:
The state of Georgia protects the interests of insurance policy holders in the case of their insurance company going out of business. These benefits are provided by the Georgia Life and Health Insurance Guaranty Association.
The protection of up to $300,000 per person is provided in the case of lost death benefits. The limit prevails even if the deceased held several life insurance policies.
You may seek answers to your related question from the Georgia Life and Health Insurance Guaranty Association at:
2177 Flintstone Drive, Suite R
Tucker, GA 30084